Podcasts about windfall elimination provision

How does the Windfall Elimination Provision affect Canadians collecting both CPP and U.S. Social Security—and what's changing?In this episode of Snowbirds Expat Radio, host Gerry Scott is joined by guest Sharon Conrod, CPA of Hanson Cross-border Tax Professional Corporation for an in-depth conversation about the Windfall Elimination Provision (WEP) and its implications for cross-border retirees. Together, they explore the history of WEP, recent updates, and how these changes may benefit Canadians who have worked in both countries.The discussion also touches on the Government Pension Offset (GPO), the differences between U.S. and Canadian retirement systems, and the importance of understanding how these policies intersect.If you're planning your retirement across borders—or already collecting benefits—this episode provides timely insight into how these evolving rules may impact your financial planning.Key Takeaways:WEP was designed to adjust U.S. Social Security benefits for individuals receiving non-covered pensions, like Canada's CPP.Recent changes may help reduce the impact of WEP for many Canadian retirees.The Government Pension Offset (GPO) affects spousal benefits and operates separately from WEP.Understanding the WEP calculation formula is essential to estimate your actual benefits.Political developments may influence the future of WEP and Social Security rules.Comparing CPP and U.S. Social Security isn't always straightforward due to structural and tax differences.Canadian residents can now apply for CPP without worrying about automatic reductions to U.S. benefits.

Welcome to a special milestone episode of Retire with Ryan! In this 250th episode, we're digging into one of the most frequently asked topics by listeners: Social Security. I answer four real-life listener questions about Social Security benefits - covering issues such as survivor benefits after divorce, spousal and ex-spousal benefit eligibility, changes to the Windfall Elimination Provision and Government Pension Offset, and rules for collecting benefits based on a former spouse's record.  I'm breaking down complex Social Security rules in an easy-to-understand way and sharing practical advice for retirees and those planning their dream retirement.  You'll want to hear this episode if you're interested in... [0:00] Access your free copy of my e-book Fiduciary at www.retirewithryan.com  [5:34] Divorced spouses have options for Social Security benefits based on age, remarriage status, and whether claiming their own or an ex-spouse's benefits [6:58] Earnings above $23,400 (ages 62 to full retirement) reduce Social Security benefits by $1 for every $2 over the limit. After reaching full retirement age, the reduction is $1 for every $3 over $62,160.  [10:07] If your ex-spouse dies before you file, you can use a restricted application, but ex-spousal benefits don't earn delayed credits. Wait until age 70 for a higher personal benefit. [14:38] The ten-year requirement for an ex-surviving spouse currently still stands unless  [15:54] If you have recently divorced and your spouse hasn't claimed benefits, then you have to wait two years until you can begin collecting benefits from your ex-spouse Navigating Social Security: Answers to the Most Common Questions for Retirees and Divorced Spouses Survivor Benefits for Divorced Spouses A question from Andrea regarding her mother's eligibility for survivor benefits after her father and his second wife passed away highlights the intricacies many face. The Social Security Administration (SSA) does provide certain protections for divorced spouses, but eligibility hinges on specific criteria: Marriage Duration: To claim an ex-spousal survivor benefit, the marriage must have lasted at least 10 years. Remarriage Restrictions: If remarriage occurs after the age of 60 (or 50 if the survivor is disabled), the survivor can still claim benefits from the former spouse. Earlier remarriage generally directs benefits to the new spouse. Age Requirements: Survivors can claim benefits as early as age 60 (or 50 if disabled), but waiting until reaching “full retirement age” (typically 67) means collecting the full survivor benefit (100% of the deceased's benefit). Early claims result in reduced monthly amounts. Earnings Limits: If a recipient claims before full retirement age and continues working, their benefits may be reduced if their income exceeds the annual limit ($23,400 in 2025). Survivor benefits application can't be completed online, applicants must call or visit their local SSA office. Myths, Realities, and the Restricted Application of Ex-Spousal Benefits Stephanie, a divorced listener, asked if she could claim a spousal benefit and later switch to her own higher benefit. This is a common idea, but it is rarely permitted in practice today. No “Restricted Application” Unless Widowed: Generally, ex-spouses can only claim the higher of their benefit or up to 50% of their ex-spouse's benefit if the ex is alive. The “restricted application” (where you claim one benefit first and then switch later) is only available to widows or widowers, not to those whose ex-spouses are still living. Delaying for More: Your benefits do grow (8% per year between full retirement age and 70). However, survivor and spousal benefits don't accrue these “delayed retirement credits”; there's no advantage to waiting past full retirement age to claim them. Earnings Matter: Like survivor benefits, earnings above the income limits before full retirement age can result in reductions. The Social Security Fairness Act and New Opportunities Recent legislative updates, like the Social Security Fairness Act, have had a profound impact, especially for those affected by the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO). Retirees such as teachers, firefighters, and some government workers previously saw reductions in their Social Security due to pensions received from non-Social Security-taxed jobs.  The Key Change is that WEP/GPO was repealed, and anyone affected can now claim full Social Security benefits. Most should already see retroactive and increased monthly payments. If you've not yet applied, check if you now qualify, the hurdles may have vanished! When Can You Claim on an Ex-Spouse's Record? Donna's inquiry emphasizes a lesser-known rule: If the divorce is recent and the ex-spouse hasn't claimed benefits, one must wait two years to claim on the ex's record unless the ex starts claiming earlier. For divorces older than two years, you can generally proceed without waiting. Those under full retirement age must ensure their income doesn't result in reduced payments. Social Security remains complex, especially during life events such as divorce, remarriage, death, or career changes. The rules can and do change, and representatives aren't infallible. If you suspect your situation is unique or you've been misinformed, it pays to contact the SSA or consult a trusted financial advisor. Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  How the Social Security Fairness Act Could Positively Impact Your Retirement, #236  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact   Subscribe to Retire With Ryan

In this episode, I dive into the latest developments with the Social Security Fairness Act and what these changes mean for retirees who were previously ineligible for Social Security benefits. With potential increases in payments and retroactive benefits, this episode is packed with critical insights for anyone impacted by the new law. I break down real-world examples to show exactly how these changes will affect individuals—particularly teachers, former public employees, and those with pensions exempt from Social Security. Whether you're waiting for retroactive benefits or trying to understand the tax implications, I've got you covered with the essential information you need. You will want to hear this episode if you are interested in... (1:07) Changes to the Social Security Fairness Act (2:57) Benefits and retroactive payments (5:05) How the Social Security Fairness Act works (6:52) How the spousal benefit works (6:30) How the new law will impact retirees (11:32) How survivor benefits now work (14:05) The impact of the Windfall Elimination Provision  (15:16) What do you need to do?  (16:57) How Social Security benefits are taxed Resources Mentioned Retirement Readiness Review Subscribe to the Retire with Ryan YouTube Channel Download my entire book for FREE  Social Security Fairness Act: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) update Apply for Social Security at https://www.ssa.gov/myaccount/ Episode #217: Will Social Security Become Tax-Free?  Connect With Morrissey Wealth Management  www.MorrisseyWealthManagement.com/contact Subscribe to Retire With Ryan

In this episode of The Big Picture Retirement Show, host Rick Rivera discusses various strategies to navigate the complexities of retirement planning. The show addresses pressing concerns such as managing inflation, understanding market volatility, and optimizing Social Security benefits. Rick emphasizes the importance of personalized financial planning, whether it involves using growth money, safe investments, or a mix of strategies tailored to individual risk tolerance and income needs. This approach ensures that retirees can maintain their standard of living and achieve financial stability despite economic fluctuations. Additionally, the episode delves into the implications of the Social Security Fairness Act signed by President Joe Biden. This legislation impacts Californians by eliminating penalties from the Windfall Elimination Provision and Government Pension Offset, which allows certain retirees to receive their entitled Social Security benefits without reductions. Rick encourages callers to seek specific advice on how these changes, along with other retirement strategies, could benefit their unique situations.

Rich & Matt share thoughts about the late Gene Hackman, followed by market commentary and Bitcoin's behavior: It's NOT a diversifier, but quite speculative. Observations about market performance during the first year of a new presidency. Rich shares his childhood wardrobe prompts (Gene Hackman), and talks PCE preview and the price of eggs. A look at the Social Security Fairness Act provisions that appear to provide back pay to some retirees, effective immediately. Some are in for a windfall as a result of the elimination of the Windfall Elimination Provision in the Social Security Fairness act. Rich and Matt discuss Social Security Reform Updates, Windfall Elimination Provision is Explained, along with Government Pension Offset Changes, and how some retiree benefits could increase almost immediately. A few choice words about the SSA and IRS computer systems. Health is connected to wealth; the Taste of Texas acquires an amazing artifact; Lance publishes his tome on CAPE-5 Valuation. Richard addresses the creation of a personal rate of return you need to know; Bitcoin is not going to bail out your weakened portfolio. Be realistic in your forward-looking estimates.  SEG-1a: Gene Hackman Obit SEG-1b: Why Bitcoin is Not a Diversifier SEG-2a: Wardrobe Cues from Gene Hackman SEG-2b: Core PCE Preview & Egg Inflation SEG-2c: Social Security Fairness Act Immediacy SEG-3: Health, Wealth, & CAPE-5 Valuation SEG-4: Creating a Personal Rate of Return Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP, w w Senior Relationship Manager, Matt Doyle, CFP Produced by Brent Clanton, Executive Producer ------- REGISTER FOR OUR NEXT CANDID COFFEE (3/29/25) HERE: https://streamyard.com/watch/Gy68mipYram2 ------- Watch today's full show video here: https://www.youtube.com/watch?v=Eg6iAmcB7hE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=3026s ------- Articles mentioned in this report: "Consumers Are Losing Confidence" https://realinvestmentadvice.com/resources/blog/consumers-are-losing-confidence/ "Estimates By Analysts Have Gone Parabolic" https://realinvestmentadvice.com/resources/blog/estimates-by-analysts-have-gone-parabolic/ "Margin Balances Suggest Risks Are Building" https://realinvestmentadvice.com/resources/blog/margin-balances-suggests-risks-are-building/ Adam Taggart & Lance Roberts: "Market Correction "Near Guaranteed" Given Insanely High Earnings Expectations: https://www.youtube.com/watch?v=BjVdeFPFXfs&list=PLVT8LcWPeAuh0I07NdQcssCvh6_yDa9bz&index=1&t=7s ------- The latest installment of our new feature, Before the Bell, "Nvidia Beats - What Now?," is here:  https://www.youtube.com/watch?v=IcDdE867HOo&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1  ------- Our previous show is here: "Nvidia Beats - What Now?" https://www.youtube.com/watch?v=yr9yuEqtyZE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=2&t=4s ------- Get more info & commentary:  https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #SocialSecurityFairness #RetirementReform #SocialSecurity #FinancialJustice #WeDeserveBetter #MarketRally #BitCoin #ContrarianIndicator #BondMarket #EggPrices #FederalReserve #ReflexiveRally  #FinancialNews #EconomicImpact #MarketVolatility #MarginBalances #FinancialRisks #InvestmentTalk #StockMarketTrends #InvestingTrends  #InvestingAdvice #Money #Investing

Rich & Matt share thoughts about the late Gene Hackman, followed by market commentary and Bitcoin's behavior: It's NOT a diversifier, but quite speculative. Observations about market performance during the first year of a new presidency. Rich shares his childhood wardrobe prompts (Gene Hackman), and talks PCE preview and the price of eggs. A look at the Social Security Fairness Act provisions that appear to provide back pay to some retirees, effective immediately. Some are in for a windfall as a result of the elimination of the Windfall Elimination Provision in the Social Security Fairness act. Rich and Matt discuss Social Security Reform Updates, Windfall Elimination Provision is Explained, along with Government Pension Offset Changes, and how some retiree benefits could increase almost immediately. A few choice words about the SSA and IRS computer systems. Health is connected to wealth; the Taste of Texas acquires an amazing artifact; Lance publishes his tome on CAPE-5 Valuation. Richard addresses the creation of a personal rate of return you need to know; Bitcoin is not going to bail out your weakened portfolio. Be realistic in your forward-looking estimates. SEG-1a: Gene Hackman Obit SEG-1b: Why Bitcoin is Not a Diversifier SEG-2a: Wardrobe Cues from Gene Hackman SEG-2b: Core PCE Preview & Egg Inflation SEG-2c: Social Security Fairness Act Immediacy SEG-3: Health, Wealth, & CAPE-5 Valuation SEG-4: Creating a Personal Rate of Return Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP, w w Senior Relationship Manager, Matt Doyle, CFP Produced by Brent Clanton, Executive Producer ------- REGISTER FOR OUR NEXT CANDID COFFEE (3/29/25) HERE: https://streamyard.com/watch/Gy68mipYram2 ------- Watch today's full show video here: https://www.youtube.com/watch?v=Eg6iAmcB7hE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=3026s ------- Articles mentioned in this report: "Consumers Are Losing Confidence" https://realinvestmentadvice.com/resources/blog/consumers-are-losing-confidence/ "Estimates By Analysts Have Gone Parabolic" https://realinvestmentadvice.com/resources/blog/estimates-by-analysts-have-gone-parabolic/ "Margin Balances Suggest Risks Are Building" https://realinvestmentadvice.com/resources/blog/margin-balances-suggests-risks-are-building/ Adam Taggart & Lance Roberts: "Market Correction "Near Guaranteed" Given Insanely High Earnings Expectations: https://www.youtube.com/watch?v=BjVdeFPFXfs&list=PLVT8LcWPeAuh0I07NdQcssCvh6_yDa9bz&index=1&t=7s ------- The latest installment of our new feature, Before the Bell, "Nvidia Beats - What Now?," is here: https://www.youtube.com/watch?v=IcDdE867HOo&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1 ------- Our previous show is here: "Nvidia Beats - What Now?" https://www.youtube.com/watch?v=yr9yuEqtyZE&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=2&t=4s ------- Get more info & commentary: https://realinvestmentadvice.com/newsletter/ -------- SUBSCRIBE to The Real Investment Show here: http://www.youtube.com/c/TheRealInvestmentShow -------- Visit our Site: https://www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #SocialSecurityFairness #RetirementReform #SocialSecurity #FinancialJustice #WeDeserveBetter #MarketRally #BitCoin #ContrarianIndicator #BondMarket #EggPrices #FederalReserve #ReflexiveRally #FinancialNews #EconomicImpact #MarketVolatility #MarginBalances #FinancialRisks #InvestmentTalk #StockMarketTrends #InvestingTrends #InvestingAdvice #Money #Investing

A new bill, called the Social Security Fairness Act, was just signed into law and will increase payments for nearly 3 million current and former public employees. As Peter with Richon Planning explains to Erin Kennedy, the law repeals the Windfall Elimination Provision and the Government Pension Offset, which limited benefits for recipients with other pensions. That means teachers, firefighters and police officers, among other public-sector occupations, will soon receive benefits in the full amount. If you think you may be eligible for the Social Security Fairness Act benefits, please reach out to Peter to talk through the changes you can expect. You can set up a complimentary appointment by calling (919) 300-5886 or visit www.RichonPlanning.com

The complexity of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit. There are a lot of variables to consider and acronyms to decipher that can make Social Security feel like a confusing hedge maze. Let's cut through some of the noise and clarify some of the most pressing questions around Social Security benefits and what questions you need to consider to determine what's best for you and your family. Social Security has many layers, and the concept of eligibility can be pretty complex. It's not always clear when and how someone should begin taking their benefits because being eligible doesn't necessarily mean you should turn that benefit on. Social Security benefits can be turned on as early as age 62. Each year the benefit is delayed, you receive what is called a delayed retirement credit or DRC. These DRCs guarantee an automatic 8% increase in your Social Security benefit every year you delay up to age 70. There is also your full retirement age. This is the age when you are eligible to receive the full benefit without any offset for having earned income. Earned income being income from employment, which is different from income received from investments, pensions or annuities. For those born in 1960, or later, your FRA is age 67. Benefits are calculated by the Social Security Administration by taking 35 years of earnings that are indexed for inflation. Any years you didn't work are counted as a zero in your average earnings calculation. These annual amounts are then totaled and divided by four and 20 months to arrive at the monthly figure known as your average indexed monthly earning. This number is different from your benefit amount. The SSA then applies a formula to that number which determines your primary insurance amount or PIA and this is your monthly Social Security benefit. If you choose to take your benefit before your FRA while employed, there's an offset that can significantly reduce the benefit if your income exceeds $21,240 in 2023. This reduction is $1 for every $2 of earned income over the limit. In the year you reach your FRA, the limit increases to $56,520 in 2023, with a benefit reduction of $1 for every $3 of earned income over the limit. After you've reached your FRA there's no earning limits and you receive the full benefit with no income offsets. Provisional income comes into play after your benefits are activated. Your provisional income is calculated by taking your adjusted gross income plus half of your Social Security benefit. If that total is less than $25,000, your Social Security benefit is not subject to federal tax. If it is  above 25,000, but below 34,000, 50% of the benefit is taxed, and if it's above 34,000, 85% of the benefit is taxed. If you're a government employee, there's something called a Windfall Elimination Provision, or WEP. And there's also a Government Pension Offset, or GPO. There are three common conversations we have with clients when it comes to Social Security. The first thing is determining the breakeven point. One method for deciding when to take Social Security benefits involves calculating the breakeven point, this is the future point in time when the value of one option equals that of another. For example, if your FRA benefit is $2,000 a month, and $1,400 at age 62, there's a $600 a month difference. When compared to waiting the five years and taking the full amount, the breakeven point would be 11.6 years. Something else to keep in mind is that by taking a benefit early, you reduce the amount of spousal benefit made available since the benefit in and of itself has been reduced and this could be an important consideration. The second consideration relates to one's health and longevity. If you don't expect to live past that breakeven point, taking the benefit early might make more sense. From this perspective, it could be a win-win situation if they start receiving benefits early and they live longer than expected because the payments continue. We can't know our lifespan for certain, but if you're in poor health, taking benefits early might be a reasonable option. The third consideration involves a person's retirement income requirement. Many clients we work with see Social Security simply as a piece of the retirement income strategy, and aren't necessarily concerned with breakeven points as much as they are with maximizing their assets and the resources. Many clients opt to turn their Social Security benefits on instead of tapping into their assets in order to maintain growth. Using assets to generate income in retirement also comes with variables that are hard to predict, like the conditions of the stock market and economic policy. Social Security, in comparison, is stable and easy to predict. Figuring out your retirement income requires careful planning, which is why it's crucial to work with a professional that understands Social Security and its role in your retirement plan.     Mentioned in this episode: BrianSkrobonja.com Common Sense Financial Podcast on YouTube  Common Sense Financial Podcast on Spotify BrianSkrobonja.com/Resources - Free Resources To Help You Protect Your Financial Future Common Sense: YOUR Guide to Making Smart Choices with YOUR Money by Brian Skrobonja SSA.gov   References for this episode: SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/delayret.html SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/taxes.html   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. 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One of the most common questions we hear has to do with decisions around money received, particularly when that money was not planned for, like an inheritance. Donna discusses the process of determining how to use that money to best serve your particular needs. Also on MoneyTalk, the removal of the government pension offset and Windfall Elimination Provision for social security, and Stock Trivia: Two Truths and a Lie. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®; Air Date: 2/4/2025; Original Air Date: 1/16/2025. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

Big changes are on the horizon for retirees impacted by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). The Social Security Fairness Act, signed into law on January 5, 2025, is expected to increase benefits for millions of retirees while introducing new challenges for the Social Security system. In todays podcast, I will break down what this means for you and how to adapt your retirement strategy to these changes. Plus, be sure to listen to the end to learn about our new updates to the Retirement Budget Calculator that help you stress-test your Social Security strategy. To find links and resources mentioned in today's podcast, visit SoundRetirementPlanning.com and click on episode #443.. The Retirement Budget Calculator is an intuitive tool that promises ease and accuracy. However, like any tool, user error could potentially lead to costly mistakes. To avoid this, let the experienced advisors at Parker Financial LLC guide you. When you hire our team, we offer a comprehensive review of your current investments, taxes, and the data in the Retirement Budget Calculator. We will ensure your plan's completeness and accuracy, helping you create an investment strategy, assist with tax planning, and monitor your plan to maximize your retirement benefits. At Parker Financial we offer a well-crafted retirement investment strategy, deeply rooted in academic data and financial science which can be the key to a prosperous retirement. Don't leave your future to chance. Take the first step towards a sound retirement. Schedule your complimentary discovery session now by visiting Parker-Financial.net let us help you make the most of your retirement years.      

Listener Q&A where Andy talks about: What it means between an advisor who calls themself a financial planner vs wealth manager vs any other label they choose to use ( 10:24 )My thoughts on the recently repealed Windfall Elimination Provision ("WEP") and Government Pension Offset ("GPO") parts of Social Security ( 20:35 )A follow up to a previously discussed Q&A topic about how much umbrella insurance to purchase ( 31:18 )How income is taxed to a recently deceased person vs their heirs or their estate ( 37:08 )How best to gift money to grandchildren to get them started with saving and investing ( 42:10 )Understanding a bond or bond fund's "duration" and how to use it measure the bond or bond fund's interest rate price change risk. And what it means to have a recommended "holding period" for a bond fund ( 46:45 )To send Andy questions to be addressed on future Q&A episodes, email andy@andypanko.comMy company newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

For decades, many thought repealing federal Social Securities penalties was a lost cause—yet in late 2024 both the U.S. House of Representatives and Senate passed WEP/GPO repeal, and President Biden signed it into law on January 5. Doing away with the Windfall Elimination Provision and Government Pension Offset is a huge win for teachers and other public servants. In episode 50, CEA President Kate Dias and Vice President Joslyn Delancey talk with Bette Marafino, president of the Connecticut Alliance for Retired Americans, and Mary-Beth Lang, vice-president of CEA Retired, about celebrating the win, how we got here, and what's next.

Don Sowa always said, there are no inherently bad financial products, just good products used badly. This statement rings especially true with annuities, and the bad wrap they've earned largely reflects a misunderstanding of how the product was meant to be used. Donna and Nathan discuss the different types of annuities, and who each is appropriate for. Also on MoneyTalk, the elimination of the government pension offset and Windfall Elimination Provision for social security, and Stock Trivia: Two Truths and a Lie. Hosts: Donna Sowa Allard, CFP®, AIF® & Nathan Beauvais, CFP®, CIMA®; Air Date: 1/16/2025. Have a question for the hosts? Visit sowafinancial.com/moneytalk to join the conversation!See omnystudio.com/listener for privacy information.

Questions About Your Financial Planning? Schedule a FREE Discovery Call: HERE's my calendar   Join the Retirement Lifestyles Inner Circle: www.PatrickMcNally.com   Facebook: https://www.facebook.com/RetirementLifestylesAdvisors/ Instagram: @Retirement_Lifestyles_Advisors LinkedIn: https://www.linkedin.com/in/theretirementincomeadvisor/ Twitter: @The_McNally Questions? Call or Text 530-319-5158   Disclosures Information presented is believed to be factual and up to date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the host on the date of publication and are subject to change. All information is based on sources deemed to be reliable, but no warranty or guarantee is made as to its accuracy or completeness. Financial calculations are based on various assumptions that may never come to pass. All examples are hypothetical and are for illustrative purposes only. Charts, graphs, and references to market returns do not represent the performance achieved by Retirement Lifestyles Advisory Group or any of its advisory clients. Content should not be construed as personalized investment advice, nor should it be interpreted as an offer to buy or sell any securities mentioned. A professional advisor should be consulted before implementing any of the strategies presented. Past performance may not be indicative of future results. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for an investor. In addition, there can be no assurances that an investor's portfolio will match or outperform any particular benchmark. Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses. The social security, tax, legal, and estate planning information provided is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Retirement Lifestyles Advisory Group is not affiliated or endorsed by the Social Security Administration of the United States. Case studies are for illustrative purposes only and should not be construed as testimonials. Every investor's situation is different, and goals may not always be achieved. Retirement Lifestyles Advisory Group is registered as an investment advisor and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators, nor does it indicate that the advisor has attained a particular level of skill or ability.

Tax Season Strategies, Social Security Changes, and Retirement Planning Insights! In this jam-packed episode, host Gregory Ricks welcomes Jude Heath, a CPA from J. Heath & Company, to dive deep into the world of taxes, financial planning, and preparing for the future. First, Jude shares critical deadlines and tips to get your tax documents in order before the April 15th filing deadline. From the importance of having a complete paperwork package to maximizing deductions, you'll learn how to streamline the tax prep process. Then, Gregory and Jude tackle the hot-button issue of the recently passed Social Security Fairness Act. They unpack the potential $200 billion impact of repealing the Windfall Elimination Provision and Government Pension Offset, and what it means for government employees' benefits. But it's not all doom and gloom - they also discuss smart strategies for building retirement wealth, from maximizing Social Security to optimizing annuity investments. Jude provides invaluable insights on business structuring and tax-saving techniques that every entrepreneur needs to know. Plus, Gregory shares essential travel tips, including the importance of renewing your passport well in advance to avoid international entry issues. Whether you're preparing for tax season, planning for retirement, or simply seeking to get your financial house in order, this episode is packed with practical advice you won't want to miss. Tune in now to start Winning at LifeWinning at Life® with Gregory Ricks - Helping to Guide YOU to Financial Freedom and Retirement Success for 14 YEARS!Each episode covers a wide range of topics, from help maximizing Social Security benefits and minimizing taxes in retirement to recovering from market volatility and choosing the right financial products like annuities. Gregory's down-to-earth approach and 40+ years of industry experience make him a trusted resource, while his engaging conversations with guests provide valuable perspectives.Listeners also gain access to exclusive educational workshops, personalized financial planning resources, and a supportive community through the Winning at Life app. Join Gregory and the Winning at Life® nation as you take control of your financial future and achieve the retirement you deserve.For LIVE financial news talk radio, tune into "Winning at Life® with Gregory Ricks" LIVE on Saturday on:WRNO-News Talk 99.5 FM New Orleans - 10 am - 1 pmWBUV-News Talk 104.9 FM  Biloxi - 10 am - 1 pmORFor financial news talk ON DEMAND, tune into the Ask Gregory Podcast for more financial topics that may interest you! Visit: https://gregoryricks.com/podcast/

Text us your financial questions!Henssler Money Talks — January 11, 2025  Season 39, Episode 2 This week on "Money Talks," Director of Research Nick Antonucci, CVA, CEPA, is joined by Managing Associates K.C. Smith, CFP®, CEPA, and D.J. Barker, CWS®, to weigh in on the ISM Manufacturing and Nonmanufacturing indices, the Job Openings and Labor Turnover for November, and the minutes from the last Federal Open Market Committee meeting and what they indicated for future rate cuts. The experts had an open discussion on the Social Security Fairness Act that eliminates the Windfall Elimination Provision and the Government Pension Offset for federal and municipal government employees. In this week's case study, D.J. and K.C. talk about how they frequently find themselves stepping into the role of a mediator or “marriage counselor” when helping couples navigate emotionally charged financial topics. The episode finishes with the hosts responding to listeners' questions on senior marriages that could eliminate some Social Security benefits and how to determine what holdings to trim for required minimum distributions.Timestamps and Chapters00:00: Market Roundup: Jan. 6 – Jan. 10, 202518:15: Open Discussion: Social Security Fairness Act27:14: Case Study:  Navigating Emotional Financial Topics39:20: Q&A Time: Intel Corp., and Trading HoursFollow Henssler:  Facebook: https://www.facebook.com/HensslerFinancial/ YouTube:  https://www.youtube.com/c/HensslerFinancial LinkedIn: https://www.linkedin.com/company/henssler-financial/ Instagram: https://www.instagram.com/hensslerfinancial/ TikTok: https://www.tiktok.com/@hensslerfinancial?lang=en X: https://www.x.com/hensslergroup  “Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ 

The Retire Hour team is back in action, teaching you actionable advice on retirement planning, including investing, taxes, estate planning, and medicare. Manage your money and retirement with the Retire Hour team. In this episode, Joshua Cicora hosts to bring a tax perspective to "aging plans," Windfall Elimination Provision, and 5 best practices to tax preparer happy. #retirement #podcast #show #money #finance

U.S. Rep. Monica De La Cruz is celebrating the passage of the Social Security Fairness Act (H.R. 82) through the Senate. The legislation, which De La Cruz co-sponsored and championed as one of her first acts after taking office, was signed into law Jan. 5 by President Joe Biden after passing the Senate in December. It passed the U.S. House on Nov. 12, 2024. The Social Security Fairness Act repeals the Government Pension Offset and Windfall Elimination Provision, two outdated policies that unfairly reduced Social Security benefits for teachers, first responders, and other public-service employees who earned additional Social Security...Article Link

Watch out for record fraud when shopping. With technology, shopping has become so easy and set records in 2024 of around $5.3 trillion. While this by itself is a problem as some people are over shopping, it has also invited more fraud than ever before and for the first three quarters of 2024 there was an increase of 14.5% to $8.7 billion of shoppers who lost money to fraud. Two things are happening here. First, consumers may be too emotionally excited about the purchase and they forget to look for scams that could be happening to them. The second item is the scammers are becoming smarter about how to scam people and they are making it more difficult to detect. To avoid being scammed, it is always wise to deal with a company that you know. However, even that may not guarantee your safety. Scammers can now use names that look very similar to the names you know. They can do this by simply adding or deleting a period or a letter somewhere in the title. So before you make that purchase, be sure it is the correct site that you want to be at and you're not sending your money to some scammer from across the world!   Should you be investing in airline stocks with the record year they've had? It has been quite the year for airline stocks and there have been huge one-year gains for United Airlines at 138% and Delta Airlines at 49%. While it was a laggard compared with its peers, American Airlines still posted a strong return of 29%. It is forecasted for holiday travel between December 19th and January 6th, there will be a record number of travelers at 54 million. Since our economy was reopened after Covid, consumers continue to enjoy traveling, which has benefited the airlines. Even with the record number of travelers and the large gains for the airline stocks, they still trade at reasonable price to earnings ratios of 9.7 for United Airlines, 10.1 for Delta and 10.5 for American Airlines. My concern is could this be a value trap going forward? The low price to earnings ratio might suck you in only to see a slowdown in travelers in 2025. We could also see a little bit higher oil prices based on production not coming online quick enough to keep up with demand, which would hurt the profit margins for these companies. While they might look enticing, I wouldn't be interested in adding these positions to my portfolio at this time.   Could you benefit from the private prison boom that may happen in 2025? In 2025 there could be a huge demand for detention centers and investors may benefit from investing in the private detention center called CoreCivic Inc, trading under the symbol CXW. CoreCivic has a market cap of about $2.4 billion and a FFO on a forward basis of $1.79. The company could benefit from recent statements from ICE saying it will need enough beds to detain a minimum of 100,000 migrants. The agency already has funding for 41,500 beds. Their competitor GEO has a head start already housing about 40% of ICE detainees. It should be noted that CoreCivic was at $14 the day before the election and it climbed to $22 the day after. There was concern that some banks would withdraw funding from companies who participated in the immigrant detentions, however it appears that CoreCivic does not need any new capital to bring on new facilities or bring back idle facilities. The high estimate for deportation would be 1 million people in one year at a cost of $88 billion. It is estimated that there were 11 million undocumented migrants in the US as of 2022. These higher dollars could benefit the private prisons as a quick alternative if there is no room in the county jails. I was disappointed that the company does not pay a dividend, but it has pulled back from a recent high of $24.99 a share to under $22 a share. At the price the stock would trade at a reasonable 12.29x the estimated FFO for 2025. An executive from the private company GEO group spoke about an unprecedented opportunity for their company, it could be a good investment opportunity for the small investor as well.   “Big Social Security Changes Coming” The Social Security Fairness Act is set to be signed into law next week and will impact Social Security benefits for millions of Americans.  This bipartisan bill will eliminate the “Windfall Elimination Provision (WEP)” and the “Government Pension Offset (GPO)” which currently reduce social security benefits for workers and spouses who have public pensions.  The Windfall Elimination Provision applies when someone has worked a job where they paid into Social Security and also a job where they did not pay into Social Security and receive a pension instead.  In this case, the Social Security benefits are reduced based on how many years they paid into Social Security.  The Government Pension Offset applies when a spouse is entitled to a Social Security spousal or widow benefit but they also worked a job where they did not pay into Social Security themselves.  In this case, the amount of their pension reduces the Social Security benefits they are entitled to receive.  With the passing of this new Social Security act and the elimination of the WEP and GPO, Americans who were having Social Security benefits reduced will no longer see a reduction.  This is one of the largest changes to Social Security in the last several years.  The downside is, the increased benefits will cause the Social Security trust fund to run out sooner, even if the elimination results in a fairer benefit system.    Companies Discussed: Tidewater Inc (TDW), Constellation Brands, Inc. (STZ), Carvana Co. (CVNA) & VeriSign, Inc. (VRSN)

The Social Security Fairness Act is inching even closer to passage. At a rally in front of the Capitol building this week, Senate Majority Leader Chuck Schumer committed to bringing the bill to a floor vote, and that's after the legislation to repeal the Windfall Elimination Provision and Government Pension Offset, WEP and GPO cleared the House last month. Federal News Network's Drew Friedman was at this week's rally. She joins me now with the latest. Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Social Security Fairness Act is inching even closer to passage. At a rally in front of the Capitol building this week, Senate Majority Leader Chuck Schumer committed to bringing the bill to a floor vote, and that's after the legislation to repeal the Windfall Elimination Provision and Government Pension Offset, WEP and GPO cleared the House last month. Federal News Network's Drew Friedman was at this week's rally. She joins me now with the latest. Learn more about your ad choices. Visit podcastchoices.com/adchoices

As we approach the end of the year, it's the perfect time to talk about some year-end planning strategies. In this two-part episode, Ben and Dan will cover what you need to know and think about before we head into the new year. Listen in as they discuss the new cost of living adjustments, earnings limits, and the Windfall Elimination Provision. Don't miss part 2 of this conversation and we talk about year-end tax planning!   Here's some of what we discuss in this episode: Social Security Cost of Living (COLA) adjustment The FICA Wage Base and Earnings Test Limit increase The average retirement benefit on Social Security right now The impacts of the Windfall Elimination Provision   For more, visit us online: https://baschrock-fg.com/

How much should you save in pre-tax accounts vs. post-tax accounts? Joe Anderson, CFP® and Big Al Clopine, CPA spitball on the "age plus 20" rule for retirement savings, Roth 401(k) contributions and distributions, and a Social Security claiming strategy for Ralph and Marie in Wilmington, Delaware. Shawn wonders if YMYW listeners are ignoring the WEP and GPO when it comes to Social Security, that is, the Windfall Elimination Provision and the Government Pension Offset. Plus, can Jake and Amy in Iowa retire in 5 years, or do they need to work beyond age 60? Should Edwin stop making Roth contributions and start doing Roth conversions instead? And finally, how can Jeff in North Dakota's son qualify for the American Opportunity Tax Credit? Access all the following free financial resources and the episode transcript: https://bit.ly/ymyw-496 REGISTER NOW: Medicare Basics webinar - TOMORROW, Wednesday Sept. 25, 2024, 12pm Pacific, 3pm Eastern, with Robert Dow and Lisa Velasco, Medicare specialists from the Dow Agency CALCULATE: A Financial Blueprint of your retirement readiness for free! DOWNLOAD: Social Security Handbook DOWNLOAD: Medicare Check-Up Guide WATCH YMYW TV: Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support REQUEST: Retirement Spitball Analysis SCHEDULE: free financial assessment SUBSCRIBE: YMYW on YouTube DOWNLOAD: more free guides READ: financial blogs WATCH: educational videos SUBSCRIBE: YMYW Newsletter   Timestamps:  00:00 - Intro 01:09 - Roth 401(k) Contributions and Distributions, Age Plus 20 Rule, and Social Security Claiming Strategy (Ralph and Marie, Wilmington, DE) 12:35 - Download the Social Security Handbook, Download the Medicare Check-Up Guide, Watch Medicare Check-Up: How to Keep Your Retirement Plan Off Life Support on YMYW TV, Register for the Medicare Basics webinar Wed. Sept 25, 12P/3E 13:37 - Are Listeners Ignoring Government Pension Offset and Windfall Elimination Provision for Social Security? (Shawn) 17:30 - Can We Retire in 5 Years Or Do We Need to Work After Age 60? (Jake & Amy, Iowa) 26.36 - Financial Blueprint - get your complementary retirement analysis 27:45 - Should I Stop Roth Contributions and Do Roth Conversions instead? (Edwin) 31:24 - American Opportunity Tax Credit for College Age Son (Jeff, ND) 35:58 - Outro

Social Security ins and outs (Part 2 of 2) – Marcia Mantell of Mantell Retirement rejoins the program with Chris Boyd and Jeff Perry for a continuing conversation on the topic of Social Security. The trio starts out with an explanation of how Social Security benefits are calculated. Chris and Jeff present a series of special circumstances and how they can impact one's Social Security benefits. Topics of discussion include the Windfall Elimination Provision, spousal benefits, and how divorce impacts benefits. For more information or to reach Chris Boyd or Jeff Perry, click the below link: https://www.wealthenhancement.com/s/advisor-teams/amr  

The complexity of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit. There are a lot of variables to consider and acronyms to decipher that can make Social Security feel like a confusing hedge maze. Let's cut through some of the noise and clarify some of the most pressing questions around Social Security benefits and what questions you need to consider to determine what's best for you and your family. Social Security has many layers, and the concept of eligibility can be pretty complex. It's not always clear when and how someone should begin taking their benefits because being eligible doesn't necessarily mean you should turn that benefit on. Social Security benefits can be turned on as early as age 62. Each year the benefit is delayed, you receive what is called a delayed retirement credit or DRC. These DRCs guarantee an automatic 8% increase in your Social Security benefit every year you delay up to age 70. There is also your full retirement age. This is the age when you are eligible to receive the full benefit without any offset for having earned income. Earned income being income from employment, which is different from income received from investments, pensions or annuities. For those born in 1960, or later, your FRA is age 67. Benefits are calculated by the Social Security Administration by taking 35 years of earnings that are indexed for inflation. Any years you didn't work are counted as a zero in your average earnings calculation. These annual amounts are then totaled and divided by four and 20 months to arrive at the monthly figure known as your average indexed monthly earning. This number is different from your benefit amount. The SSA then applies a formula to that number which determines your primary insurance amount or PIA and this is your monthly Social Security benefit. If you choose to take your benefit before your FRA while employed, there's an offset that can significantly reduce the benefit if your income exceeds $21,240 in 2023. This reduction is $1 for every $2 of earned income over the limit. In the year you reach your FRA, the limit increases to $56,520 in 2023, with a benefit reduction of $1 for every $3 of earned income over the limit. After you've reached your FRA there's no earning limits and you receive the full benefit with no income offsets. Provisional income comes into play after your benefits are activated. Your provisional income is calculated by taking your adjusted gross income plus half of your Social Security benefit. If that total is less than $25,000, your Social Security benefit is not subject to federal tax. If it is  above 25,000, but below 34,000, 50% of the benefit is taxed, and if it's above 34,000, 85% of the benefit is taxed. If you're a government employee, there's something called a Windfall Elimination Provision, or WEP. And there's also a Government Pension Offset, or GPO. There are three common conversations we have with clients when it comes to Social Security. The first thing is determining the breakeven point. One method for deciding when to take Social Security benefits involves calculating the breakeven point, this is the future point in time when the value of one option equals that of another. For example, if your FRA benefit is $2,000 a month, and $1,400 at age 62, there's a $600 a month difference. When compared to waiting the five years and taking the full amount, the breakeven point would be 11.6 years. Something else to keep in mind is that by taking a benefit early, you reduce the amount of spousal benefit made available since the benefit in and of itself has been reduced and this could be an important consideration. The second consideration relates to one's health and longevity. If you don't expect to live past that breakeven point, taking the benefit early might make more sense. From this perspective, it could be a win-win situation if they start receiving benefits early and they live longer than expected because the payments continue. We can't know our lifespan for certain, but if you're in poor health, taking benefits early might be a reasonable option. The third consideration involves a person's retirement income requirement. Many clients we work with see Social Security simply as a piece of the retirement income strategy, and aren't necessarily concerned with breakeven points as much as they are with maximizing their assets and the resources. Many clients opt to turn their Social Security benefits on instead of tapping into their assets in order to maintain growth. Using assets to generate income in retirement also comes with variables that are hard to predict, like the conditions of the stock market and economic policy. Social Security, in comparison, is stable and easy to predict. Figuring out your retirement income requires careful planning, which is why it's crucial to work with a professional that understands Social Security and its role in your retirement plan.     Mentioned in this episode: BrianSkrobonja.com Common Sense Financial Podcast on YouTube  Common Sense Financial Podcast on Spotify BrianSkrobonja.com/Resources - Free Resources To Help You Protect Your Financial Future Common Sense: YOUR Guide to Making Smart Choices with YOUR Money by Brian Skrobonja SSA.gov   References for this episode: SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/delayret.html SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/taxes.html   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. The awards, accolades and appearances are not representative of any one client's experience and is not indicative of future performance. Each of these awards have set criteria for their nominations and eligibility requirements. “Best Wealth Managers” and “Future 50 Company” are annual surveys conducted by Small Business Monthly. The winner is chosen by an online vote of the general public and no specific criteria is utilized to determine the winner other than number of votes. Some voters may not be clients of Brian Skrobonja and Skrobonja Financial Group. These awards are not representative of any one client's experience and is not indicative of future performance.

Retail Sales People may be complaining about higher interest rates, but it does not appear to be slowing down the consumer. Retail sales climbed 0.7% in the month of March, which is easily topped the estimate of 0.3%. Compared to last year, sales were up an impressive 4.0%. Areas of strength continued to be nonstore retailers, which were up 11.3% compared to last year and food services and drinking places, which were up 6.5% over the same time period. Areas that continued to weigh on the report were furniture & home furnishing stores (-6.1%), electronics and appliance stores (-0.6%), and building material & garden equipment & supplies dealers (-0.6%). While energy prices have increased lately and gasoline stations saw an increase of 2.1% compared to February, compared to last year sales were actually down 0.7%. This makes the retail sales number even more impressive considering the fact that if gas stations were excluded from the headline number, it would have been up 4.4% compared to last year. Overall, this report provides further proof that the consumer remains resilient. This could bring into question the number of rates cuts this year. If the consumer remains strong, we may only see one or two cuts this year.  Value Companies With the market's recent highs, we have had a few companies that reached their target sell price. We sold those companies and now we're sitting on a large amount of cash. We were considering investing into an oil and/or natural gas company because based on the valuations they are still not that expensive. One thing that has concerned me is that we are probably near the peak for gasoline consumption, but oil is also used in chemicals with a big demand coming from plastics. Approximately 102 million barrels of oil are produced every day and roughly 60 million barrels go to diesel, gasoline and jet fuel. Only 12 million of that ends up in chemicals. What concerned me even more is how all the oil companies like Chevron, Shell and Saudi Aramco have a big push to produce more for chemicals. For instance, Shell opened a chemical complex with capacity to produce about 1.6 million tons of plastic pellets per year. Saudi Aramco is working on turning 4 million barrels of crude oil per day into chemicals by the year 2030, today just 1 million barrels go into chemicals. For many years China has been a major consumer of plastic and they accounted for 70% of plastic demand. Now they are producing their own plastic capacity, which is exceeding demand. On top of all this, you have the push for recycling plastics and statistics show that only 10% or less of plastic gets recycled. Even a doubling of that over the next few years would mean less oil needed for plastics. Recycled plastics are roughly 50% more expensive than virgin plastic, but I believe that will come down in future years. In summary, at this point it does not make any sense that I can see to invest in an oil company or the chemical companies. It may look like they could be on sale, but with the large supply going forward sales and earnings could decline, which would mean they are currently fully priced. The abundance of plastics is estimated to go on until the year 2030. So…. the search for that great value company to add our portfolio continues!  Home Owners Insurance You hear and read that insurance companies are dropping homeowners for no reason. Well, it turns out that insurance companies are becoming wiser on how to verify that policy owners are following the rules. To keep costs and risks down, insurance companies are now using drones, satellites, and airplanes to take aerial photos of your house. If you neglected to tell the insurance company that you have a pool, trampoline, a roof in bad shape or yard debris and hanging tree branches that are fire hazards, these will show up in the aerial views. You may think this is unfair, but when you sign your policy, you agree to home visits to verify that you're telling the truth. Another question for consumers, is it fair for you to pay the same insurance premium with a brand-new roof then your next-door neighbor whose roof is 25 years old? At first thought it seems unfair that insurance companies can take pictures of your home from the sky, but if you neglected to tell them the truth about that pool or trampoline, maybe they have the right to drop you. In the long run, this could help insurance companies keep premiums lower for those who follow the rules and disclosed to the insurance company all the insurable risks that they have.  Avoiding Social Security Reductions Caused by Pensions If you receive a pension from work that was not covered by Social Security, you may see a reduction in any Social Security benefits you are entitled to which includes benefits from your own earnings or any spousal benefits you are claiming. This is caused by the Windfall Elimination Provision and the Government Pension Offset. Keep in mind, if you earned a pension from a job where you also paid into Social Security, you will not see any reduction. One of the common pension systems we see in California is CalSTRS for teachers. Teachers do not pay into Social Security so their pension will reduce their Social Security amount. One way to get around this is by taking a “refund” from the pension. This allows you to withdraw all your contributions plus interest and roll them into your own retirement account so you can invest how you would like, and you will no longer have any reduction to your social security benefits, including any spousal benefits. The reason this works is because the refund only includes your own contributions, not the contributions made by the employer. This doesn't work with all pensions as some lump sum options include employer contributions, so the same Social Security reduction would apply. Taking a refund from CalSTRS is not appropriate for everyone. If you are close to retirement or have been part of the CalSTRS system for many years, it likely makes sense to stay with it to receive your pension and any Social Security reduction that comes along with it. However, if you are younger, have a limited earnings history with CalSTRS, or are entitled to sizable Social Security Spousal or Survivor benefits, rolling over your CalSTRS pension to a retirement account may make sense so you get the benefit of both your pension dollars and Social Security.   Stocks Discussed: KBhomes (KBH), Northrop Grumman Corporation (NOC) and Boeing (BA)

The Windfall Elimination Provision and Government Pension Offset have both been around for decades. They reduce or rule out Social Security benefits for some federal retirees. A bill to repeal them has been gaining unprecedented traction. For one view of this issue, Federal News Network's Drew Friedman spoke with the staff vice president of the National Active and Retired Federal Employees Association, John Hatton. Learn more about your ad choices. Visit podcastchoices.com/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Windfall Elimination Provision and Government Pension Offset have both been around for decades. They reduce or rule out Social Security benefits for some federal retirees. A bill to repeal them has been gaining unprecedented traction. For one view of this issue, Federal News Network's Drew Friedman spoke with the staff vice president of the National Active and Retired Federal Employees Association, John Hatton. Learn more about your ad choices. Visit megaphone.fm/adchoices

The complexity of Social Security calculations can cause some confusion around when someone eligible should file and claim their benefit. There are a lot of variables to consider and acronyms to decipher that can make Social Security feel like a confusing hedge maze. Let's cut through some of the noise and clarify some of the most pressing questions around Social Security benefits and what questions you need to consider to determine what's best for you and your family. Social Security has many layers, and the concept of eligibility can be pretty complex. It's not always clear when and how someone should begin taking their benefits because being eligible doesn't necessarily mean you should turn that benefit on. Social Security benefits can be turned on as early as age 62. Each year the benefit is delayed, you receive what is called a delayed retirement credit or DRC. These DRCs guarantee an automatic 8% increase in your Social Security benefit every year you delay up to age 70. There is also your full retirement age. This is the age when you are eligible to receive the full benefit without any offset for having earned income. Earned income being income from employment, which is different from income received from investments, pensions or annuities. For those born in 1960, or later, your FRA is age 67. Benefits are calculated by the Social Security Administration by taking 35 years of earnings that are indexed for inflation. Any years you didn't work are counted as a zero in your average earnings calculation. These annual amounts are then totaled and divided by four and 20 months to arrive at the monthly figure known as your average indexed monthly earning. This number is different from your benefit amount. The SSA then applies a formula to that number which determines your primary insurance amount or PIA and this is your monthly Social Security benefit. If you choose to take your benefit before your FRA while employed, there's an offset that can significantly reduce the benefit if your income exceeds $21,240 in 2023. This reduction is $1 for every $2 of earned income over the limit. In the year you reach your FRA, the limit increases to $56,520 in 2023, with a benefit reduction of $1 for every $3 of earned income over the limit. After you've reached your FRA there's no earning limits and you receive the full benefit with no income offsets. Provisional income comes into play after your benefits are activated. Your provisional income is calculated by taking your adjusted gross income plus half of your Social Security benefit. If that total is less than $25,000, your Social Security benefit is not subject to federal tax. If it is  above 25,000, but below 34,000, 50% of the benefit is taxed, and if it's above 34,000, 85% of the benefit is taxed. If you're a government employee, there's something called a Windfall Elimination Provision, or WEP. And there's also a Government Pension Offset, or GPO. There are three common conversations we have with clients when it comes to Social Security. The first thing is determining the breakeven point. One method for deciding when to take Social Security benefits involves calculating the breakeven point, this is the future point in time when the value of one option equals that of another. For example, if your FRA benefit is $2,000 a month, and $1,400 at age 62, there's a $600 a month difference. When compared to waiting the five years and taking the full amount, the breakeven point would be 11.6 years. Something else to keep in mind is that by taking a benefit early, you reduce the amount of spousal benefit made available since the benefit in and of itself has been reduced and this could be an important consideration. The second consideration relates to one's health and longevity. If you don't expect to live past that breakeven point, taking the benefit early might make more sense. From this perspective, it could be a win-win situation if they start receiving benefits early and they live longer than expected because the payments continue. We can't know our lifespan for certain, but if you're in poor health, taking benefits early might be a reasonable option. The third consideration involves a person's retirement income requirement. Many clients we work with see Social Security simply as a piece of the retirement income strategy, and aren't necessarily concerned with breakeven points as much as they are with maximizing their assets and the resources. Many clients opt to turn their Social Security benefits on instead of tapping into their assets in order to maintain growth. Using assets to generate income in retirement also comes with variables that are hard to predict, like the conditions of the stock market and economic policy. Social Security, in comparison, is stable and easy to predict. Figuring out your retirement income requires careful planning, which is why it's crucial to work with a professional that understands Social Security and its role in your retirement plan.     Mentioned in this episode: BrianSkrobonja.com Common Sense Financial Podcast on YouTube  Common Sense Financial Podcast on Spotify BrianSkrobonja.com/Resources - Free Resources To Help You Protect Your Financial Future Common Sense: YOUR Guide to Making Smart Choices with YOUR Money by Brian Skrobonja   SSA.gov   References for this episode: SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/delayret.html SSA.gov/benefits/retirement/planner/agereduction.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/whileworking.html SSA.gov/benefits/retirement/planner/taxes.html   Securities offered only by duly registered individuals through Madison Avenue Securities, LLC. (MAS), Member FINRA & SIPC. Advisory services offered only by duly registered  individuals through Skrobonja Wealth Management (SWM), a registered investment advisor. Tax services offered only through Skrobonja Tax Consulting. MAS does not offer Build Banking or tax advice. Skrobonja Financial Group, LLC, Skrobonja Wealth Management, LLC, Skrobonja Insurance Services, LLC, Skrobonja Tax Consulting, and Build Banking are not affiliated with MAS. The firm is a registered investment adviser with the state of Missouri, and may only transact business with residents of those states, or residents of other states where otherwise legally permitted subject to exemption or exclusion from registration requirements. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. Advisory services are only offered to clients or prospective clients where Skrobonja Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be  rendered by Skrobonja Wealth Management, LLC unless a client service agreement is in  place. Skrobonja Financial Group, LLC provides links for your convenience to websites produced by other providers of industry related material. Accessing websites through links directs you  away from our website. Users who gain access to third party websites may be subject to the copyright and other restrictions on use imposed by those providers and assume responsibility and risk from use of those websites. Any references to protection, safety or  lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the  issuing carrier. This is intended for informational purposes only. It is not intended to be used as the sole  basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation. Our firm is not permitted to offer, and no  statement made on this site shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and  opinions contained here in provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by our firm. Any media logos and/or trademarks contained herein are the property of their respective owners and no endorsement by those owners of Brian Skrobonja is stated or implied. 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Years, Social Security, Gregory, Talk, Business, Tax, Income, Life, Call, Estate Planning, Money, Assets, Social Security Benefits, Taxes, Work, Winning, Pay, Plan, Windfall Elimination Provision, RetirementFor LIVE financial news talk radio, tune into "Winning at Life with Gregory Ricks" LIVE on Saturday Mornings on:WRNO-News Talk 99.5 FM New Orleans - 10 am - 1 pmWBUV-News Talk 104.9 FM  Biloxi - 10 am - 1 pmORFor financial news talk ON DEMAND, tune into the Ask Gregory Podcast for more financial topics that may interest you! Visit: https://gregoryricks.com/podcast/

If you have a child heading off to college in the fall, time is running out to apply for financial assistance. We'll talk about the Free Application for Federal Student Aid form known as FAFSA on this Faith and Finance. The deadline for submitting your FAFSA is this Friday, June 30. Fortunately, you can fill one out and file it online at FAFSA.gov.Submitting a FAFSA is the necessary first step in receiving either grant or loan money from the Department of Education. It's easy to get loan money, but obviously, you want to borrow as little as possible.Now, let's go over the types of aid that you might receive by filling out a FAFSA. First, there's the Federal Pell Grant. This is an income-based grant program for full or part-time undergrad students, but exceptions are made for students seeking a post-grad teacher certification. The less your family income, the more likely you are to receive a Pell Grant, which could be as much as $7,400 for 2023.Next is the Federal Supplemental Educational Opportunity Grant. This one's administered by individual schools, but not all participate, so you may want to check with your school's financial aid office. It's also income based with a maximum grant of $4,000 a year.Teacher Education Assistance for College and Higher Education grant: If you plan on being a teacher, you'll want to look into this grant with the convenient acronym “TEACH.” Qualifying for a TEACH grant could get you up to $4,000 a year, but you'll be required to complete a teaching service obligation. Failure to fulfill that obligation will get the grant converted to a loan and you'll have to pay it back with interest. So make sure you're committed to teaching before accepting the money.Next is the Iraq and Afghanistan Service Grant. If you've lost a parent or guardian due to military service in those countries, and you were under the age of 24 or attending college at the time, you could be eligible for up to $7,400 for 2023.Now, since you'll be filing at this late date for the 23/24 academic year, a lot of the available grant money has probably been disbursed, so you're much more likely to receive assistance in the form of Federal work-study programs.These are funded by the feds, but administered by schools. As the name implies, they provide undergrad and graduate students with the chance to work and earn money for their education expenses. The work could be related to your major and may not necessarily be located on campus.With these work-study jobs, you'd earn at least the federal minimum wage, and possibly more depending on the job. Again, check with your school's financial aid office for details and availability.Now we get into the dangerous area of federal financial assistance …STUDENT LOANSWe say student loans are  “dangerous” because the system makes it incredibly easy to borrow, both for students and their parents.College students graduating in 2023 who took out loans owe an average of nearly $30,000. The average length of time to pay that off will be around 10 years with a monthly payment of just under $300. Worse, many students who borrow fail to get a degree that could lead to a higher salary, meaning it will be even more difficult and take longer for them to repay their loans. The lesson here is, of course, to borrow as little as possible and if you do borrow, make sure you graduate.Then make sure you graduate with a degree that gives you marketable skills that employers are willing to pay you for. It's great to pursue dreams, but attending college is as much a financial decision as anything else. Remember Proverbs 22:7, “The borrower is slave to the lender.”That said, here are the types of loans that could be offered after filling out the FAFSA:First, the federal direct subsidized loan. This is needs-based and allows you to skip interest payments while you're in school.Next is a federal direct unsubsidized loan. This one isn't needs-based, so basically anyone can get itNext is the federal Parent PLUS loan. No mystery there, parents take out these loans to put their children through school, but it's a bad idea and we recommend you not do it. Your child will have many more years to pay back the money than you will.Again, the deadline for submitting a FAFSA application is this Friday.On this program, Rob also answers listener questions: Are credit card rewards taxable? How do you determine the wisest place to put your retirement money as you near retirement age? What is the best way to start an emergency fund? What is the Windfall Elimination Provision and when does it apply to pensions?RESOURCES MENTIONED:Find a Certified Kingdom Advisor Capital One 360 Checking Marcus Christian Community Credit UnionRemember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at FaithFi.com where you can join the FaithFi Community, and give as we expand our outreach.

Equality and fairness are some of America’s most cherished ideals. In current Social Security law, over 2.5 million retired first responders, teachers, and other government employees are financially penalized by provisions of the law, the Windfall Elimination Provision and the Government Pension Offset, that slash their benefits solely because they spent part of their careers in jobs that don’t pay into the Social Security System. On this episode of the Blue View Podcast, National FOP President Patrick Yoes sits down with Representative Abigail Spanberger, who currently represents Virginia’s 7th Congressional district. A former law enforcement officer herself, Congresswoman Spanberger is the lead Democratic sponsor of the FOP’s top legislative priority: the Social Security Fairness Act. The Social Security Fairness Act, which has been one of the most bipartisan and broadly supported pieces of legislation in the House under both Democratic and Republican control, would fully repeal both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) in current Social Security law. The bill, which currently has over 150 cosponsors, is a top priority of the FOP. The WEP affects workers who spent some time in jobs not covered by Social Security and also worked other jobs where they paid Social Security taxes long enough to qualify for retirement benefits. The provision has a disproportionate effect on law enforcement officers who retire earlier than most other public employees and are more likely to begin a second career after they leave law enforcement. Officers in this position are penalized and may have their Social Security benefit reduced by up to sixty percent (60%). Like the WEP, the Government Pension Offset (GPO) was adopted to shore up the finances of the Social Security trust fund. It offsets the Social Security benefit to which a surviving spouse is entitled by two-thirds of the monthly amount of any government pension that they might receive.

Working to repeal GPO/WEP - Season 3, Episode 17Educators who have worked private sector jobs before or during their time as public employees – and those who are counting on survivor benefits from a spouse who worked a private sector job – are getting shortchanged. The Government Pension Offset and Windfall Elimination Provision mean these educators get a fraction of the social security benefits they should. As retired teacher Judy Novak and OEA Secretary-Treasurer Mark Hill tell us, it's time to change the law.SUBSCRIBE | Click here to subscribe to Education Matters on Apple Podcasts or click here to subscribe on Google podcasts so you don't miss a thing. And don't forget you can listen to all of the previous episodes anytime on your favorite podcast platform, or by clicking here.Featured Education Matters guest:  Judy Novak, OEA-Retired memberJudy Novak spent most of her 36-year career as a Special Education teacher in the Mansfield City Schools. She has been substitute teaching since 2014. Novak was recently appointed to serve on NEA's GPO/WEP advisory task force.  Mark Hill, OEA Secretary-Treasurer Mark Hill, first elected in spring 2018, is currently serving his second three-year term as OEA Secretary-Treasurer. He is a 30-year educator with Worthington City Schools, serving as a middle school math teacher. From 2010-2018, he served as president of the Worthington Education Association (WEA). In his freshman year as WEA president, he led his local in joining the successful repeal of Senate Bill 5 (SB5), an attack to collective bargaining. It was during this period he was twice elected to the STRS Board. Again, he demonstrated strong leadership in his roles as vice chair and chair respectively. Along with the board, he worked to bring long-term sustainability to the pension fund. His second 4-year term with STRS concluded August 31. 2018. Mark has also served as a member of the OEA Board of Directors and as chair of numerous Central OEA/NEA committees as well as chair of the OEA Resolutions Committee. Mark believes it is critical that OEA supports its local associations and their leaders because they shape members' impressions of the value of membership. In these dynamic times, Mark's experienced leadership will be vital as he directs OEA's budget priorities toward an even stronger association.  Connect with OEA: Email educationmatters@ohea.org with your feedback or ideas for future Education Matters topics Like OEA on Facebook Follow OEA on Twitter Follow OEA on Instagram Get the latest news and statements from OEA here Learn more about where OEA stands on the issues  Keep up to date on the legislation affecting Ohio public schools and educators with OEA's Legislative Watch About us: The Ohio Education Association represents about 120,000 teachers, faculty members and support professionals who work in Ohio's schools, colleges, and universities to help improve public education and the lives of Ohio's children. OEA members provide professional services to benefit students, schools, and the public in virtually every position needed to run Ohio's schools. Education Matters host Katie Olmsted serves as Media Relations Consultant for the Ohio Education Association. She joined OEA in May, 2020, after a ten-year career as a television reporter, anchor, and producer. Katie comes from a family of educators and is passionate about telling educators' stories and advocating for Ohio's students. She lives in Central Ohio with her husband and two young children. This episode was recorded on December 13 and December 20, 2022.

(12/5/22) - In today's Federal Newscast: The Evil Twins are on the House calendar for the first time for a possible first-ever vote. With a $10 billion ceiling, a solicitation is out for one of the most anticipated IT services contracts of the year. And a 2022 IRS watchdog investigation leads to 26 firings and much more.

GPO and WEP—they sound like alphabet soup, but the federal Government Pension Offset and Windfall Elimination Provision spell disaster for teachers. These federal acts, enacted 40 years ago, reduce or entirely eliminate the Social Security benefits teachers and their spouses receive upon retirement. Congressman John Larson has a bill before Congress that would repeal GPO and WEP, as well as expand and strengthen Social Security benefits, and ensure that wealthier Americans pay their fair share. He and Education Association of Preston President Susan Strader join CEA President Kate Dias and Vice President Joslyn DeLancey for this episode to discuss how GPO and WEP hurt teachers and how Larson's bill will help.

01:45 Machete versus bean bag and pistol on video 12:54 WEP and GPO being repealed LEO Round Table (law enforcement talk show) Season 7, Episode 20b (1,731) filmed on 05/16/2022 Topic 1 concerns Phoenix (Arizona) Police officers shooting a man holding a machete with a bean bag round and then a firearm. https://www.youtube.com/watch?v=i9MGkQy6pok Topic 2 concerns repealing the Windfall Elimination Provision and Government Pension Offset which reduces social security benefits for individuals with pensions. Also mentioned: Rep. Rodney Davis, Sen. Sherrod Brown, House Ways and Means Committee, Senate Finance Committee, H. R. 82, and S. 1302. https://www.asppa.org/news/fresh-look-those-wep-affects-proposals-change-it https://www.lawofficer.com/republicans-announce-back-the-blue-legislation/ Show Panelists and Personalities: Chip DeBlock (Host and retired police Detective) Ward Meythaler (Attorney and former Federal Prosecutor) Mike Roche (retired Secret Service Agent & Author) *https://mikeroche.com/ *https://www.amazon.com/Mass-Killers-identify-workplace-killers-ebook/dp/B09QNPPGYV Tio Hardiman (Criminal Justice Professor, Author & President of Violence Interrupters) *https://www.violenceinterrupters.org/ Bret Bartlett (retired police Captain) David D'Agresta (retired police Officer and sheriff's Corporal) Andrea Casale (retired police Officer) Will Statzer (Producer) Content Partners: ThisIsButter - One of the BEST law enforcement video channels https://www.youtube.com/c/ThisIsButter1/ The Free Press - LEO Round Table is in their Cops and Crimes section 5 days a week https://www.tampafp.com/ https://www.tampafp.com/category/cops-and-crime/ Video Show Schedule: Mondays at 7pm ET - 90 minute LIVE show on YouTube, Facebook1, Facebook2, LinkedIn and Twitter Tue - Sat at 9am ET - Excerpts from LIVE show are uploaded to YouTube and Rumble (approx. time) Syndicated Radio Schedule: http://leoroundtable.com/radio/syndicated-radio-stations/ Podcasts: https://anchor.fm/leoroundtable Website: http://leoroundtable.com/ Rumble: https://rumble.com/user/leoroundtable Parler: https://parler.com/profile/LEORoundTable/media YouTube: https://www.youtube.com/leoroundtable Facebook: https://www.facebook.com/leoroundtable/ Twitter: https://twitter.com/LEORoundTable LinkedIn: https://www.linkedin.com/company/leo-round-table Sponsors: Galls - Proud To Serve America's Public Safety Professionals https://www.galls.com/ Bang Energy - Energy drinks and products https://bangenergy.com/ The International Firearm Specialist Academy - The New Standard for Firearm Knowledge https://www.gunlearn.com/ Guardian Alliance Technologies - Hire Smarter, Investigate Applicants with Precision & Speed https://guardianalliancetechnologies.com/ MyMedicare.live - save money in Medicare insurance options from the experts http://www.mymedicare.live/ TAC-TOTE - Rapid access and deployment with magnetic technology https://tac-tote.com/ --- Send in a voice message: https://anchor.fm/leoroundtable/message Support this podcast: https://anchor.fm/leoroundtable/support

May 2, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Tammy Flanagan, Senior Benefits Director, NITP. This topic has become more complicated for employees retiring under the three-tiered FERS retirement system that includes Social Security, the FERS Basic Benefit (government pension) and the Thrift Savings Plan. Today's program will focus on the “best dates” to separate from Federal service under CSRS and FERS, and will also address the questions that are on many employee's minds: Teleworking over the past two years has caused many to consider retirement, especially if being ordered to return to the office. Learn how to prepare for delays in retirement processing that have occurred throughout the retirement planning process. There are clues to know when it's “time” for retirement. The best retirement date may not be the same as your coworkers. There are important retirement planning steps everyone should take during the months leading up to your retirement date. The discussion may also include the following related topics: There are mental, financial, and tax preparations that need to be done before selecting your date. It is important to have an idea of how you will spend your time in your life after retirement. Retirement can last a long time. Some Federal retirees receive benefits for more years than they worked for the government. How to prepare for longevity risk. Retirement is a taxable event! Learn how your benefits will be taxed in retirement. Gross vs. Net: Understand the withholdings and reductions that will impact your net income during retirement. Selecting the best date to retire under FERS and CSRS: The last day of the month for FERS, CSRS and CSRS Offset optional retirements The first three days of the month for CSRS and CSRS Offset Any day might be a great day for your retirement The rules are a little different for disability, early retirements and deferred retirements The end of the leave year remains a popular date for many Feds Be sure to include your leave balance in the retirement planning process Thrift Savings Plan drawdown: You can use your TSP to supplement your monthly FERS and Social Security benefits. Be sure that you have a plan for managing your TSP post-retirement. Applying for withdrawals from the TSP will get easier this summer! Know when to “turn on” your Social Security retirement: How would you answer the following questions? What if you are working past your full retirement age? Do you plan to work after you retire? Are you retiring under age 62? Are you married, widowed or divorced? Did you start a family later in life? Do you have a history of longevity in your family? Will you receive a CSRS retirement benefit? Consider the Windfall Elimination Provision and the Government Pension Offset. For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

“Fairness” – a concept that our society treasures; something that we, as law enforcement officers, value. American’s plan and prepare for retirement years by investing a retirement benefit. But, for millions of public employees, police, firemen, teachers, and others, that planning means that if you have paid into both a public pension system and also met the necessary quarters to qualify for Social Security benefits, you will be penalized. Although we paid for these benefits, the social security rules could result in a reduction of social security benefits. The “Windfall Elimination Provision” (WEP) and the “Government Pension Offset” (GPO) in current Social Security law cut or eliminate the earned benefits of more than two million retirees. This provision has created a very real inequity for many public employees, particularly law enforcement officers, who retire earlier than other government employees due to the demands placed on them both physically and mentally… and often begin second careers. The provision cuts as much as 60% from the Social Security benefit. A benefit that they have paid for, just as other Americans. Keeping what you earned and deserving nothing if it isn't earned – that’s “fair.” One of the FOP’s Top Priorities is H.R. 82, the “Social Security Fairness Act,” which would repeal both the WEP and GPO. This is an issue of fairness, as these public employees are unfairly penalized under current law. It is critical to have strong allies in Congress, especially those who working to address the most pressing issues facing America’s law enforcement community. Today, we’re joined by one of the leading sponsors for the bill, Representative Rodney Davis, from Illinois’ 13th Congressional District. Representative Davis has been fighting for our men and women in blue since day one. Representative Davis is one of our most devoted supporters, and we thank him for the help. ⬛️ ⬛️ ⬛️ ⬛️ WATCH THIS EPISODE ➡️ https://youtu.be/5mPs2NUR_-A ⬛️ ⬛️ ⬛️ ⬛️ The Blue View is a weekly podcast presented by the National Fraternal Order of Police (FOP). We are the world’s oldest and largest organization of sworn law enforcement officers, with more than 364,000 members in more than 2,200 lodges. Make sure to tune in each week to hear from the country's top law enforcement experts, elected officials, and other notable leaders as they'll share their perspective and insight into the issues facing America's law enforcement. SUBSCRIBE: Blue View Podcast ➡️ https://blue-view.castos.com/ Apple Podcasts ➡️ https://podcasts.apple.com/us/podcast/blue-view-by-the-fraternal-order-of-police-fop/id1609211746 Spotify ➡️ https://open.spotify.com/show/3OZzhTEcwf3e2y0sPqdsew Amazon ➡️ https://music.amazon.com/podcasts/aad56de4-4a9a-46d2-a71f-ba46ea487797/blue-view-by-the-fraternal-order-of-police-fop

Gregory had a great time at the recent Wine, Wisdom, and Food event, and answers some comment cards with questions from attendees.Ted on the Northshore wants to do something with his old 401k, and thinks a bear market is imminent.Elliot in Covington asks for guidance as an investor in his 40s.Rick in Houma's wife is a 75 year old teacher. Will she have her Social Security cut by the Windfall Elimination Provision if she retires and starts her teacher's pension?Alex on the Northshore has company stock from a previous employer with some some weird rules, and he wants to get out. 

On today's show we talk to Elizabeth who has a teachers pension and wants to know how the Windfall Elimination Provision and the Government Pension Offset will affect her benefits, and Paula asks “can I file for survivor benefits if I'm still working?” Then Janice is fairly certain her benefit has not been calculated correctly and wants to know how to fix it? Plus a whole lot more! Want to be on the show with Devin? We record every Thursday at 12:00 central. The call in number is 903-400-4848.

Gregory shares some recent financial situations he's encountered, and there's universal concern for inflation and taxes going up.Mark in New Orleans got a check in the mail from his old 401k. What should you do in that situation?Tim in New Orleans asks if he can be a little heavier in stocks if he's got more of a cushion in assets.Ron in Franklinton wants to know if his Social Security will be hit hard by the Windfall Elimination Provision.

The Government Pension Offset and Windfall Elimination Provision can reduce Social Security benefits (from live 403bwise Event recorded 6.7.21). Michael Kitces GPO article Michael Kitces WEP article Devin Carroll WEP Explainer WEP/GPO Facebook Group Social Security Solutions 403bwise Meridian Wealth Management

Gregory's live events are ramping back up, and there's 4 different events for people needing help with 4 different financial situations. The message from the Numbers segment is clear: the markets did not respond well to the Federal Reserve conversation on tapering its asset purchases. Gregory responds to some audio highlights from Jerome Powell's press conference announcing the Federal Reserve is staying put. Gregory doubts the Fed can make any big moves before the midterms without wrecking the market. Lisa in New Orleans has a deferred compensation plan at her job, but the plan rules have changed, and they want to pay the entire amount in one lump sum. Is there some way she can defer the deferred comp to avoid a huge tax hit? Will the Windfall Elimination Provision crush my Social Security? Rhonda in New Orleans wants to know if her teachers pension will prevent her from getting anything from Social Security.

May 17, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes co-host Tammy Flanagan, Senior Benefits Director at NITP, Inc., and Mike Causey, Senior Correspondent at Federal News Network. This topic has become more complicated for employees retiring under the three-tiered FERS retirement system that includes Social Security, the FERS Basic Benefit (government pension) and the Thrift Savings Plan. Today’s program will focus on the “best dates” to separate from Federal service under CSRS and FERS, and will also address the questions that are on many employee’s minds: Has the COVID-19 Pandemic impacted your plans to retire? Are you thinking about retiring sooner than later or are you staying on board longer? Learn how to prepare for delays in retirement processing that have occurred throughout the retirement planning process. How do you know it’s “time” for retirement? How do you choose the best date for you? What else should you do to prepare to retire? The discussion may also include the following related topics: What are the mental, financial, Federal benefits and tax preparations that need to be done before selecting your date? What are your plans for your life after retirement? Can you afford to be retired to age 99? Have you done your retirement tax planning? Do you understand the withholdings, reductions and computation of your CSRS and FERS retirement benefit? How do you select the best date to retire under FERS and CSRS? The last day of the month for FERS, CSRS and CSRS Offset optional retirements The first three days of the month for CSRS and CSRS Offset Why not any other day of the month? What about disability, early retirements and deferred retirements? What is so special about the end of the leave year? What happens to your leftover annual and sick leave at retirement? What about your Thrift Savings Plan? What is the best time to “turn on” your Social Security retirement? What if you are working past your full retirement age? Do you plan to work after you retire? Are you retiring under age 62? Will you receive a CSRS retirement benefit? Consider the Windfall Elimination Provision and the Government Pension Offset. Send in a question: Email us in advance at ForYourBenefit@nitpinc.com

May 17, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes co-host Tammy Flanagan, Senior Benefits Director at NITP, Inc., and Mike Causey, Senior Correspondent at Federal News Network. This topic has become more complicated for employees retiring under the three-tiered FERS retirement system that includes Social Security, the FERS Basic Benefit (government pension) and the Thrift Savings Plan. Today's program will focus on the “best dates” to separate from Federal service under CSRS and FERS, and will also address the questions that are on many employee's minds: Has the COVID-19 Pandemic impacted your plans to retire? Are you thinking about retiring sooner than later or are you staying on board longer? Learn how to prepare for delays in retirement processing that have occurred throughout the retirement planning process. How do you know it's “time” for retirement? How do you choose the best date for you? What else should you do to prepare to retire? The discussion may also include the following related topics: What are the mental, financial, Federal benefits and tax preparations that need to be done before selecting your date? What are your plans for your life after retirement? Can you afford to be retired to age 99? Have you done your retirement tax planning? Do you understand the withholdings, reductions and computation of your CSRS and FERS retirement benefit? How do you select the best date to retire under FERS and CSRS? The last day of the month for FERS, CSRS and CSRS Offset optional retirements The first three days of the month for CSRS and CSRS Offset Why not any other day of the month? What about disability, early retirements and deferred retirements? What is so special about the end of the leave year? What happens to your leftover annual and sick leave at retirement? What about your Thrift Savings Plan? What is the best time to “turn on” your Social Security retirement? What if you are working past your full retirement age? Do you plan to work after you retire? Are you retiring under age 62? Will you receive a CSRS retirement benefit? Consider the Windfall Elimination Provision and the Government Pension Offset. Send in a question: Email us in advance at ForYourBenefit@nitpinc.com

Windfall Elimination Provision and the Government Pension Offset   Read here

Procter and Gamble announces upcoming price hikes adding to the wave of inflationary news. Matthew in MS wants to know if he will be penalized for not having any earned income the last few years before he turns on his Social Security retirement benefit. Gregory reviews proposed legislative changes to Social Security and the Windfall Elimination Provision. Some of these look like they may eventually be passed in some form, but it seems unlikely to happen soon. Janet on the Northshore is concerned the rise in prices from Procter and Gamble will open to door for other brands to follow suit. The IRS changes the rules on inherited IRAs again. Gregory goes over the options for a non-spouse beneficiary of an inherited IRA, including getting some of that money in a position to create tax-free income.

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Are You Getting The Social Security You Deserve? By Douglas Goldstein, CFP® The “Greenberg Settlement,” the resolution of a class-action lawsuit brought against the Social Security Administration (SSA), changes the way American olim receive their American Social Security payments. Under the SSA's Windfall Elimination Provision, if you receive a foreign earnings-based pension, your American benefits are reduced. Until now, claimants of Social Security living in Israel who also received Bituach Leumi old age pension had their payments from Social Security reduced under the Windfall Elimination Provision (WEP).  This was because Bituach Leumi was considered as an extra pension and counted as a “windfall.” In 2013, Ephraim Greenberg, a U.S. citizen living in Israel, brought a class action to change this situation because Bituach Leumi pensions are not dependent on earnings and therefore don't fall within the criteria of the WEP. Now you can claim your money back In July 2015, U.S. District Judge Rosemary Collyer determined that the Social Security Administration was wrong in reducing payments to U.S. citizens who receive Bituach Leumi. This is because Bituach Leumi payments aren't considered earnings-based in the same way as a private work-related pension is. Bituach Leumi payments are considered more of a social benefit for the elderly than a “windfall,” and therefore do not affect Social Security payments. (However, if you receive a work-related pension in addition to Bituach Leumi, your work pension would trigger the WEP reduction in Social Security benefits.) If your Social Security payments were reduced under the previous erroneous application of WEP, you can claim back the funds that are owed to you from September 2004. Furthermore, if someone who was unfairly penalized under the WEP has passed away, his heirs can apply for the funds retroactively. This is good news for the many American olim eligible for Social Security payments. Here's how I discussed the Greenberg Decision with the lawyers involved in the case, Ira Kasdan and Beth Johnson. We discussed the specifics of how to claim money that may be owed to you. To learn the specific steps involved in claiming withheld WEP as well as learning more about the provisions concerning with private pensions, listen to our 15-minute discussion at www.GoldsteinOnGelt.com/Kasdan. (The opinions expressed on The Goldstein on Gelt Show are those of the guest, and not necessarily my opinion or the opinion of Portfolio Resources Groups, Inc.) Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com.  He is a licensed financial professional both in the U.S. and Israel.  Call (02) 624-2788 for a consultation about handling your U.S. investments from Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates.

Find out how your Social Security benefits could be affected if you're eligible for a pension from work not covered by Social Security.