As of January 2025, the Social Security Fairness Act has repealed both the WEP and GPO provisions, meaning individuals who were previously impacted by these reductions can now expect to receive their full Social Security benefits going forward. This is a significant change, especially for individuals whose spousal benefits were reduced to $0 under the GPO or who saw their own benefits reduced due to the WEP.
One of the most important decisions you'll make as you approach retirement is when to start collecting Social Security benefits. While you can begin as early as age 62, waiting until a later age to claim your benefits can provide significant financial advantages.
Whether you own your own business or are a hardworking individual, the endless sea of potential tax-saving strategies can be overwhelming. Paralysis by analysis sets in. Let's face it, managing a business or career, tending to family needs, and attempting to get a good night's sleep already fill your plate. Staying on top of ever changing tax regulations and how to realistically save for your retirement goals may feel like an unattainable and distant dream, but here is a simple guide to make it a reality.
Social Security payments receive an inflation adjustment every year based on the Consumer Price Index (CPI). If inflation continues at current levels over the next 2 months, Social Security recipients will see their monthly check amounts increase by about 9.6% in 2023.
One of the most common questions we hear from our clients is "How much do I need to retire?" It depends on how you define success.