Hi there. Happy holidays! Please enjoy reading our December newsletter, filled with Social Security and retirement updates to keep you informed as we wrap up 2024. Wishing you a warm and joyful holiday season and a bright start to 2025.❄️
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Senate’s Social Security Expansion Bill May Get Vote: Here’s Who’s Impacted
Source: Newsweek
If this bill gets passed, the GPO and WEP will be repealed. Martha Shedden sheds some light on these two rules with Suzanne Blake. Read the story.
Trump Aims to Slash Government Spending. What It Could Mean for Social Security.
Source: Barron’s
Martha Shedden spoke with Elizabeth O’Brien at Barron’s about the impact SSA staffing shortages could potentially have on Social Security recipients. Read the story.
Social Security Fairness Act: What It Is and Will It Pass
Source: US News & World Report
What is the Social Security Fairness Act and what would this bill change if it gets passed? Martha Shedden spoke with writer Maryalene LaPonsie about this bill and if she thinks it will pass. Read the story.
What Does a Republican-Controlled Government Mean for Retirement?
Source: US News & World Report
Will there be a major Social Security reform in the next four year? Martha Shedden doesn’t think so. Check out how the new presidency may impact retirement. Read the story.
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Question: I was married for 32 years and my wife passed away in 2005 at age 57. I started my Social Security benefits at age 62. Am I eligible for a higher monthly income as a widower even after all these years?
Martha’s response: If your survivor (widower) benefit exceeds the amount of your retirement benefit, you are eligible for the higher benefit. If you are eligible to receive both retirement benefits and survivor benefits, you can file for one early, even if it is the smaller amount, and then switch later to the higher one. Please note that survivor benefits can be collected at age 60 if needed and reach their maximum amount at FRA but retirement benefits increase up until age 70…Read the full response.
Ask Martha your own question.
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The Danger Of Social Security “Short-Term” Thinking
In this archived episode of Social Security: Answers from the Experts, Martha Shedden sits down with Dave Freitag and they discuss his educated views on all sorts of retirement and Social Security issues, and expose many options that people have available to them unknowingly. David Freitag, an industry veteran in financial services and wealth management, brings a deep passion and unparalleled expertise in Social Security filing strategies and retirement income planning to his current role as a financial planning consultant with MassMutual.
Listen to the episode or watch the recording on YouTube.
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💡 Social Security Spotlight: Changes Ahead
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What Social Security changes begin in January 2025? Beginning next month, there are many changes being implemented to the Social Security program. Some of these changes include but are not limited to an increase in benefits due to the COLA, an increase in the maximum monthly benefit, and an increase in the maximum amount of earnings subject to the payroll tax.
What will be the new average monthly benefit? The average monthly Social Security benefit for all retired workers is currently $1,927. With a 2.5 percent increase, the average monthly Social Security benefit in January 2025 will be $1,976.
What will be the new maximum monthly benefit? The maximum monthly benefit for a worker who filed in 2024 at Full Retirement Age FRA is currently $3,822. The maximum monthly Social Security benefit for a worker filing at FRA in 2025 will be $4,018.
What will be the new maximum amount of earnings subject to Social Security payroll taxes? The maximum amount of earnings subject to Social Security taxes will be increased in 2025 from $168,600 to $176,100.
Learn more.
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📢 Social Security Administration Updates
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Appointments Required: Effective January 6, 2025, an appointment will be required for most in-person services. SSA encourages customers to take advantage of their online services as well as their automated services via telephone. While this new policy will be implemented in January, SSA specifies that they will not turn people away for service who are unable to make an appointment or do not want to make an appointment.
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ICMG 2025: We look forward to attending ICMG’s Annual Conference in Tampa, Florida February 3-5. We are eager to connect with leaders in life and health insurance. Learn more.
Medicarians 2025: We are a Proud Partner of Medicarians. This year, over 4,000 professionals from across the senior health and wealth distribution ecosystem are expected to gather, March 31st – April 2nd in Las Vegas, to network, share insights, and learn from the best in the industry. Plus, RSSA’s Tom Drapala will be a notable speaker at the event. Access our special discount code to attend.
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Disclaimer: The National Association of Registered Social Security Analysts, Ltd. has no affiliation with the Social Security Administration or any other government agency. The Social Security information provided in this email and on the website does not and is not intended to constitute financial advice. All information, content, and materials available in this email and on this site are for general informational purposes only.
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