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Social Security and Medicare Face Financial Challenges
How Social Security and Medicare will be affected by the COVID-19 pandemic is still uncertain; the Trustees acknowledge that the estimates and analysis included in the reports do not reflect the potential effects. Social Security Trust Funds The Social Security program consists of two parts, each with its own financial account (trust fund) that holds…
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Yes, Unemployment Benefits Are Taxable
The number of unemployed workers spiked above 22 million in March 2020, and more than 9 million people were still out of work at the end of the year. 1 Both relief bills expanded unemployment benefits and provided them to many workers who normally are not eligible (including the self-employed, independent contractors, and part-time workers).…
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Student Loan Relief Extended Through September 30, 2021
Collections on defaulted loans will also be halted, and borrowers with defaulted loans whose employers continue to garnish their wages will receive a refund of those garnishments. The extension for student loan borrowers is automatic. Borrowers will be notified of the extension throughout the fall and can expect to see the extension reflected in their…
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Federal Tax Filing Season Starts Soon
To speed refunds and help with tax filing, the IRS suggests the following: Here are several important dates to keep in mind. The IRS encourages taxpayers seeking a tax refund to file their tax return as soon as possible. The IRS anticipates most tax refunds being issued within 21 days of the IRS receiving a…
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$86…and change
end-of-life care conversations When you consider that death is the one commonality that all humans share, it’s perhaps surprising that this subject has been taboo for so long. But there are definite signs that the prevailing prohibitions about the d-word are slowly falling away, especially as the largest-ever cohort of people over 65 contemplate what…
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‘Tis the season…
Some of our seniors won’t have much of a holiday meal on hand; estimates tell us that about 10 million of people over 65 are at risk for hunger. With about 9% of seniors living below the poverty level, and a median income for older women of about $16,000 a year, it can be tough…
