Do Social Security and Pension Payments Automatically Stop After Someone Passes Away?
When a loved one passes away, Social Security and pension payments don’t always stop automatically. Greenbush Financial Group explains how benefits are handled, what survivor benefits may continue, and why notifying the right agencies quickly can prevent overpayments and financial stress.
Should You Withhold Taxes from Your Social Security Benefit?
Social Security benefits can be taxable at the federal level—and in some states. Should you withhold taxes directly from your benefit or make quarterly estimated payments? This guide explains your options, deadlines, and strategies to avoid IRS penalties.
Social Security: A Complete Guide to Benefits
Social Security isn’t just a retirement check—it’s a complex system of benefits that could impact your entire family. In this article, we walk through the four major types of Social Security benefits.
How to Minimize Taxes on Social Security
Many retirees are surprised to find that up to 85% of their Social Security benefits could be taxable. But with the right planning, it's possible to reduce or even eliminate those taxes.
Turning on Social Security Early? Keep Your Final Paystub to Avoid Penalties
Deciding to take Social Security benefits early can be a practical choice for many retirees, but it comes with potential challenges. One major consideration is the earned income penalty, which could reduce your benefits if you’re still earning income over a certain threshold. But there is a flaw in the Social Security system that sometimes incorrectly assesses the earned income penalty. When someone retires, oftentimes their income for the year is already above the $23,400 earned income threshold but very few retirees realize that if their social security benefit is not turned on until after they receive their final paycheck, the earned income penalty will not apply even though social security may attempt to assess the penalty anyways.
The good news? With proper planning and documentation, such as holding onto your final paystub, you can avoid unnecessary penalties and protect your benefits.
Social Security Will Only Increase by 2.5% In 2025
The Social Security Administration recently announced that the cost-of-living adjustment (COLA) for 2025 will only be 2.5% for 2025. That is a much lower COLA increase than we have seen in the past few years, with a COLA increase of 3.2% in 2024 and an increase of 8.7% in 2023. According to the Social Security Administration, the 2.5% increase in 2025 will result, on average, in a $50 per month increase to social security recipients.
Social Security: Suspending Payments vs. Withdraw of Benefits Election
It’s not an uncommon occurrence when a retiree turns on their social security benefits, but then all of a sudden take on either part-time or full-time employment, begin making more income than they expected, and they start searching for options to suspend their social security benefits until a later date.
The good news is there are “do-over” options for your social security benefit that exist depending on your age and how long it’s been since you started receiving your social security benefits. The are two different strategies:
Turn on Social Security at 62 and Your Minor Children Can Collect The Dependent Benefit
Not many people realize that if you are age 62 or older and have children under the age of 18, your children are eligible to receive social security payments based on your earnings history, and it’s big money. However, social security does not advertise this little know benefit, so you have to know how to apply, the rules, and tax implications.
