Social Security Fairness Act, Market Cycles and Initial Public Offerings & Social Security Earnings Test

Welcome to the⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ @plannedsolutions  ⁠⁠⁠⁠⁠⁠Incorporated Podcast. In this episode, we discuss how The Social Security Fairness Act has changed how Social Security benefits are calculated for individuals who had years of employment not covered by Social Security (did not pay Social Security taxes while working). This change also impacts those eligible for survivor or spousal benefits under a spouse’s record. Those who may be impacted should contact the Social Security Administration to determine what they need to do to increase their benefits. https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html

Depending on who an individual listens to, the current market cycle may be very long and nearing a downturn, or it’s the beginning of a new growth cycle with additional strong returns anticipated. Arguably, the few Initial Public Offerings (IPOs) over the past three years make a case that the growth cycle is in its early stages and is unlikely to peak until after the IPO market heats up.
Individuals who file to collect their Social Security retirement benefits before their full retirement age will receive reduced benefits compared to those who delay collecting. In addition, those below full retirement age are subject to the Social Security Earnings Test which will reduce their benefits for the period if their earnings from working exceed $23,400 in 2025. If the earnings test is exceeded benefits may be suspended or may need to be paid back.

Plus a look at the Planned Solutions Incorporated Office Bulletin Board -

There are a couple of annual tax filings due January 31st that some taxpayers need to be aware of. The first is Form 1099-NEC which reports amounts of $600 or greater that a business paid to an individual (does not apply to payments made to corporations or other entities).

Also, some taxpayers may need to file Form 1098, which is also due by January 31st. This form reports the interest received on a seller-financed mortgage.
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The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action
Chase Armer's book- Financial Planning Insights is now available at: ⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠⁠⁠⁠⁠⁠⁠⁠

Intro 00:00

Stock Valuations and Growth Rates 01:20

Electric Vehicle Tax Credit Risk 10:57

Review Memberships to Manage Expenses 17:35

Bulletin Board 22:07 Planned Solutions, Inc.