Dave Ramsey and AARP warn Americans about the implications of claiming Social Security early, highlighting how working while receiving benefits can reduce monthly payments due to income limits, but benefits are restored at full retirement age; Ramsey suggests early claiming may be suitable for those with health issues or who don't rely on benefits for daily expenses, emphasizing Social Security as a supplement, not a complete retirement plan.
Andrew Cuomo proposed 'Zohran's Law,' a controversial housing policy that would impose income limits on tenants applying for rent-stabilized apartments, but the proposal faces skepticism from lawmakers and tenant advocates, and appears unlikely to be adopted.
The IRS is adjusting the income limits for its seven tax brackets by 5.4% to account for inflation, potentially providing tax breaks for some taxpayers in 2024. The adjustments aim to prevent "bracket creep" and ensure that workers are not pushed into higher tax brackets due to cost-of-living adjustments or raises. Taxpayers will file their 2024 taxes in early 2025. The IRS increased tax brackets for each type of tax filer, and the U.S. tax system is progressive, with higher tax rates applied to higher income levels. However, each tax rate is only applied to the income that falls within each bracket, resulting in an effective tax rate that may be lower than the marginal rate.
As we approach 2024, changes to Social Security will impact retirement. The good news is that income limits for working while receiving benefits will increase, allowing individuals to earn more before their benefits are reduced. However, the bad news is that the cost-of-living adjustment (COLA) for 2024 will be smaller than in 2023, resulting in smaller benefit increases. Additionally, while the maximum benefit is increasing, it is becoming more challenging to achieve due to requirements such as working for at least 35 years, delaying claiming benefits until age 70, and consistently reaching the wage cap. It is important for retirees to understand these changes and prepare accordingly.
Pennsylvania Governor Josh Shapiro has signed a new law expanding the state's property tax rebate program, which provides financial assistance to older and disabled residents. The program had seen a decline in recipients since 2009 due to outdated income limits. The new law will make an estimated 173,000 households newly eligible and increase the dollar value of rebates for around 400,000 current recipients. Income limits will be adjusted annually for inflation to prevent people from being disqualified due to small increases in Social Security benefits. The changes will go into effect next year.
A new statewide study by the California Department of Housing and Community Development found that a single person in Los Angeles making around $70,000 a year is considered low-income. Income limits have increased in most counties across California, and they are calculated annually based on federal guidelines to determine eligibility for certain programs, such as affordable housing. The study also showed that single-person households in San Francisco, Marin, and San Mateo counties who made $104,000 were also considered low-income.
The California Department of Housing and Community Development has released new income limits that determine eligibility for affordable housing programs. In Los Angeles County, a single-person household making just under $71,000 is considered low income, while San Francisco, Marin, and San Mateo counties consider single-person households making $104,000 a year as low income. The income limits vary by county and are based on federal guidelines.
Lawmakers in Minnesota have agreed on a tax deal to send a one-time rebate check back to most Minnesotans, with $260 for single filers and $520 for married couples, with an extra $260 for each dependent. The checks will be based on income, and income limits were set at under $75,000 for single filers and $150,000 for married couples. Lawmakers also agreed to tax cuts on social security.
