Social Security is a life saver for millions of Americans and, in some cases, working while collecting the benefit can provide double the income. Experts weigh in on what to know about working while receiving monthly Social Security payments and how a Republican proposal to end Social Security taxation will factor, if approved. Designated SSA Income Limits There is no hard or fast rule against working while benefiting from Social Security income, but the Social Security Administration (SSA)...

A new report on retirement accounts found that early withdrawal activity increased in 2024, with more participants initiating a “hardship withdrawal.” A “hardship withdrawal” is when someone takes money out of a retirement account, such as a 401(k), before reaching retirement age, and it can be made only for immediate and heavy financial needs. The IRS defines such needs as expenses related to medical care, mortgage assistance, tuition, payments to prevent eviction or foreclosure, and funeral...

News Analysis Social Security is a lifeline for millions of Americans and proposals to eliminate federal taxation on that income aims to allow retirees to keep more of the benefit. But experts foresee advantages and disadvantages to the policy. Congressman Thomas Massie (R-Ky.) introduced the Senior Citizens Tax Elimination Act and the bill is currently pending in the House Committee on Ways and Means, chaired by Congressmen Jason Smith (R-Mo.) and Richard Neal (D-Mass.). “Although seniors...

The cost of buying a home is rising swiftly in three Midwestern towns, due to a housing shortage that is triggering bidding wars, according to a new report. Real estate broker firm Redfin found that the median home sale price in Milwaukee increased by 20 percent year over year in February to $330,000, followed by Detroit at 12.5 percent and Cleveland at 10 percent. “I recently saw one house get 10 offers and sell for $50,000 over the asking price, and the buyer waived their appraisal...