In this episode, Ara Oghoorian discusses the newly passed H.R.82 bill, the Social Security Fairness Act, and how it could significantly increase your Social Security benefits. He breaks down the key elements of the bill, including the Windfall Elimination Provision and the Government Pension Offset, explaining how they impact you. Ara also guides you through the process of calculating your benefit increase and shares insights on when President Biden might sign the bill into law, offering a clear picture of what this change means for your Social Security benefits.

The Social Security Fairness Act (H.R.82) marks a transformative milestone in U.S. retirement policy. Recently passed by the Senate and awaiting the President's signature, this legislation seeks to eliminate the long-standing Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions have historically reduced Social Security benefits for millions of public sector employees, who also receive non-covered pensions. Once enacted, the Act will increase Social Security benefits for an estimated two million Americans, with retroactive payments effective January 1, 2024. Over the next decade, it is projected to provide $196 billion in additional benefits, significantly enhancing retirement income for many while addressing decades-old inequities in the Social Security system.

👉 Open Your Social Security Account
https://www.ssa.gov/

👉 Social Security Windfall Elimination Provision (WEP) Online Calculator
https://www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html


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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED

As we approach the end of the year, it's time to prepare for a financially smart 2025. Here are 11 key tax tips to consider:

1. Maximize 401k contributions
2. Harvest losses
3. Gift $16,000 to lower your taxable estate
4. Roth IRA conversion
5. Defer income
6. Paying for medical or college bills
7. Qualified Charitable Distribution
8. Charitable donations
9. Donate appreciated stock
10. Create a Donor Advised Fund (DAF)
11. Spend your Flexible Spending Account (FSA)

These strategies can help you reduce your tax liability and prepare for a more financially secure year ahead. Reach out if you need more guidance on any of these!

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Studio City, California 91604
(818) 272-8511
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In this episode we talk about a dividend yield and its calculation.

A dividend yield is a financial ratio used to gauge your performance and rate of return on a stock.

It’s calculated by taking the total dividend paid and dividing it by the price of the stock at any given point.

➝ If the price of the stock goes up and the dividend stays the same, your yield goes down.

➝ If the price of the stock goes down and the dividend stays the same, your yield goes up.

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Financial Advisor in Los Angeles, CA
CPA in Los Angeles, CA

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