Pension reform is a favorite campaign refrain of candidates across party lines. But when it comes up signing up for their own state retirement benefits, few Illinois lawmakers say no.
Roughly 40,000 self-employed workers in Illinois have lost access to jobless aid after a federal extension ended last month, and more could lose benefits soon.
Unless you have a pre-existing condition that suggests a shorter-than-average life expectancy, waiting for that higher payout will more than pay off assuming you live into your mid-80s. (For the record, if you make it to 65, the odds are that you will indeed live at least that long.)
The CRR researchers created a model using household survey data from 2016 that showed 65-year-old single men who had 401(k) savings had a median account value of $106,000 and were eligible for an annual Social Security benefit around $15,400. Women with 401(k) savings had a median account value of $110,000 and were eligible for an annual Social Security payout of around $14,500.
If you register at the Social Security website you can get an estimate of your Social Security benefits if you were to claim at 62, at your full retirement age or at age 70. Then you can decide if you want to withdraw your FRA amount (or less) from your 401(k) so you wait to claim Social Security as long as possible.
State grant dollars will assist in increasing the availability of training programs that teach marketable skills and prepare participants for the next step in their educational or employment careers.
Tax season is approaching, and replacing your annual benefit statement has never been easier. The benefit statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from us in the previous year so you know how much Social Security income to report to the Internal Revenue Service on your tax return.
"States are generally incentivized by the federal government to cut resources during times of low unemployment," said Kristin Richards, acting director of IDES during a Senate Labor Committee hearing Wednesday. "In times of low unemployment, agencies tend to not have the resources that they need to plan ahead and plan for large, widespread dislocations."
Over the past 11 months, the Illinois Department of Employment Security (IDES) has seen a deluge of 1.8 million new unemployment claims brought on by the COVID-19 pandemic. With all of the new claims and people coming into the unemployment system for the first time, the agency has had a tough time keeping up with all of the demand.
Do you plan to pay a cleaning person, cook, gardener, baby sitter or other household worker at least $2,300 in 2021? This amount includes any cash you pay for your household employee’s transportation, meals and housing. If you will pay at least $2,300 to one person, you have some additional financial responsibilities.
Illinoisans who received unemployment insurance benefits in 2020 should make sure to file a special form when they complete federal and state tax filings by April 15, state officials say.
Despite Chicago Public Schools extending a “cooling-off” period through Thursday, Mayor Lori Lightfoot started the day casting blame on the Chicago Teachers Union for the lack of an agreement over reopening schools.
The Illinois Department of Employment Security reported Thursday that 40,008 workers filed initial claims for regular unemployment benefits during the week that ended Jan. 30. That was a 58% drop from the previous week when 95,481 people filed claims. Still, that number was more than four times higher than the same week a year ago.
Chicago ditched plans Tuesday for thousands of teachers to report to schools this week ahead of students after the teachers union said its members wouldn't comply and were prepared to picket over coronavirus safety concerns.
We are required to conduct continuing eligibility reviews for disabled beneficiaries every three years. This process requires that beneficiaries complete a Continuing Disability Review mailer to update information about their medical conditions and recent treatments.
In March 2020, we temporarily closed all of our Social Security hearing offices due to the coronavirus pandemic and are not offering in-person hearings. During the office closures, we are providing two flexible, safe and secure hearing options: either a telephone hearing or our new option of an online video hearing.
House Republicans are continuing to criticize the Pritzker administration as the Illinois Department of Employment Support works through ongoing staffing and fraud issues related to the COVID-19 pandemic.
The Chicago Teachers Union is proposing that Chicago Public Schools delay in-person learning until all employees have received at least one dose of the COVID-19 vaccine, and for the union and school district to develop a mutually agreed-upon schedule for an extended school year.
Illinois began paying out on Monday the extra $300 in weekly federal unemployment benefits contained in the latest pandemic relief legislation.