Headlines
Breaking News: COLA 2024 Announced
The Social Security Administration announced a cost of living adjustment (COLA) on October 12, 2023, of 3.2%. This means that effective with the January 2024 payment, one receiving a near average benefit of $1,800 per month will soon receive $1,858…
Halting Social Security From Clawing Back Overpayments Will Further Hurt its Finances
Social Security’s finances are in poor shape. That makes it important that the program do what it can to conserve funds and snag all the revenue it can get. One way it’s been trying to go about that is aggressively…
Mark your calendars
Mark your calendars; the Social Security Administration will announce the 2024 cost-of-living adjustment on Thursday. However, Social Security recipients should see a significantly lower increase than last year’s 8.7 percent. Based on August inflation data, Mary Johnson of the Senior…
Columbus Day Holiday
The staff at Social Security Report are off today for the federal holiday, Columbus Day. It is a national holiday in many countries of the Americas and elsewhere to officially celebrate the anniversary of the Genoese explorer who led a Spanish enterprise across the Atlantic Ocean in…
Social Security Will Not Provide Sufficient Retirement Income
The latest research from Vanguard found that Social Security will not provide adequate retirement income for low-income workers. The report states, “The goal for an average saver is to replace at least 70% to 85% of pre-retirement income in retirement,…
Say what you may about the millennial workers, but….
Say what you may about millennial workers, but they are out saving the older workers. The latest Vanguard report found millennial workers are ”set to replace 58 percent of their prior earnings during retirement.” The experts point to developments within…
Why Americans do not like these possible Social Security funding solutions
Yes, the Social Security Trust fund is in trouble; however, Social Security will not run out of money since current workers fund retiree beneficiaries. Although current workers pay into the program via payroll tax, the revenue will not be enough…
When are Social Security benefits taxable?
“Certain things in life are unavoidable, including dying and having to pay taxes!” Many Social Security recipients are surprised that they may have to pay taxes on their benefits. Of course, it will all depend on whether you exceed the…
How people will be impacted by Social Security cuts
In 2023, an average of almost 67 million Americans per month receive a Social Security benefit. Social Security is the major source of income for seniors. But the Social Security Trust Fund is in trouble if not resolved; there is…
About Social Security Solvency
Over the past couple of years, we’ve reported numerous times on this page about the looming financial dilemma facing Social Security – depletion of the Old Age, Survivors, and Disability Insurance (OASDI) Trust Funds in the early to mid-1930s, and…