Social Security
Analysis: Trump Campaign Plans & Social Security
The Committee for a Responsible Federal Budget (CRFB) notes a typical couple retiring just before Social Security hits insolvency in 2034 faces a $16,500 cut, and neither presidential candidate, despite them both saying they will “protect” the program, has presented plans…
How the next U.S. president may address Social Security running dry
The problem has been known for a decade or more– that the Social Security Trust fund (also referred to as reserves or surpluses) will be depleted by 2034. Benefits will then be reduced 20% or more for all across the…
Can Social Security reform be done relatively fairly?
If Congress does not change the law, the Social Security Trust Fund will be exhausted by 2033, and at that time, benefits will be cut by 21 percent. Changes to Social Security are coming no matter what, but what if…
The 2025 maximum Social Security benefit
The 2025 cost-of-living adjustment (COLA) of 2.5 percent will increase the average monthly benefit from $1,927 to $1,976 per month, a $49 increase, according to the Social Security Administration. However, the maximum Social Security benefit for 2025 will increase from…
Remember to figure in Medicare into your equation
The Social Security Administration announcement of the 2.5 percent 2025 cost-of-living adjustment (COLA) has some people calculating their increase to their monthly benefit amount before they know one other increase that is due to be announced. What is this other…
COLA comes with bad news for retirees
The Social Security Administration announced on October 10th that the 2025 cost-of-living adjustment (COLA) will be 2.5 percent, which is lower than the 10-year average of 2.8 percent. Inflation has fallen; however, the prices of goods and services are still…
What to look for in a side hustle
Retirement, for many, can be a time to relax and enjoy your family and friends, but for some, it means finding a side hustle to fill in the time. In a recent poll of retirees, the average monthly earnings from…
Make sure you do not make these mistakes
As of 2024, more than 71 million Americans receive Social Security benefits and Supplemental Security Income (SSI) payments. Approximately 86 percent of the population aged 65 and over receive these benefits. However, most do not realize that some specific actions…
COLA Announced – Reactions Now Taking Center Stage
Yesterday’s official announcement of a 2.5% Social Security cost-of-living adjustment arrived as expected, along with the also-expected commentary on the inadequacy of the benefit increase. Calling the 2.5% bump a “lost opportunity,” The Senior Citizens League (TSCL) executive director Shannon…
Why is Social Security an “off budget” program?
Social Security as well as a few other programs are excluded from the unified budget. Lawmakers devised this special accounting to wall off these programs. This gives them the ability to act with autonomy. This article from the TPC Briefing…