Rapideye | E+ | Getty Images Even as new government inflation data shows inflation subsiding, many retirees are still struggling under the weight of higher costs. Next year’s Social Security cost-of-living adjustment, or COLA, may not provide much relief. In 2025, the Social Security COLA may be 2.6%, according to Mary Johnson, an independent Social … Read more
zimmytws | iStock | Getty Images The Social Security Administration faces a “record-breaking backlog” of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. The SSA OIG, which provides independent oversight of the agency’s programs and … Read more
Alessandro Biascioli | Istock | Getty Images When it comes to claiming Social Security retirement benefits, experts agree it’s generally best to delay. Yet many people still claim early — either at the earliest possible age of 62 or before their full retirement age. Those early claims result in reduced Social Security benefits for life. … Read more
BlackRock CEO Larry Fink speaks during the New York Times DealBook Summit Nov. 30, 2022 in New York City. Michael M. Santiago | Getty Images News | Getty Images The idea of raising the Social Security retirement age has one more fan: BlackRock Chairman and Chief Executive Larry Fink. “No one should have to work … Read more
Zeljkosantrac | E+ | Getty Images The Social Security Administration has issued a final rule that will prevent food assistance from reducing payments to certain beneficiaries. The change applies to Supplemental Security Income, or SSI, which provides monthly checks to adults and children who are disabled, blind or age 65 and over and have little … Read more
Former Gov. Martin O’Malley (D-MD), President Biden’s nominee to be the next Commissioner of Social Security, testifies during his confirmation hearing before the Senate Finance Committee at the Dirksen Senate Office Building on November 02, 2023 in Washington, DC. Kevin Dietsch | Getty Images Three months into his role as commissioner of the Social Security … Read more
Peopleimages | Istock | Getty Images High inflation has prompted higher Social Security cost-of-living adjustments. But as the rate of price growth subsides, the annual increases for Social Security may fall in 2025 and beyond, predicts Mary Johnson, a Social Security and Medicare policy analyst at The Senior Citizens League, a nonpartisan senior group. In … Read more
U.S. President Joe Biden delivers his third State of the Union address in the House Chamber of the U.S. Capitol in Washington, D.C., on March 7, 2024. Shawn Thew | Via Reuters President Joe Biden urged lawmakers to “stand up for seniors” in his annual State of the Union address on Thursday, while pledging to … Read more
Ezra Bailey | Getty Images Most Americans can expect to pay Social Security payroll taxes throughout 2024. But for top earners with gross annual wage income of $1 million, March 2 marks the date at which they will stop paying into the program, according to the Center for Economic and Policy Research. The reason why … Read more
Alistair Berg | Digitalvision | Getty Images A record 8.7% cost-of-living adjustment helped Social Security beneficiaries stave off the effects of inflation in 2023. But as they file their federal returns this tax season, they may be surprised to find more of their benefit income has been taxed. Capitol Hill lawmakers on both sides of … Read more