Social Security

Will new laws increase Social Security benefits for early claimants

Washington, D.C. – The solvency of Social Security is once again in the spotlight, as recent Republican presidential debates draw attention to potential changes to the retirement age. With the Social Security Board of Trustees projecting that the program’s combined funds may run out in 2034, lawmakers are considering options to address the issue, including raising taxes, cutting benefits, or a combination of both. During the Republican presidential debates, the possibility of raising the retirement …

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How to overcome Social Security cuts in retirement

As retirement approaches, many baby boomers are facing financial insecurity. Congress has been deliberating for a long time over potential cuts to Social Security programs, which could have significant implications for the benefits and services that many boomers rely on. With the future of Social Security hanging in the balance, it is more crucial than ever to familiarize oneself with these proposed changes and formulate a well-thought-out plan for the future. Here is what you …

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New Social Security Commissioner pledges to fix customer service crisis

Washington, D.C. – Martin O’Malley, President Biden’s nominee for the role of Social Security Commissioner, aims to address the flaws and customer service crisis plaguing the agency. O’Malley, who previously ran for president with a plan to expand the program, now seeks to focus on revitalizing current operations rather than making sweeping changes. During his confirmation hearing, O’Malley highlighted the pressing need to improve customer service, emphasizing that the agency has been without a permanent …

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The hidden cost of early Social Security: What you need to know

Retirees who claim Social Security before reaching their full retirement age (FRA) may miss out on a significant amount of money every month. According to recent data, the average retiree who files early receives reduced benefit payments, resulting in a monthly shortfall of several hundred dollars. The most popular age to claim Social Security benefits is 62, but this early filing comes at a cost. Even filing just a month before your FRA can result …

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2024 Social Security Increase Fails to Cover Cola in The New Year

As we enter 2024, retirees across the United States face a critical question: Will the latest Social Security Cost-of-Living Adjustment (COLA) be enough to meet their rising expenses? The answer is leaning towards a concerning ‘no.’ The Reality of the 2024 COLA Increase Starting January 2024, over 66 million Social Security beneficiaries will receive a 3.2% COLA. This adjustment, which translates to an average increase of over $50 per month, is designed to help Americans …

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What to Expect: Social Security Adjustments for 2024

Social Security, a vital government program in the United States, is undergoing significant changes in the upcoming year. These updates will impact everything from payroll tax deductions to retirement benefits. To ensure you are prepared for the new year, here are the key shakeups to watch out for. 1) COLAs The Social Security Administration (SSA) adjusts the payouts annually to accommodate rising inflation. The cost-of-living adjustment (COLA) for 2024 will be a modest 3.2%, a …

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Social Security at 70: Is it Worth the Wait

The traditional advice for Social Security claiming is to wait until age 70 to maximize benefits. Delayed retirement credits increase monthly Social Security checks by 8% for every year an individual waits past their full retirement age, up to the age of 70. A 2019 study by United Income confirmed that most retirees would indeed maximize their benefits by waiting until 70. However, there are also potential disadvantages to this approach. While the chances are …

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Shocking Truths: How to Outsmart the Tax System with Your Social Security!

Navigating the complex world of taxes in retirement can be a daunting task, especially when it comes to Social Security benefits. Many retirees wonder if it’s possible to enjoy these benefits tax-free. The answer is yes, but it requires strategic financial planning. Here’s a comprehensive guide to help you understand and minimize taxes on your Social Security income. Understanding Taxable Social Security Firstly, it’s essential to grasp when and why Social Security benefits become taxable. …

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Surprising reasons why social security reform is stuck at a standstill

The Social Security system, which provides retirement income for millions of Americans, is facing significant challenges that require urgent attention. Recent surveys have consistently shown that between 80% and 90% of retirees rely on their monthly Social Security checks to cover at least some of their expenses. However, the program is grappling with a long-term funding deficit of $22.4 trillion, according to the 2024 Social Security Board of Trustees Report. The report reveals that the …

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Learn How to Get the Most out of Social Security

Having a well-thought-out financial plan leading up to retirement is crucial to avoid financial stress during this time. For many Americans, Social Security forms a significant part of their retirement income. Whether Social Security plays a central role or not, individuals often wonder if they can maximize their benefits. In 2024, the maximum Social Security benefit is set at $4,739, a figure that is feasible to achieve with the right approach. To calculate your monthly …

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