2024 Social Security’s Revised Policies: Tighter Restrictions Ahead and Changes in Benefits

There are several changes coming to Social Security rules in 2024, including adjustments to the amount of earnings required to earn a work credit. It’s important to stay informed about updates to the program, even if you’re not yet eligible for benefits. These updates may affect you in the future. It is a common misbelief that many people think they are automatically entitled to Social Security after hitting a specific age. In truth, Social Security …

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Social Security Announces 2024 COLAs: The News You’ve Been Waiting For

In 2024, over 66 million retirees who receive Social Security benefits will experience a 3.2% increase in their monthly payments. This boost results from the Social Security Administration’s (SSA) annual cost-of-living adjustment (COLA). As announced by the Social Security Administration on October 12, the average monthly Social Security retirement benefit will increase by over $50 starting in January. Additionally, there are other yearly adjustments based on the rise in average wages. One example is the …

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How to Dodge the 6 Biggest Financial Hurdles in Retirement

Many people aim to achieve financial independence, particularly as they near retirement. However, despite years of careful saving and preparation, there are several possible obstacles that can put an individual’s financial security at risk. According to research conducted by the Center for Retirement Research, there are six key risks that retirees should be aware of and some ways to counterattack these risks.  Here are six risks every retire needs to be aware of:  #1 Longevity …

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Avoid the Shock: Understanding Why Your Social Security Check Might Be Less Than Expected

Planning for your financial future, especially as you get closer to retirement, means understanding how Social Security benefits work. It’s a good idea to regularly check your Social Security benefit statement to ensure everything is correct and to understand what you can expect to receive when you retire. However, sometimes, the actual benefit amount you receive might be less than what’s shown on your statement. There are several reasons why this can happen, and we’ll …

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How Social Security Spousal Benefits Work And What You Should Know

One of the significant perks awaiting retirees is the Social Security spousal benefit. This benefit is not only generous but crucial for many households. It acts as a financial buoy, especially if you know its rules. A recent analysis by the Social Security Administration revealed that about 2.3 million individuals were beneficiaries of this provision, courtesy of their spouse’s employment history. While some individuals had their benefits, the spousal benefit was more lucrative due to …

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Your Social Security Check Could be Worth More in These U.S. Cities – Discover Where!

Retirement is a phase that brings many decisions, including where to live to make the most out of your savings and Social Security benefits. Amidst the rising tide of inflation, the purchasing power of cash is dwindling, making Social Security a crucial support for retirees. The Social Security Administration strives to cushion this impact by adjusting benefits to keep pace with the rising cost of living. In light of this, let’s delve into the cities …

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Here’s How a Government Shutdown Could Affect Your Social Security Benefits

With the possibility of a federal government shutdown looming on October 1, questions are arising for Social Security beneficiaries regarding the potential impact on their monthly benefits. Experts explain that there is positive and negative news for the 66 million Americans relying on Social Security. Here is what you need to know: Your Social Security Payment Director Kathleen Romig of Social Security and Disability Policy at the Center on Budget and Policy Priorities said that …

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Retirees: Are You Taking Advantage of Tax Provisions Hidden in Plain Sight?

Embarking on the journey of retirement signifies a well-deserved break after decades of dedication and toil. Yet, this phase also introduces a unique set of financial intricacies, particularly in the realm of taxation. While the Internal Revenue Service (IRS) has numerous guidelines tailored for retirees, a few remain shrouded in mystery. You may be surprised to learn that there are a number of IRS rules that can benefit retirees:  #1 Standard Deduction for Seniors: If …

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Medicare vs. Social Security: One Thrives While the Other Faces a Looming Crisis!

The latest trustee report on Social Security’s trust funds has sounded alarmingly. By 2034, these funds might be exhausted if Congress doesn’t stabilize the system. This projection, released on March 31, 2024, has advanced the depletion date by a year. This means that the funds dedicated to Social Security retirement, survivor, and disability benefits, which currently support approximately 66 million individuals, could see their cash reserves run dry. If this scenario unfolds, the program’s annual …

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Social Security Cost-of-Living Adjustment Just Got a Bump Up for 2024

The 2024 Social Security increase is projected to be 3.2%, up from the previous estimate of 3%, following the government’s announcement of a rise in inflation for August. The annual inflation rate for August was 3.7%, up from July’s 3.2% but significantly lower than the 40-year peak of 9.1% in June 2024. Excluding the unpredictable food and energy sectors, the core inflation rate stood at 4.3%, a decrease from July’s 4.7%. The trend is generally …

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