Social Security

Rethinking Retirement Strategies: The Limitations of Working Longer for Maximized Benefits

Elongating one’s working years to optimize Social Security benefits might be a compelling retirement strategy. Continuing employment can enable individuals to maximize their eventual benefit, persist in saving for retirement, and circumvent the need to tap into investments for daily expenses. However, a significant obstacle emerges: this extended employment option is infeasible for most of the population. The information was revealed in a book titled “Overtime: America’s Aging Workforce and the Future of Working Longer.” …

The Hidden Dangers That Could Rob You Of Your Social Security

Social Security predominantly serves older retirees and disabled individuals through programs like Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). The latter provides additional assistance to those vulnerable due to disabilities, blindness, or limited resources. In 2024, the Social Security Administration (SSA) disbursed a staggering $1 trillion to around 66 million beneficiaries every month. Let’s take a closer look at how your Social Security benefits could potentially be reduced. If you’re currently receiving …

A New Legislative Bill Could Impact Your Social Security and COLAs: Here Is What You Need To Know

Representative John Larson of Connecticut, a Democrat, has reintroduced a revised version of the Social Security 2100 Act, formerly known as “A Sacred Trust,” with a modification aimed at providing a more substantial safeguard against inflation through the cost-of-living adjustment (COLA) mechanism. The bill, presented again on July 12, entails extending the payroll tax to cover annual wages exceeding $400,000 and broadening the net investment income tax scope. This year’s iteration of the H.R. 4853 …

On the Horizon: Forecasting a 3% COLA Rise in 2024

As the new COLA date approaches, projections indicate that monthly Social Security payments will slightly increase by around 3% in 2024. This is a relatively modest adjustment in their payments for the year 2024, largely due to the slowdown in the inflation rate. If inflation follows its recent trajectory in the coming months, it is estimated that the monthly payments to recipients will increase by approximately 3% in 2024. These estimates are drawn from assessments …

COLA’s Dark Secret: Why 2024’s Record-Breaking Increase Spells Trouble for 2024

The U.S. economy faced its most aggressive inflation in 40 years in 2024. This surge affected every American, with rising costs for essentials like gas, groceries, and utilities. However, those relying on Social Security felt the pinch more acutely. The 5.9% cost-of-living adjustment (COLA) for that year couldn’t keep pace with the inflation rate, leading to a decrease in the purchasing power of Social Security beneficiaries. A Record-Breaking Adjustment in 2024 In response to the …

Top 3 Strategies to Ensure Your Future Despite Social Security Turmoil

When planning for retirement, financial advisors stress the need for workers to consider the possibility of a Social Security shortfall. The release of a recent report on Social Security has triggered apprehension among a significant number of Americans, particularly those in their 50s, who are now finding themselves questioning the amount of benefits they can expect during their retirement years. The disquieting revelations in the report indicate that Social Security’s reserves are projected to be …

AI Chatbots Stealing Social Security Benefits: Is Your Money at Risk?

The U.S. Social Security Administration has become acutely aware of the pressing challenges and dangerous possibilities brought forth by the rapid advancement of artificial intelligence technologies. One significant concern that has come to light is the alarming success of AI-based chatbots in siphoning funds from unsuspecting Social Security Administration staff members and beneficiaries. To address this burgeoning issue, Anthony “AJ” Monaco, the special agent in charge of the major case unit within the Office of …

Retiring Soon, 3 Questions You Can’t Ignore

Transitioning into retirement is an exciting phase of life, and for many workers, the countdown to leaving their jobs for good has already begun. However, rushing into retirement without careful planning can lead to unexpected challenges. Beyond simply saving money, thorough preparation is essential for a successful retirement. If you’re planning to retire in 2024, there are three critical questions you should address right away: 1. How will your expenses change? It’s common for people …

Social Security COLAs Trigger Unexpected SNAP Benefit Cuts; Here’s What Congress Is Doing

Receiving a cost-of-living adjustment (COLA) on your Social Security benefit each year can be advantageous, as it boosts your monthly payment and acts as a defense against inflation. One disadvantage of receiving more money is that you may become ineligible for certain benefits, including Supplemental Nutrition Assistance Program (SNAP). Because of the giant COLA for 2024, two U.S. congresswomen, Rep. Gwen Moore (D-Wisc.) and Rep. Jan Schakowsky (D-Ill.), are proposing a solution to this issue …

Here Are 8 Surprising Things Social Security Can Do For You

Social Security, an institution known to many for its role in delivering monthly payments, holds a treasure trove of surprising and valuable services that extend far beyond the scope of a mere paycheck. While its primary responsibility is to ensure timely and complete benefit deliveries to millions of older adults, individuals with disabilities, and their families throughout the year, its rich history has incorporated numerous special services to assist its valued customers, including you and …

Older posts

Newer posts

← Previous Page1 … Page6 Page7 Page8 … Page14 Next →