Social Security

Incredible News for Retirees: Social Security COLA Set to Explode in 2024!

2024 Social Security beneficiaries experienced an 8.7% COLA (Cost of Living Adjustment), marking the most significant adjustment since 1981. The United States Social Security Administration (SSA) bases COLAs on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Therefore, when inflation begins to subside, it reduces COLA for Social Security recipients. Current Economic Climate At present, inflation is at its lowest point in two years, having fallen to a 12-month rate of …

Why Seniors Should Brace Themselves for a Smaller COLA

Seniors should start preparing now to avoid being caught off-guard by the upcoming changes. In 2024, inflation presented considerable difficulties for workers and retirees, but it has been decreasing this year. While it’s still costly to fill up grocery carts and cover essential expenses, such as utilities, inflation is not as rampant as a year ago. This news is great for consumers as it will boost their spending and cash flow. From the perspective of …

How This Proposed Act Could Save Social Security for 75 Years

Social Security stability has emerged as a significant concern leading up to the 2024 election. In March, the annual report from the Social Security and Medicare trustees cautioned that the program’s trust fund might be exhausted within ten years, resulting in only 77 percent coverage of benefits starting in 2033. However, Rep. Brendan Boyle (D-PA) and Sen. Sheldon Whitehouse (D-RI) have introduced the Medicare and Social Security Fair Share Act, which, according to an analysis …

Double the Money: Collecting Unemployment and Social Security Together

As technology continues to advance, many experienced workers may face difficulties finding employment due to recent layoffs and downsizing. However, if you have recently lost your job and are nearing retirement age, you may be eligible for certain benefits. It is imperative to understand that one can apply for both unemployment and Social Security benefits simultaneously. Workers who have lost their source of income and meet specific criteria may receive unemployment benefits. Additionally, those who …

Tax Cap Proposal: Savior or Saboteur? Discover Its Impact on Your Wallet

Many Americans depend on Social Security as a source of financial stability in retirement or when facing disability. However, the program faces significant funding challenges as the population ages and the number of retirees increases. Experts have proposed a tax cap as a potential solution to address this issue. This article explores the concept of a tax cap and delves into which Americans would be most affected by such a proposal. Understanding the Tax Cap …

Warning: Massive Social Security Cuts Looming; Discover Biden’s Controversial Strategy

With the Social Security Old Age and Survivors Insurance Trust (OASI) facing depletion by 2033, President Joe Biden has put forth a comprehensive four-point plan aimed at strengthening the trust’s funds and addressing the $22.4 trillion funding shortfall identified in the 2024 Trustees Report. Failure to address this shortfall could result in a reduction of retirement benefits by up to 24% starting in 2033. While some of Biden’s proposed adjustments primarily target high earners and …

Crucial Updates: The Top 4 Social Security Changes That Will Shape Your Income by 2025

Retirement income from Social Security is not static and can be influenced by various factors such as economic conditions, political dynamics, and shifts in workforce patterns. Before 2025, several changes are expected to occur, potentially impacting Social Security beneficiaries. Here are four of these predicted changes: #1 Adjustment in COLA: One change that can be relied upon before 2025 is the monthly Social Security payments modification through the cost-of-living adjustment (COLA). This adjustment raises payments …

Retirement Planning Got You Down? Discover 5 Surefire Ways to Jump-Start Your Savings Today

Retirement aspirations often begin to take shape early in one’s professional life. However, it’s crucial to distinguish between mere daydreaming and proactive planning. While contributing to IRA accounts and company 401(k) plans is commendable, true retirement savings necessitate proactive and meticulous attention. As your career progresses, retirement should loom larger on your radar, warranting dedicated time and focus. Whether you’ve allowed your retirement dreams to fade or struggle to find motivation to boost your savings, …

Relying on Social Security Alone: A Risky Retirement Strategy

Are you planning to live on your Social Security benefits when you retire? If so, you may need to rethink your strategy. While Social Security serves as a crucial safety net for many Americans, it should not be your sole source of income during retirement. Let’s explore why depending on Social Security exclusively could be flawed and suggest alternative retirement strategies. Social Security: The Basics Before delving into why Social Security shouldn’t be your only …

Why Social Security Alone Won’t Save Your Retirement

Depending only on Social Security for your retirement may not be enough, especially considering the current situation. It is important to plan ahead and consider other factors, such as withdrawing from retirement accounts strategically and exploring annuities. When preparing for retirement, many people initially focus on Social Security. This is because Social Security benefits provide a guaranteed income for life, adjust for the cost of living, and offer tax advantages. These payments often form the …

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