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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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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How To Fix Social Security

Social Security is approaching a fiscal cliff, with its trust fund reserves possibly being bankrupt by 2033 – a scenario that would result in a 25% reduction in monthly payments for recipients. Yet there is a solution to address most of the financing deficit, say policy experts.