SOCIALSECURITY:HowItWorksandHowtoFixItJonathanBarryForman(“Jon”)AlfredP.MurrahProfessorofLawSeptember20072Overview HowSocialSecurityWorks FinancingSocialSecurity HowBenefitsAreDetermined FinancialTroubles HowtoFixIt RaiseTaxes CutBenefits IncreaseInvestmentReturns Atwo-tierSystem3HowManyPeopleGetSocialSecurity? 47.7...
The Social Security Administration has announced a 2.5% cost-of-living adjustment (COLA) to benefit checks starting in 2025. That's down from the 3.2% increase in 2024 and the smallest COLA since 2021, reflecting cooling inflation. Almost 68 million Americans receive monthly Social Security benefi...
Despite this, NIRS recommends Americans to contribute to additional sources of retirement income so that they’ll be able to afford to live comfortably in their retirement, rather than subsisting off of the average $18,000 annual income Social Security recipients receive, which is a sta...
Social Security benefits are a major source ofretirement incomefor many retirees. The SSA states that among retired people aged 65 or older, 37% of men and 42% of women receive 50% of their income from Social Security, and 12% of men and 15% of women rely onSocial Security for 90% o...
A Lifeline for Many Seniors Nearly 68 million Americans receive a monthly Social Security benefit. These benefits add up to around $1.5 trillion in benefits paid annually. For most Americans over age 65, Social Security is a major source of income, as indicated by data from...
Retired adults who rely on their savings won't maintain the samestandard of livingif inflation cuts into their purchasing power every year. Many Americans count on aSocial Securitypayment during retirement. The Social Security Administration attempts to thwart the effects of inflation with an annualco...
The COLA is big enough to have an impact on the overall economy. It affects the household budgets of about 1 in 5 Americans, including Social Security recipients, disabled veterans and federal retirees, about 70 million people. About half of seniors live in househ...
Second Lien Modification Program-- Many Americans not only have first mortgages they can't afford, but second mortgages as well. Under this program, the government offers incentives to lenders to allow qualifying borrowers to have their second liens forgiven or interest rates lowered to 1 percent....
Many people think of Social Security as the program their parents and grandparents rely on for financial support in retirement. For James Roosevelt, Jr., it has a special significance. His grandfather created it. President Franklin Delano Roosevelt signed the Social Security Act into law in 1935....
There are many factors associated with loneliness during the COVID-19 pandemic. Age (in a U-shape way), gender, quality of social contacts, low competence, socio-economic status, and chronic medical conditions are significant predictors of loneliness (Solmi et al. 2020). While older age and ...