The video explains that this will mean automatic benefits cuts starting next decade, though I doubt that will happen. Politicians will panic and change the law. But that won’t solve the problem. Let’s go to Brian Riedl’s chart book, where we learn that Social Security revenues are stabl...
The online my Social Security accounts enable both beneficiaries and people who are not yet receiving benefits to access services, including requesting Social Security card replacements, estimating future benefits, checking on the status of benefit applications and managing current benefits. The online ser...
Understanding the definition of disability that the Social Security Administration uses is critical. For the purposes of qualifying for Social Security disability benefits under either SSI or SSDI, the SSA defines a qualifying disability as the "inability to engage in any substantial gainful activity by...
Comprehensive and meticulously documented facts about Social Security. Learn about Social Security's taxes, benefits, financial status, reform options, and more.
Social Security full retirement age chart The chart below shows the full retirement age for people born at different times. Table Source: Social Security Administration How does full retirement age affect your Social Security benefits? If you claim your benefits at full retirement age, you will rec...
Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from thr...
The recent increase in the cost-of-living adjustment (COLA) — which will boost the average pay by $140 a month — will be the highest spike in Social Security benefits in 40 years. However, it's uncertain whether inflation will slow down soon. ...
Currently, Social Security's costs are exceeding its income. The program is paying out more in benefits than it's receiving from taxes and other income sources, which has led to a deficit. For now, the SSA is able to tap the trust funds to continue paying out benefits in ...
You generally only need to have worked and paid Social Security taxes for at least 10 years to qualify for retirement benefits, but your benefit amount is based on your highest-earning 35 years of work. The Social Security Administration takes an average of your wages over those 35 years, ru...
If you’re on Medicare, the Social Security Administration automatically deducts the Medicare premium from your Social Security benefits. The Social Security COLA is given on the “gross” Social Security benefits before deducting the Medicare premium and any tax withholding. ...