The increase amounts to a raise of about $140 a month for the average Social Security benefit. The cost of living adjustment, or COLA, comes after the 66 million recipients received a 5.9% increase at the beginning of the year. The adjustments are based on the current rate of inflati...
About the Social Security Administration It’s been in the news lately, but what exactly does the Social Security Administration do? Maryalene LaPonsieApril 15, 2025 Raising Retirement Age: Help or Harm? A later benefit age might help the system, but it won’t help every future retiree e...
And so in 1983 Congress established a Social Security benefit rule called the Government Pension Offset (GPO). The GPO reduces the Social Security spousal supplement paid to a retiree with a non-covered pension by two thirds of the pension’s amount. …the Social Security Fairness Act would re...
The hold-harmless provision also protects beneficiaries from a reduction in their previous year's benefit level due to an increase in Part B premiums. There are requirements to qualify for this: "You are entitled to Social Security benefits for November and December of the current year; The ...
“And for the children who receive Social Security benefits,” both directly and indirectly, “low-income kids benefit the most,” she said. William Arnone, chief executive of the National Academy of Social Insurance, an advocacy organization for Social Security, said while the expected COLA is ...
Security recipients who are younger than their full retirement age can earn up to $21,240 in 2023 before a benefit dollar is withheld for every $2 earned above the limit. Social Security payments will grow by 8.7% in 2023. This is the biggest Social Security cost-of-living adjustment in ...
While the Social Security benefit is a nice chunk of change, if it stayed the same over the next 30 years, its purchasing power would decline due to inflation. That’s why Social Security increases its benefit checks over time with acost-of-living adjustment, or COLA. ...
Social Security spousal benefits allow you to get a monthly check that’s up to 50% of your spouse’s retirement benefit. If you plan ahead so that you and your spouse each maximize your benefit amounts, this provision can give your retirement income a boost. Key Points When you apply fo...
To gauge just how much more money you may see next year, take your net Social Security benefit and add in your Medicare premium and multiply that by the 2023 COLA. "That will give you a good idea what your raise will be," said Joe Elsasser, an Omaha, Nebraska-based cer...
Social Security benefit payments will increase by 2.5% beginning in January 2025.19This is a lower cost-of-living adjustment (COLA) than in 2024 because inflation decreased over 2024. This will raise the average benefit payment by $50. Disability and SSI payments will also receive a 2.5% COLA...