This is the biggest Social Security cost-of-living adjustment in 40 years. The program will also be tweaked in several important ways that could affect the Social Security payments you receive or how much you pay into the system. Get ready for these Social Security changes coming in 2023: ...
As we step into 2025, you may be setting financial goals for the year and putting together your to-do list. While you're at it, you should also keep tabs on the Social Security changes coming this year. These updates could impact you, whether you're still working or already retired. T...
SSA in late January cautioned that those impacted might have to wait up to a year or longer to reap the benefits of the Social Security Fairness Act of 2023, whichbecamelaw on January 5, 2025. At the time, the agency noted that the legislation had not provided additional financing or sta...
Big changes are coming to Social Security, and they might hit your wallet sooner than you think. From eliminating taxes on benefits to major staffing cuts at the Social Security Administration, President Donald Trump’s proposals could impact the benefits you’ve earned. ...
Musk created a furor by labelling social security in the United States ‘the biggest Ponzi scam of all time.’ He justified his remarks saying that over time, the obligations of social security will be “much worse,” as people are now “living longer than expected.” ...
Here are 7 big changes coming to Social Security in 2017Sean Williams
While Social Security benefits are adjusted for inflation, there is a lag for when those changes kick in. While the2022 COLA adjustment was 5.9%, government inflation data showed costs grew at a faster pace for much of last year.Now, the8.7% COLA for 2023is outpacing current inflation, with...
In 2023, the Social Security Administration released a summary of provisions to change the program. Potential changes include taxing high earners more,raising the full retirement age, decreasing the cost of living adjustment or raising the Social Security tax across the board. ...
Now, though, with people living longer and often retiring earlier, more money is being paid out of its coffers than is coming into them. That surplus, then, is expected to be depleted in 2035. If nothing is done to strengthen Social Security, its trustees estimate that beginning in...
Yet more than 7,000 people each day still opt to wait to speak to a person, creating a logjam that's only expected to worsen over the coming weeks and months. Signed into law in January by former President Joe Biden, the Social Security Fairness Act expands benefits for millions by ...