part of the Social Security cost-of-living adjustment is often used to pay for higher Medicare premiums. However, in 2023, monthly Medicare Part B premiums will actually decrease slightly from $170.10 in 2022 to $164.90 in 2023. (Some Medicare beneficiaries might pay higher premiums...
Nancy Altman, president of Social Security Works, a social-welfare organization, sees the plan as “just a way of hiding the ball” to make changes that are unpopular with voters, she said. Given the importance of the Social Security program, chang...
In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC.(Kevin Dietsch/Getty Images / Getty Images) Medicare, meanwhile, faces an even greater financial shortfall in the coming years: The report showed that Me...
Each new year brings changes to Social Security. Even if you’re decades away from retirement, it’s important to keep tabs on what’s happening. After all, Social Security gets a chunk of each paycheck during your working years. And without Social Security, about 40% of Americans 65 and ...
2025 will bring changes to Social Security. And it's not because of the upcoming presidential election or because Congress has passed any new laws. These changes have been in the works for a long time; they're built into Social Security's rules. And those who aren't expecting them -- ...
On average, Social Security retirement benefits will increase by more than $50 per month starting in January. Retirement Daily Oct 12, 2023 9:17 AM EDTSocial Security and Supplemental Security Income, or SSI, benefits for more than 71 million Americans will increase by 3.2% in ...
The Social Security Administration (SSA) relies primarily on payroll taxes to fund benefits. Current workers pay into the program through taxes, and that money is paid out to today's retirees in the form of benefits. In recent years, though, the money coming in from taxes hasn't...
Five OECD member states have replaced government defined-benefit plans with government notional defined-contributions plans with implicit adjustments for changes in life expectancy. Since America’s Social Security system is wildly out of balance, something big eventually will have to happen. The only ...
The big defenders of SS call themselves Liberals. Paul Krugman and Dean Baker are on top of the list.But there is nothing liberal about their position. Who is going to be most hurt by what is coming (absent changes)? The answer is clear.Older people who are 100% dependent on SS and ...
But both programs are set to run dry in the coming years, as the growing pool of benefits-eligible seniors eclipses the shrinking workforce funding them through their payroll taxes. The Social Security administration's excess reserves as a whole are currently on track to be depletedstarting in ...