(NEXSTAR) – Social Security recipients are getting a 3.2% increase to their monthly benefits come next year. On Thursday morning, the Social Security Administrationofficially announcedits annual cost-of-living adjustment (COLA) for beneficiaries starting in 2024. The bump, at 3.2%, is among some...
Legislation that would reform some aspects of Social Security is gaining steam in Congress. The measure, dubbed the Social Security Fairness Act, would do away with tax rules that proponents say have led to unfair reductions in benefits for those who have worked in public service for much of t...
Now in control of the House, Democrats have thrown their weight behind a measure that would extend and expand the program — largely by asking high earners to pony up, along with a gradual increase in the Social Security tax rate that applies to workers' income. "Democrats have agreed that ...
“We want to see an approach that’s more comprehensive than that,” Mary Johnson, the Social Security and Medicare policy analyst for TSCL, told Nexstar in 2022. “People are also living longer lives in retirement, so it’s hard for anyone to save for that.” The AARP, in a statement...
For most Social Security beneficiaries, the new COLA goes into effect with their January payment. Young boomers and Gen Xers The increase in the FRA for people born in 1959 marks the penultimate age change, with the final jump occurring for workers born in or after 1960. Those Americans won...
The leading Social Security overhaul plan in Congress from Rep. John Larson, D-Conn., would also switch to the new measure. The White House had no comment on the COLA debate. Trump ran on a promise not to cut Social Security benefits. Republicans have resisted expanding Socia...
Why should you care? Because law requires that when insolvency happens, Social Security benefits will have to be cut by 23% unless Congress reforms the program. If Congress and the administration decide to maintain the benefits and pay for them with borrowed funds, the U.S. Treasury will have...
That reassurance is nice to hear, but the commentary once again fails to explain how Trump will accomplish those goals. So, retired workers and other Social Security recipients should monitor the situation, but I expect few (if any) changes to the program in the near future. Congr...
It’s been ten days since the Social Security annual report to Congress has come out. I’ve been waiting for the devotees of SS to write something cheery about the report. For the most part the cheerleaders have been silent. That’s with good reason. The
The U.S.Social Security Administration (SSA)announces its annual changes to theSocial Securityprogram for the following year every October. The2025 changesconsist of a 2.5% cost-of-living adjustment (COLA) to the monthly benefit amount, an increase in the maximum earnings subject to the Social ...