Understanding the average retirement benefits by age can help you better plan for your financial future. At the same time, it’s important to understand your own benefit amount will depend on how much you’ve earned, how long you worked and the age at which you claimed your benefit, among other potential factors. Read More: What…
Social Security celebrates its 90th anniversary today, marking a major milestone for the program that supplies monthly benefit checks to almost 70 million senior citizens, disabled people and surviving family members of deceased workers. When President Franklin D. Roosevelt signed the Social Security Act into law on Aug. 14, 1935, he guaranteed for the…
Social Security beneficiaries could see a 2.7% cost-of-living adjustment (COLA) next year, which is slightly more than the 2.5% boost U.S. retirees received this year. The new estimate comes from the Senior Citizens League, an advocacy group, which posted its prediction on its website on Tuesday after the Bureau of Labor Statistics released its latest inflation figures. AARP…
The Social Security Administration said it will continue issuing paper checks to the retirement program’s beneficiaries, backing away from a previously announced plan to switch all payments to electronic deposits after Sept. 30. On Wednesday, the Social Security Administration told CBS MoneyWatch it would continue issuing paper checks for beneficiaries who have no other means…
Older Americans are kicking the can down the road on retirement over concerns about the economy and their own financial readiness to step back from work. That’s according to a new survey from F&G Annuities & Life, which polled 2,000 U.S. adults over 50 years old. The life insurance and annuities company found that 23%…
Time’s up for roughly 2 million Americans on the cusp of having their Social Security payments slashed in half. And it has nothing to do with the looming shortfall in Social Security’s reserves. That’s still eight years down the road. The reduced benefit payments starting this month are how the Social Security Administration (SSA) is…
As Congress was approving President Trump’s “big, beautiful bill” on Thursday, the Social Security Administration touted the legislation by stating that it “eliminates federal income taxes on Social Security benefits for most beneficiaries.” That claim, which echoes previous promises by Mr. Trump to remove taxes on Social Security, may have come as welcome news for the millions…
A divorced mother is facing a $24,000 Social Security overpayment notice — and she says she’s just as shocked as anyone. The woman, who posted on Reddit’s r/SocialSecurity forum, explained that she had been receiving monthly benefits on behalf of her 16-year-old son. These payments were tied to her ex-husband’s Social Security disability claim. But…
Over 74 million Americans rely on Social Security benefits to pay the bills and enhance their lifestyles in retirement. Factors like when they claim their benefit, the percentage of their income they expect it to replace and numerous other variables determine how much financial security the program will provide. No matter if you have to…
Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%. The new projection, issued Wednesday in the Social Security Board of Trustees’ annual report, is partly due to increased costs from the Social Security…