Managing Social Security benefits has become more streamlined with the introduction of the “my Social Security” online account. Designed to offer users personalized tools and greater convenience, it provides a modern solution for accessing and managing benefits without the need to endure long calls or complex processes. Recent updates, however, bring important changes to the … Read more
As the year-end holidays approach, it’s crucial for beneficiaries of Supplemental Security Income (SSI) and other Social Security programs to stay updated on payment schedules. Holidays often lead to adjustments, and being aware of these changes can help recipients plan their finances more effectively during this busy season. Social Security Programs and Payment Schedules The … Read more
As inflation and rising living costs put financial strain on retirees, many find themselves returning to work to supplement their Social Security benefits. While working during retirement can help bridge financial gaps, earnings above specific thresholds may temporarily reduce Social Security payments for those who haven’t reached Full Retirement Age (FRA). Understanding the rules regarding … Read more
Receiving an average of $23,000 annually from Social Security, many retired individuals face challenges maintaining a comfortable standard of living. Because of this, some retirees consider part-time work to supplement their Social Security income. Working in retirement offers a range of benefits beyond just the financial: it provides a routine, a chance to stay socially … Read more
The Social Security Administration (SSA) recently announced that some retirees must repay portions of their Social Security benefits due to overpayments. These repayments are triggered by administrative errors or incomplete beneficiary information, such as income changes, marital status, or eligibility adjustments. Understanding the reasons for these reimbursements, who is impacted, and how to manage repayments … Read more
The Social Security Administration’s annual cost-of-living adjustment (COLA) affects millions of Americans relying on benefits for financial security. With the announcement of a 2.5% COLA increase for 2025, beneficiaries—including retirees, survivors, and individuals with disabilities—may see a modest bump in their monthly payments. Though lower than recent years’ increases, this adjustment reflects a slowdown in … Read more
Donald Trump’s campaign pledge to eliminate taxes on Social Security benefits has garnered significant attention, especially among seniors who might be looking forward to tax relief in retirement. Although Trump now holds a second term with Republican control of the Senate and the House, making this policy change might still be challenging. Repealing Social Security … Read more
The Social Security Administration (SSA) will issue an unusual “triple” payment schedule for Supplemental Security Income (SSI) beneficiaries by December 31, 2024. This triple payment is designed to ensure beneficiaries receive their expected payments on time, even as some scheduled dates overlap with weekends and federal holidays. Here’s a closer look at what this means, … Read more
The recent announcement from the Social Security Administration (SSA) on the increase in the maximum taxable income cap for Social Security taxes will significantly impact both high earners and Social Security beneficiaries starting January 1, 2025. Currently, the maximum taxable income sits at $168,600; however, next year, this cap will rise to $176,100. This change … Read more
Since its inception in 1935, the Social Security Administration (SSA) has aimed to protect Americans from poverty, primarily through monthly benefits for retirees. However, SSA’s work extends far beyond just providing retirement benefits, as it oversees a variety of programs to aid vulnerable groups. Each program targets specific life situations where financial stability can be … Read more