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
Each month, Social Security typically provides one Supplemental Security Income (SSI) payment to eligible beneficiaries, but the scheduling for November and December may lead some recipients to see an extra deposit in November. This scheduling quirk could surprise some elderly Americans if they aren’t aware of the adjusted payment schedule. How the Social Security Administration … Read more
The Social Security Administration (SSA) recently confirmed the cost-of-living adjustment (COLA) for 2025, which will soon be reflected in the benefits retirees receive next year. Social Security benefits play a vital role for millions of Americans over 66, often constituting about 30% of their income. In fact, among those 65 and older, Social Security is … 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
Each year, Social Security payments receive an increase aimed at helping beneficiaries keep up with rising living costs. Understanding the annual cost-of-living adjustment (COLA) and why it occurs is valuable for planning and making the most of your retirement income. While inflation is often gradual, it accumulates over time, impacting purchasing power—especially for essential items. … Read more
The recent proposal to raise the full retirement age (FRA) in the United States has sparked substantial debate, with many questioning the financial and social impacts on Social Security beneficiaries. Congressman Brendan Boyle recently requested that the Congressional Budget Office (CBO) analyze how a potential increase in the FRA from 67 to 69 would affect … Read more