Good news for Social Security beneficiaries: This will be the new anticipated average monthly payment beginning January 2025. Beginning in January, the Social Security Administration (SSA) will distribute payments with the 2025 Cost-of-Living Adjustment (COLA) applied. The related rise will be 2.5 percent, which is lower than the 3.2 percent COLA promised in 2024. Log...
Different types of payments are distributed by the Social Security Administration on a monthly basis. These payments include benefit payments for retired workers, survivor benefits, and disability benefits. Both the Social Security Disability Insurance program and the Supplemental Security Income program are included in this later category. More than seventy million older citizens will receive...
Missouri and Kansas have decided to eliminate taxes on Social Security benefits starting in 2024, with Kansas making the move shortly after. This change means that only nine states will continue to tax these benefits in 2025. Discover if your present location or ideal retirement destination will impact your Social Security benefits. Colorado In 2025,...
The Social Security Administration will send out the biggest check it has ever made in less than three months. Thanks to the new 2.5% cost of living adjustment (COLA), the people who get the most from Social Security will get $4,995 a month in 2025. That is more than $59,940 a year. It is important to know, though,...
As the end of the year draws to a close, United States citizens know that the last payments of Social Security benefits are closer than ever. However, it is true that the new year begins just a few days after the last payment of the year, which means that a new payment cycle begins with a new...
For retirees, Florida has long been a top destination due to its sunny weather, beautiful beaches, and laid-back lifestyle. However, the state offers more than just its scenic views—it also provides significant financial advantages for retirees, especially when it comes to taxes and Social Security benefits. With no state income tax and the potential for...
As we look ahead to 2025, Michigan’s retirees will see a 2.5% increase in their Social Security benefits, marking a much-needed adjustment to help offset rising living costs. This follows a 3.2% increase in 2024, bringing a continued focus on supporting older adults who depend on these benefits to manage their daily expenses. What the...
According to a recent report by GOBankingRates, 41 states in the U.S. will no longer tax Social Security benefits by 2025. Missouri and Kansas joined this group in 2024, leaving only nine states that will still impose taxes on these benefits in 2025. This is a crucial change for retirees planning their finances. Below is a list of states that...
In the month of December we find an irregularity in the Social Security payment schedule that causes many beneficiaries in the United States to get an extra payment. But not all Americans will be able to access this extra payment. In order to get an extra Supplemental Security Income check on the 31 of December, it is mandatory to meet certain requirements. Therefore, if...
Some people who get Social Security benefits might have to pay them back this year. If you are now eligible for the retirement, survivor, and disability insurance (RSDI) program, read about the four main reasons you might have to pay back your monthly payments. Some Social Security recipients may have to return overpayments in certain situations, according to reports...