Social Security beneficiaries are about to receive some good news. Starting in January 2025, Social Security payments will increase by 2.5%. This is known as a cost-of-living adjustment (COLA), which is designed to help beneficiaries keep up with the rising cost of living. While inflation has slowed down in recent years, the adjustment is still...
Social Security’s earliest claiming age, 62, is one of its most popular choices. It’s easy to see why. Claiming benefits early means you’ll receive more checks over time. However, starting early also reduces your monthly payment by as much as 30%. This trade-off is important to consider when deciding when to start your benefits. Let’s...
As retirees step into 2025, the focus is on the 2.5% cost-of-living adjustment (COLA) for Social Security benefits. This adjustment, the smallest in four years, reflects the decline in inflation during 2024. For retired workers, the average monthly benefit of $1,925 in 2024 will increase to approximately $1,974 in 2025, bringing the annual benefit to...
Millions of Social Security recipients are preparing to receive their final retirement payments for December. The last round of checks, which can be as high as $4,873, will be distributed on Tuesday, Dec. 24, just before the federal holiday on Christmas Day. The Social Security Administration (SSA) ensures timely distribution by adjusting its schedule when...
The Social Security Administration (SSA) has announced that Supplemental Security Income (SSI) payments for January 2025 will be sent out early. Eligible recipients can expect their payments, worth up to $943, to arrive in just eight days on December 31, 2024. This adjustment ensures that beneficiaries receive their funds on time, despite the New Year’s...
Concerns about the impact of a government shutdown on federal services and payments are common. Many Americans rely on Social Security for their retirement, survivor, or disability benefits, making the question of whether or not these payments will continue a big concern during a government shutdown. Will Social Security Payments Continue During a Government Shutdown?...
Social Security is an essential part of the financial system in the United States. It provides retirement benefits to millions of Americans, offering a safety net when they can no longer work. However, Social Security faces some challenges that could impact future benefits. As more people retire and fewer workers contribute, the program’s long-term health...
The Senate is preparing to vote on the Social Security Fairness Act, a bill designed to increase benefits for individuals eligible for non-Social Security government pensions. The proposal has already passed the House of Representatives with bipartisan support and is now awaiting its fate in the Senate. Despite backing from lawmakers in both parties, the...
If you receive Social Security benefits, you might be wondering whether you need to file taxes. While most people do not have to pay taxes on their benefits, a significant number—about 40%—may need to, depending on their income and other factors. The Social Security Administration (SSA) has guidelines to help you determine if your benefits...
The IRS is sending out $2.4 billion in special payments to ensure that 1 million eligible Americans who missed their pandemic stimulus checks receive the money they are owed. Each eligible recipient could receive up to $1,400, with no need for additional paperwork or filing amendments to tax returns. This new initiative, announced by IRS...