Millions of people in Michigan will get a much-needed increase in their Social Security benefits starting in 2025. According to the Social Security Administration (SSA), there will be a 2.5% increase for nearly 68 million Americans, including almost 2 million retirees in Michigan alone. This rise in benefits is part of the Cost of Living...
Navigating Social Security benefits can feel confusing, especially when trying to make sure you’re getting the full amount you deserve. For many retirees, the goal is to reach the maximum Social Security retirement benefit, which in December 2024 stands at $4,873 per month. This article breaks down everything you need to know about these payments,...
Starting January 2025, millions of Americans will see a 2.5% increase in their Social Security benefits. This boost, announced by the Social Security Administration (SSA), comes as a relief for retirees and others who rely on these benefits, especially amidst the ongoing economic challenges. Understanding how this adjustment impacts your finances is key to making...
The year 2025 is set to bring significant changes for retirees, especially those relying on Social Security. As the new administration takes charge, there are multiple shifts in government spending priorities, which may have far-reaching effects on Social Security benefits. Retirees must understand these changes and take action before any new policies are implemented. 1....
Every year, the Social Security Administration (SSA) updates the amount of money you can earn without seeing a reduction in your Social Security benefits. This is called the Social Security Earnings Test, and it affects those who receive benefits before they reach Full Retirement Age (FRA). If you earn more than a certain amount, the...
The amount you receive as a Social Security benefit depends a lot on when you decide to start collecting it. It’s a key decision because starting early at age 62 can lower your monthly payout by hundreds of dollars. For those born in 1960 or later, the full retirement age is 67. At this age,...
The Social Security Fairness Act, which is gaining attention in Congress, seeks to repeal two controversial provisions in Social Security: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). While it sounds like a positive change on the surface, many financial experts and policymakers believe it could lead to unintended financial consequences. The...
Social Security Disability Insurance (SSDI) recipients can expect their checks to arrive soon. With only two rounds of payments left for 2024, those who haven’t received their checks yet should be getting them shortly. Your payment date depends on a few important factors. If you’re unsure when your payment is due, don’t worry—we’ve broken everything...
If you’re married or divorced and relying on Social Security, 2025 is bringing important updates you can’t ignore. From a slight Cost-of-Living Adjustment (COLA) to increased Medicare premiums and updated earnings limits, these changes may affect how much you receive each month. Here’s a clear breakdown of what you need to know. 1. A Smaller...
Social Security plays a key role in most retirees’ budgets. For six out of ten retirees, these checks are a major income source, according to an annual Gallup survey. However, while people expect changes every year, like cost-of-living adjustments (COLAs) or earnings limits, some Social Security rules remain unchanged. These unchanging facts might surprise you,...