Social Security
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How Unauthorized Immigrants Help Finance Social Security Benefits
Jan 13 2025
Undocumented workers often pay taxes that help fund programs like Social Security — even if they can’t collect from them in the future....
nytimes.com
New free guide to filing for Social Security benefits now available
Jan 11 2025
To read this story on KSL.com, click here. Are you counting on Social Security as an important source of income in retirement? You’re not alone. Nine out of 10 Americans…...
bossretirement.com
REPEAL of the GPO: Will you be Filing A Social Security Survivors or Spousal Claim for your benefit
Jan 11 2025
If you were a government worker that did not pay into the Social Security System and have been penalized for getting a Survivors or Spousal benefit because your Government pension was too high - That ...
community.aarp.org
Social Security and Medicare Funding: Is the Sky Falling?
Jan 09 2025
Social Security and Medicare are slowly running out of money, but what does that mean for the retirees counting on them? Actually, it's not all bad news....
kiplinger.com
Social Security Fairness Act becomes law with Biden signature
Jan 07 2025
The law will increase benefits for millions of retirees, but it's still not clear where the added funds will come from....
financial-planning.com
Who Is Affected By The Social Security Fairness Act & What To Do Next
Jan 07 2025
Over two million Social Security beneficiaries had their retirement incomes reduced due to two programs: the Windfall Elimination Provision and Government Pension Offset...
forbes.com
Say Goodbye to GPO and WEP
Jan 06 2025
Congress made a move recently to eliminate the WEP and GPO provisions from Social Security benefit calculations. The post Say Goodbye to GPO and WEP appeared first on Getting Your Financial Ducks In A...
financialducksinarow.com
Social Security Fairness Act Will Boost Retirement Benefits For Millions. Will You Be Impacted?
Jan 06 2025
The new Social Security Fairness Act was just signed into law by President Biden. What is the Act and how could it impact your Social Security benefits in 2025?...
kiplinger.com
Vast majority of seniors say Social Security COLA is inadequate
Jan 05 2025
The vast majority of seniors surveyed about Social Security's COLA say the number should be as much as five times higher than the government is forking over this year....
financial-planning.com
Racial Inequities Carry Over from Work to Retirement
Jan 04 2025
The Social Security Administration encourages applicants for its research grants to explore “the structural barriers that may contribute to disparate outcomes among people who have been historic...
crr.bc.edu
New Social Security Tax Reforms Change Benefits in Two States
Jan 04 2025
As the calendar turns to a new year, some retirees have tax reasons to celebrate....
kiplinger.com
Fixing Social Security’s 8-Year Cliff Rely On Trust And Stephen Goss
Jan 03 2025
Most experts agree without intervention from Congress and the president, the Social Security system will be unable to meet its full obligations within the next eight y......
forbes.com
selecting month to start benefit when not full retirement age
Jan 03 2025
My spouse needs to start ss payments BEFORE full retirement age. Do we specify to start the month of the birthday, when the payment amount changes, or the month AFTER the birthday?...
community.aarp.org
25 Social Security Facts For 2025
Jan 02 2025
Social Security is more confusing than ever. Myths abound. Here, you’ll find a complete set of 25 facts to help you understand Social Security and its benefits....
forbes.com
Promise to Eliminate Income Tax on Social Security
Jan 02 2025
I'm reaching out to encourage everyone to contact their representatives and support President Trump's proposal to eliminate income taxes on Social Security benefits. Here's why this matters: Key Point...
community.aarp.org
The Rich Stop Paying Social Security Tax Around January 1
Jan 01 2025
In the first few hours of 2025, over 229 U.S. workers earning over $50 million per year will have likely paid all their Social Security taxes for the entire year....
forbes.com
What Is the Social Security January Payment Schedule?
Dec 31 2024
The exact date your first Social Security January benefit arrives depends on what day of the month you were born, generally. Payments follow the month that they are due, so your January check is for y...
kiplinger.com
Social Security Benefits Are Shrinking
Dec 29 2024
Social Security benefits are shrinking relative to Medicare premium increases, leaving older adults with less cash at the end of the month....
kiplinger.com
The Social Security Fairness Act and Why It is A Boondoggle
Dec 29 2024
Written by someone who is involved in the WEP - IT’S THE BENEFITS FORMULA that created the problem so unless they have a new benefits formula for those involved in the WEP or GPO, then they are ...
community.aarp.org
Wife's social security amount estimate
Dec 28 2024
I am trying to figure out if there is a way for my wife to get larger social security amount next year. My amount will be closer to $3K but my wife's projected benefit based on government site estimat...
reddit.com
What Social Security Benefits Changes Do You Want? Part One
Dec 28 2024
What Social Security Benefits Changes Do You Want? These are some that have recently been proposed - YEA or NAY on these? If you don’t understand what these are - you need not vote. There are so...
community.aarp.org
Key 2025 IRS Updates: What You Need to Know
Dec 27 2024
From IRA contributions to Social Security COLAs and the standard deduction, several changes are headed our way. Get ready to make the most of them....
kiplinger.com
Retirement - Social Security and IRA management?
Dec 24 2024
My brother and I are working to develop a retirement plan. Our working class parents never really saved for retirement (my mom worked until my dad died), so our expertise in this area is fairly low. N...
reddit.com
When to Claim Social Security and the Truth About Annuities - 509
Dec 24 2024
When should Richie and Heather and Rebecca and Sam collect their Social Security benefits? Why is Dan’s benefit so much higher than his wife’s? PWare has a Roth conversion case for claimin...
purefinancial.com
WEP/GPO
Dec 24 2024
Will there be any coverage of the changes to Social Security eligibility/payments because of the changes to WEP/GPO?...
community.aarp.org
Social Security Fairness Act application
Dec 23 2024
I am 71 years old and worked for the Post Office for over 30 years. I am collecting a government pension and was not eligible for spousal benefits due to GPO.I do have an online SS account and used th...
community.aarp.org
ALL States & Local Governments Should Participate in the Social Security System
Dec 21 2024
So what is done is done - Passage of HR 82 happened last nite in the Senate. But now we need more money to come into the Social Security Trust Fund ASAP to help make up for this $ 200 Billion being pa...
community.aarp.org
Living mostly on Social Security in the US.
Dec 20 2024
Though Social Security was designed to provide a safety net of about 40% of a retiree's customary income needs, there are millions of people for whom SS is at least 75% of their income. I'm not talkin...
reddit.com
What If Social Security is Cut? Here's What it Means for Your Retirement
Dec 19 2024
Many middle-aged adults nearing retirement face anxiety over uncontrollable factors like Social Security cuts, lower investment returns, and increasing tax rates. Ari and James discuss how fear of the...
buzzsprout.com
A Social Security Payroll Tax Increase Should Be Part of the Solution
Dec 18 2024
But the increase should be small and gradual. Enough with politics. It’s time to get back to solving problems. Not surprisingly – given my slant on the world – the problem I care mos...
crr.bc.edu
Bonds and Annuities, Social Security and Retirement Spending - 508
Dec 18 2024
John in Pennsylvania doesn’t have bonds in his investment portfolio. Should he add them, and if so, where? That’s today on Your Money, Your Wealth® podcast number 508 with Joe Anderson...
purefinancial.com
Optimizing Your Social Security With Dave Whitworth (Ep. 6)
Dec 17 2024
Curious about how timing your Social Security could maximize your benefits? Join Tyson and Ryan Thacker from B.O.S.S. Retirement Solutions as they welcome their long-time friend and Investment Advisor...
bossretirement.com
40th anniversary of the social security tax.
Dec 16 2024
It’s been 40 years since the social security tax was imposed back in 1984. And the AARP has done nothing to repeal that tax. That seems like it should have been a year after year priority with e...
community.aarp.org
Is My Social Security Safe From Debt Collectors?
Dec 16 2024
If that question has been on your mind, we've got good and bad news....
money.usnews.com
Claim It Early or Delay? When to Start Taking Social Security
Dec 15 2024
Timing is everything when it comes to starting Social Security. Here are the top reasons why people choose to delay or take it early, according to one expert....
kiplinger.com
5 ways retirement changed in 2024
Dec 15 2024
In ways big — e.g., Donald Trump's reelection — and small — e.g., a slight reprieve for Social Security's trust fund — 2024 was a turning point for American retirement. Here's ...
financial-planning.com
Trump Proposed Eliminating Social Security Taxes. Here's the Bill That Could Make It Happen.
Dec 14 2024
A bill has been introduced to eliminate taxes on Social Security benefits....
money.usnews.com
How to Get the Maximum Social Security Check in 2025
Dec 11 2024
The maximum Social Security check is $5,108 in 2025, up from $4,873 in 2024. Even if you don't qualify for the maximum monthly benefit, you can still increase your payments....
kiplinger.com
The Social Security Fairness Act Is a Bad Idea
Dec 11 2024
This legislation would allow some workers to double-dip and speeds the exhaustion of the trust fund. On November 12, the House passed the Social Security Fairness Act to repeal the Windfall Eliminatio...
crr.bc.edu
Social Security Fairness Act: What It Is and Will It Pass
Dec 10 2024
Some people don’t receive all their Social Security benefits, even though they paid into the system. A bill would change that....
money.usnews.com
Four Things You Need to Know Before Applying for Social Security in 2025
Dec 09 2024
Don't unnecessarily delay or reduce your Social Security benefits because you don't know all the rules and requirements....
kiplinger.com
How Big Will The Raise Be For Social Security In 2025?
Dec 08 2024
While inflation has been easing downward, it has still been pinching retirees’ budgets. Will retirees still be getting a big raise via their Social Security Cola?...
forbes.com
Is Social Security’s Windfall Elimination Provision (WEP) Fair?
Dec 05 2024
There is support for a House vote in Congress to eliminate this provision. This article is written to provide you with the reasoning for WEP....
forbes.com
Delaying Social Security Helps All Couples but High-income Couples More
Dec 05 2024
The longer a husband delays his Social Security retirement benefits, the larger the check his wife will get when he dies. And odds are that he’ll die first, so that decision to delay will leave ...
crr.bc.edu
The Social Security Survivor Benefit – Part 2
Dec 02 2024
Note: you can find the first part of this discussion of Social Security Survivor Benefits at the link. Part 1 covered the basics of Survivor Benefits, and this article covers other considerations with...
financialducksinarow.com
The Social Security Survivor Benefit – Part 1
Dec 02 2024
Basics of the Social Security Survivor benefit. This article lays the foundation for understanding this confusing aspect of Social Security. The post The Social Security Survivor Benefit – Part ...
financialducksinarow.com
What Social Security Beneficiaries Should Know About 2025 Numbers
Nov 30 2024
Declining inflation led to the lowest cost-of-living adjustment since 2020, with the 2025 COLA set to rise 2.5%....
kiplinger.com
Collect SS or hold off? Help me decide.
Nov 30 2024
F66 and Husband 71. Full Retirment is 66 and 8 month. Received a severance package that covers me till January 2025. Our total combined net worth including home around 750K Home is about $250k SS woul...
reddit.com
This is the Biggest Way People Waste Money in Retirement
Nov 30 2024
Meet Sarah—a retiree with a multi-million-dollar portfolio, no mortgage, and all her income needs covered by Social Security. Yet, she hesitates to furnish her newly expanded home, fearing it wo...
buzzsprout.com
Will Social Security Be There When You Need It? Many People Worry It Won’t Be
Nov 29 2024
The majority of Americans surveyed expect to rely on Social Security benefits to help cover everyday expenses in retirement, yet 73% worry they won’t get them....
kiplinger.com
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About Social Security
Social Security is a government-run program in the United States that provides a source of income for retirees, as well as for people who are disabled or the survivors of deceased workers. The program is funded through payroll taxes, and it is designed to provide a basic level of financial security for those who are no longer able to work.
To be eligible for Social Security benefits, an individual must have worked and paid into the Social Security system for a certain number of years. The amount of benefit that an individual receives is based on their earnings history, with higher earners receiving a higher benefit.
In general, people are eligible to receive Social Security retirement benefits when they reach the full retirement age, which is determined by their date of birth. The full retirement age is currently 66 for people born between 1943 and 1954, and it is gradually increasing to 67 for those born in 1960 or later. However, people can begin receiving reduced benefits as early as age 62, or they can choose to delay receiving benefits until after their full retirement age, in which case they will receive a higher benefit.
It is important to note that Social Security benefits are not intended to be the sole source of income for retirees. Rather, they are meant to supplement other sources of retirement income such as savings, investments, and pensions. It is important to plan for retirement and consider all sources of income that may be available to you.