#social-security

#social-security

The new analysis projects a 24% cut to benefits by late 2032, equal to an $18,000 annual benefit cut for a dual-earning couple retiring in 2033.

Internal DWP documents obtained by Big Brother Watch show that the Universal Credit Advances model, used to risk score almost a million Advances claims each year, displays consistent, statistically significant bias.

Social Security can be claimed as early as 62, but doing so results in a permanent reduction of monthly benefits by about 30% if your full retirement age is 67.

Scott Coulter, a former high-ranking executive at the Social Security Administration, proposed using a portion of the $2.7 trillion trust fund to invest in a convertible Treasury note. This proposal aimed to leverage the stock market instead of relying solely on US debt to enhance Social Security's funds. Despite its potential benefits, the plan was rejected by the new Social Security Commissioner Frank Bisignano without clear reasons; current forecasts now expect Social Security to run out of funds by 2032.

On July 3, Social Security sent an email stating that the new law eliminates federal income taxes on Social Security benefits for most beneficiaries, indicating that nearly 90% would no longer pay these taxes.

Receiving an unexpected bill from the Social Security Administration can raise anxiety and be a major form of confusion. A recent Reddit user shared her concerns after being told she owes $13,000 to Social Security.

In fact, there have been a number of very small COLAs over the years. Let's take a look at the 20 smallest so you can see just how little retirees sometimes get.

The head of Nato indicated that all 32 members agreed to increase military spending significantly, raising concerns about the attendant costs for social and environmental programs.

Getting married can be beneficial for financial reasons, especially for older couples, as it opens the door to higher spousal and survivor benefits.

Receiving an unexpected five-figure Social Security check can drastically improve financial stability and open new avenues for retirees who thought benefits weren't possible.

"Ninety years ago, our country made a promise to provide hardworking Americans with a foundation for financial security in retirement, Social Security is one of the most successful and popular initiatives in history."

Social Security is projected to face funding shortfalls by 2035, primarily due to demographic changes and declining birth rates, impacting benefits for millions.

Social Security doesn't routinely send checks to deceased individuals, despite rumors. The agency is taking action to recoup any erroneous payments.