In August, it was predicted that Social Security recipients will receive a COLA of 2.6%, which may not be sufficient to counteract the rising costs of living and healthcare for seniors.
The Social Security Administration emphasizes the importance for retirees to be informed about different types of benefits available to avoid missing out on potential earnings.
The Social Security program, established during the Great Depression, provides vital financial support to over 70 million Americans today, funded primarily through payroll taxes.
Concerns about Social Security running out of money are overstated; while political reform is challenging, the program’s funding structure remains secure in the long term.
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