#social-security

#social-security

Ideas cited by the Brookings Institution from the Progressive Policy Institute, the American Enterprise Institute (AEI) and the Cato Institute all recommend shifting the program away from its current wage-replacement structure toward a flat benefit aimed primarily at preventing poverty in old age. Supporters say a flat benefit would guarantee a basic income floor. Critics warn it would weaken a program that most Americans view as earned insurance and could expose middle-income retirees and homeowners to greater financial risk.

Seniors on Social Security got some positive news this past October - word of a 2.8% cost-of-living adjustment, or COLA. This year's COLA is not going to break any records. However, it's a bit higher than the 2.5% COLA Social Security recipients got in 2025. Now that the new year has begun, you may be wondering when your Social Security COLA will hit. Here's a rundown of what to expect in terms of COLA timing.

Social Security is a program that millions of older Americans rely on today. And without those monthly benefits, many would find it a struggle to cover their basic costs. But Social Security is facing two major problems that lawmakers keep failing to address. Here's what those problems are, and what potential solutions exist for them. A revenue shortfall that could lead to broad benefit cuts

Romney said the U.S. is headed for an economic cliff as the Social Security Trust Fund races toward insolvency in 2034, according to a projection from the CRFB. Without congressional intervention, benefits would be slashed by roughly 23%, forcing the government to borrow trillions at potentially exorbitant interest rates or print money that could trigger hyperinflation.

In Social Security's Program Operations Manual System, there are 567 calculations that help you determine when the best age to claim Social Security is. Running through all of the different claiming options, especially if you are married, is something most people aren't really equipped to do on their own. A financial advisor can help you to fully understand how your claiming choices are going to affect your finances, so you don't leave a lot of money on the table without realizing it.

In the coming years, Social Security won't have enough money to keep up with scheduled benefits unless lawmakers make changes that allow the program to boost its revenue. Those changes could involve additional taxes on wages or changes to the program's full retirement age. If lawmakers do not manage to find a way to prevent Social Security cuts, benefits may be slashed as early as 2033.

Mom worked for almost two decades after her divorce, but could not financially make up for the years she spent as a housewife. The low-paying jobs she had while married - cleaner, waitress, and such - counteracted her higher income as an administrative assistant. She ended up grossing $575.00 a month from social security, despite the fact that she could have drawn against my father's social security allotment for more than double that amount.