#social-security

#social-security

Part B premiums increased to $202.90 in 2026, which is a 9.7% increase from the $185 that premiums cost in 2025. Orman specifically warned Social Security retirees about this because the big increase in Medicare insurance costs in 2026 would mean that the Cost of Living Adjustment (COLA) applied to seniors' retirement checks this year would be substantially reduced by the added premiums they now have to pay.

Many of the [low-income earners] that I've talked to really want me to sit down and explain how it worked for them, because they've just been excluded from a system like this for their whole careers. They want to know what the catch is.

The widows and widowers of deceased Social Security recipients are generally eligible for survivor benefits. In some cases, even ex-spouses can qualify. To qualify, you must: Be 60 years old or older (or 50 and older if you have a qualifying disability) Have been married for at least nine months before the recipient's death Have not remarried before age 60 (or 50 for those on disability)

Many retirees find Social Security covers essentials but not much more. Rising costs create pressure-inflation measured by the Consumer Price Index has increased the cost of living while healthcare expenses have climbed significantly. This financial squeeze explains why people who claimed benefits early often continue working to supplement income, even though doing so triggers withholding rules they didn't anticipate. Social Security doesn't prohibit working while collecting benefits.

The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund, which is where retirement benefits are paid from, only has enough reserves to pay 100% of scheduled benefits through 2033. Once the OASI Trust Fund is depleted, retirement benefits could face a 23% cut. The Social Security Disability Insurance (DI) Trust Fund, meanwhile, can pay 100% of scheduled benefits on its own through at least 2099.

At the heart of this legislation is the "senior deduction," a provision created to provide financial breathing room for those living on fixed incomes. For the state's aging population, the policy could deliver meaningful tax benefits during a time when many are hoping to age in place in their homes, but need the extra money in order to do so.

Social Security is a critical income source for many seniors, with the Social Security Administration reporting that these benefits account for around 31% of all income received by people over the age of 55. For around 39% of men and 44% of women 65 and over, benefits actually account for even more - about half their income. Since so many seniors are reliant on retirement benefits to help them make ends meet, it's a huge problem that the Social Security trust fund is at risk of running dry. Unfortunately, it's a problem that Americans need to reckon with, as Social Security benefits are on track for an automatic benefits cut as early as 2032.

Most people believe Social Security benefits are untouchable. While creditors can't generally garnish these payments, federal law creates important exceptions that can reduce monthly checks for millions of retirees. Understanding which debts can reach your benefits matters because Social Security often represents the majority of retirement income. For someone relying on $2,000 monthly, losing even $300 can mean choosing between prescriptions and groceries.