#social-security

#social-security

The proposal would've been the largest-ever cut to the program, per an analysis from the Center on Budget and Policy Priorities. At the time, a spokesman for the Social Security Administration told the paper the agency was working on plans to "propose improvements to the disability adjudication process to ensure our disability program remains current and can be more efficiently administered."

For many retirees, being taxed on Social Security benefits comes as a huge shock. These benefits are earned benefits that come to you because you have paid Social Security taxes during your entire career. Given that you already paid into the system to qualify, it's understandable to assume that the government is not going to charge you more tax. Unfortunately, that's not necessarily the case.

A major mistake many Boomers are making is assuming they will be able to work far longer than most people actually do. The Transamerica Center for Retirement Studies reports that 56 percent of Boomers expect to stay on the job until at least age 70 or skip retirement entirely. It sounds like a smart strategy in theory, but real life often tells a different story.

AI Summary Senate Democrats have introduced a bill to expand Social Security Administration (SSA) and Department of Veteran Affairs (VA) benefits by $200 per month for six months, aiming to provide economic relief amid persistently high inflation. The move follows the Oct. 24 announcement of an average cost-of-living adjustment (COLA) of 2.8% in 2026 for the 53 million Americans who receive Social Security retirement benefits an increase of about $56 per month.

Replace outdated data: This proposed change has bipartisan support. It would use the Bureau of Labor Statistics' Occupational Requirements Survey (ORS) to replace the Dictionary of Occupational Titles. The Social Security Administration must make decisions about how to interpret occupational data, including determining how many jobs exist at different skill levels and requiring different levels of exertion, as these factors impact eligibility. Regulatory changes would both alter the data source and modify this process.

The cost of living got even more expensive for Americans last month, with prices rising at the fastest pace since the start of the year. Consumer prices rose 0.3% in September, which drove the annual rate of inflation from 2.9% to 3%, the highest it's been since January, according to Bureau of Labor Statistics data released Friday. Gas prices, which shot up 4.2% for regular unleaded fuel (their highest monthly gain since August 2023), were the biggest culprit behind the monthly increase, BLS data shows.

Retirees in New York face one of the steepest financial gaps in the nation when relying solely on Social Security. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the typical retiree in New York experiences an annual shortfall of $7,248, or about $604 per month, even with their mortgage fully paid.

The typical retiree in Massachusetts faces an annual shortfall of $7,345, or about $612 per month, even with their mortgage fully paid. Additionally, retirees here face average monthly living expenses of $2,634, while the median Social Security benefit is just $2,022 per month. With housing costs averaging $1,007 per month, retirees' budgets simply cannot keep pace. With housing consuming nearly half of the average Social Security check, seniors are forced into deficit territory before accounting for food, transportation, or healthcare.

As top congressional Republican and Democratic leaders dig in their heels-a signal that the ongoing federal government shutdown may continue for a while-many older Americans are wondering if they will still get their Social Security checks, and questioning how a prolonged showdown will affect their future benefits. Currently, thousands of federal employees are working without pay and President Donald Trump is threatening mass federal layoffs.

Social Security is designed so that married people have a big advantage that never-married people do not have: They can collect benefits based on their own earnings or up to half of the earnings of their spouse, whichever is higher. Never-married people do not have an alternative source of benefits that may be greater than their own. A little more than half of married women today collect their spouse's benefits because those benefits are greater than their own, Carr and her colleagues report.