#social-security

#social-security

The mismatch stems from the way COLAs are calculated. Currently, the SSA bases annual increases on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a measure designed around the spending habits of younger, urban workers. An alternative measure, the Consumer Price Index for the Elderly (CPI-E) weights housing, health care and utilities more heavily and would have produced a 3.1% increase in 2026 instead of 2.8%, according to Investopedia.

India has announced a sweeping set of labour reforms, saying it will implement four long-delayed labour codes that the government says will modernise outdated regulations and extend stronger protections to millions of workers. Prime Minister Narendra Modi said on X on Friday that the overhaul would provide a strong foundation for universal social security, minimum and timely payment of wages, safe workplaces and remunerative opportunities.

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.

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.