Millions of Americans planning for retirement need to pay close attention to one important Social Security rule: full retirement age. While benefits can still begin as early as age 62, claiming early can permanently reduce monthly payments. The change matters because Social Security is a major source of income for many retirees. Understanding the difference … Read more
Retirees may have an extra reason to look forward to October this year. While many people associate fall with cooler weather and seasonal changes, seniors across the United States will be watching for something more important: the Social Security cost-of-living adjustment for 2027. The annual COLA announcement will determine how much Social Security payments increase … Read more
Social Security spousal benefits can be confusing for many couples planning retirement. While most people understand that workers can receive benefits based on their own earnings record, fewer people know that spouses may also qualify for monthly payments based on their partner’s work history. This lack of understanding can lead to costly retirement planning mistakes. … Read more
The Social Security Administration is preparing to fully transition benefit payments to electronic methods this year. The move follows an executive order signed by President Donald Trump directing the Treasury Department to stop issuing paper checks for federal payments. SSA says electronic payments are safer, faster and cheaper than paper checks. According to the agency, … Read more
Connecticut retirees could face the largest average Social Security benefit cut in the country if Congress does not act before the program’s trust fund reserves run short. According to a projection from the Committee for a Responsible Federal Budget, Social Security recipients in Connecticut could lose an average of $556 per month by 2032. The … Read more
The Social Security Administration has denied claims that it planned to falsely classify 2.7 million people as dead. The allegation came from former SSA employee Jeremiah Schofield, whose whistleblower disclosure was highlighted by Democratic Senators Richard Blumenthal and Elizabeth Warren. The senators raised concerns that Social Security data may have been targeted for immigration enforcement … Read more
Social Security is facing a serious funding warning that could affect tens of millions of Americans. A new report from the Committee for a Responsible Federal Budget says the program’s main retirement trust fund could be exhausted in 2032, triggering a possible 24% across-the-board benefit cut if Congress does not act. The projected cut would … Read more
Deciding when to claim Social Security is one of the biggest retirement choices many Americans make. For years, age 65 was seen as the traditional retirement age. But after changes passed by Congress in 1983, the full retirement age gradually increased. Today, full retirement age is 67 for people born in 1960 or later. That … Read more
Millions of retirees could face a major Social Security benefit cut as soon as 2032 if Congress does not fix the program’s funding problem. A new analysis from the Committee for a Responsible Federal Budget warns that monthly checks could be reduced by about $500 on average. That would represent a 24% cut in retirement … Read more
Social Security recipients may receive a larger cost-of-living adjustment in 2027, but that does not mean seniors are getting ahead financially. The latest inflation readings suggest next year’s COLA could be higher than the increase beneficiaries received this year. However, the reason behind a bigger raise is not exactly good news. Higher inflation means everyday … Read more