Social Security’s long-term funding crisis is often blamed on America’s aging population, falling birth rates and the shrinking number of workers supporting retirees. But another factor is adding pressure to the system: income inequality. As more income flows to high earners, a larger share of wages is falling above the Social Security payroll tax cap. … Read more
The Social Security Administration is preparing to complete its full transition to electronic payments by the end of 2026, bringing an end to paper checks for nearly all beneficiaries. The move marks the final stage of a modernization effort that began after Executive Order 14247, which pushed federal agencies to move benefit payments away from … Read more
A Social Security payment change is beginning this month for millions of beneficiaries who receive their monthly benefits through a prepaid debit card instead of direct deposit. Most of the country’s more than 75 million Social Security beneficiaries receive payments directly into a bank or credit union account. However, around 3.6 million people use the … Read more
For decades, many older Americans depended on their monthly Social Security check arriving by mail. But that system is now being phased out as the Social Security Administration moves toward electronic payments. The SSA plans to complete the full transition this year, meaning most beneficiaries will receive payments through direct deposit or a Treasury-approved prepaid … Read more
Social Security recipients could face automatic benefit cuts within the next several years if lawmakers fail to address the program’s growing funding gap. The latest trustees’ projections show the retirement trust fund could be depleted by late 2032. That does not mean Social Security would disappear, but it does mean the program would no longer … Read more
Social Security is one of the most important income sources for many retired Americans, which makes the decision about when to claim benefits especially important. Workers can begin claiming retirement benefits at age 62, but doing so usually means accepting a permanently reduced monthly payment. Waiting longer can increase the benefit, especially for those who … Read more
Millions of Social Security beneficiaries in the United States are set to receive their next monthly payment on Wednesday, June 24, as the Social Security Administration completes its regular June 2026 payment schedule. This payment applies to beneficiaries whose birthdays fall between the 21st and 31st of any month. The date is part of the … Read more
Every year, hundreds of thousands of residents receive an unusual payment that is not tied to income, employment, or financial hardship. In 2025, the payment was set at $1,000 per person, and children received the same amount as adults. The program is not a federal stimulus check or a temporary relief plan. It is part of … Read more
More than 2 million retirees in Illinois could face a major reduction in monthly Social Security payments if Congress does not act before the program reaches a funding cliff. New projections from the Committee for a Responsible Federal Budget warn that Social Security’s trust funds could run short as soon as 2032. Federal data has … Read more
A new Social Security proposal would limit annual benefits for some high-income retired couples as lawmakers and policy experts look for ways to strengthen the program’s finances. Under the plan, couples receiving more than $100,000 a year in combined Social Security benefits would see their payments capped. Supporters say the change could save billions of dollars while … Read more