Millions of Americans could face smaller Social Security checks within the next six years if Congress does not act to strengthen the program’s finances, according to the latest annual report from Social Security’s trustees. The report warns that Social Security’s retirement trust fund is now expected to run dry in late 2032. That is one … Read more
Social Security beneficiaries in Florida could face a major financial shock if the program’s retirement trust fund is depleted by 2032. A new analysis warns that monthly benefits could fall by about $500 for many recipients if Congress does not act in time to strengthen the program. Florida would be one of the hardest-hit states … 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
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
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
Millions of Americans who depend on Social Security could see their monthly checks reduced by around $500 if the program’s retirement trust fund becomes insolvent by the end of 2032. A new analysis from the Committee for a Responsible Federal Budget warns that the typical benefit payment could be cut by about 24% if lawmakers … Read more
Working Social Security recipients could see a major financial boost under a new proposal aimed at changing how benefits are reduced for people who continue working after claiming early retirement. Sen. Rick Scott of Florida and Rep. Greg Murphy of North Carolina have introduced the Senior Citizens Freedom to Work Act. The legislation would eliminate … Read more
Families of Social Security beneficiaries may face unexpected financial stress when the agency attempts to recover overpaid benefits after a recipient’s death. In some cases, relatives have received repayment demands for thousands of dollars, even when they say the overpayments happened before they had any control over the beneficiary’s money. One such case involves David … Read more
Millions of Americans receiving Social Security benefits are set to get their next monthly payment this week, with some eligible retirees receiving as much as $5,181 depending on their claiming age and earnings history. The Social Security Administration does not send all retirement, disability, and survivor benefits on the same day. Instead, payments are spread across the … Read more