Millions of Americans who collect Social Security while continuing to work could receive larger immediate payments under a new proposal introduced by Republican lawmakers. Senator Rick Scott of Florida and Representative Greg Murphy of North Carolina introduced the Senior Citizens’ Freedom to Work Act of 2026 in April. The legislation would repeal the Social Security Retirement Earnings … Read more
Social Security’s financial challenges are commonly linked to an aging population, declining birth rates and a shrinking ratio of workers to retirees. However, growing income inequality may also be placing considerable pressure on the program. An increasing share of national earnings now goes to higher-income workers whose wages exceed the Social Security payroll tax limit. … Read more
Social Security recipients could receive a much larger cost-of-living adjustment in 2027 as elevated inflation drives benefit forecasts higher. Independent Social Security analyst Mary Johnson currently projects a 4.7 percent COLA for 2027. If that estimate proves accurate, it would reportedly rank as the fourth-highest adjustment awarded to retirees in 36 years. However, the final … Read more
Social Security is facing growing financial pressure as the program now spends more on benefits than it collects in payroll taxes. For many years, Social Security brought in more money than it paid out. That extra money was saved in reserves and invested in U.S. Treasury bonds. Those reserves are now being used to help … Read more
Millions of Social Security recipients who use Direct Express prepaid debit cards will receive new cards as the federal government moves the program to a new banking partner. The change affects about 3.6 million beneficiaries who receive Social Security, Supplemental Security Income and certain other federal benefit payments through Direct Express cards. People who already … Read more
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
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
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