Friday, March 28

Social Security

Top 8 States to Move to If You Don’t Want to Pay Taxes on Social Security
27Mar By Sebastian WoodNo Comments
Local News, Social Security

Top 8 States to Move to If You Don’t Want to Pay Taxes on Social Security

Introduction Retirees looking to maximize their Social Security benefits often consider moving to states with no Social Security tax. In 2025, eight states stand out for offering tax-free Social Security income, making them attractive options for retirees. Why Do Some States Tax Social Security? While Social Security is a federal program, some states impose additional taxes on benefits. Moving to a state that exempts Social Security income can help retirees keep more of their money. Top 8 States Without Social Security Tax Florida – No state income tax, warm weather, and retiree-friendly policies. Texas – No Social Security tax and low overall tax burden. Nevada – No state income tax and affordable living in cities like Las Vegas. Tennessee – Eliminated its state i...
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Social Security Clawbacks Intensify This Week: What You Need to Know
27Mar By Sebastian WoodNo Comments
Social Security

Social Security Clawbacks Intensify This Week: What You Need to Know

Introduction Millions of Americans rely on Social Security benefits as a crucial part of their retirement income, but recent developments have sparked concerns over stricter enforcement of benefit clawbacks. This week, the Social Security Administration (SSA) has intensified its efforts to reclaim overpaid benefits, leaving many retirees and beneficiaries scrambling to understand the implications. Social Security overpayments occur when individuals receive benefits beyond what they are eligible for, either due to administrative errors, misreporting of income, or changes in eligibility that were not promptly updated. The SSA has legal authority to recover these overpayments, often through benefit reductions, direct repayment requests, or wage garnishment. However, the recent accelerat...
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Social Security: Which Recipients Will Receive an Average Payment of $1,580 in 2025 Due to COLA?
22Oct By Grace ThompsonNo Comments
Social Security

Social Security: Which Recipients Will Receive an Average Payment of $1,580 in 2025 Due to COLA?

As the cost of living continues to rise, Social Security Disability Insurance (SSDI) recipients are eagerly anticipating the upcoming Cost of Living Adjustment (COLA) for 2025. Recent estimates indicate that the average SSDI payment is expected to be around $1,580 starting in January 2025, reflecting the government's efforts to help beneficiaries keep pace with inflation. Understanding the SSDI Program SSDI is a federal program designed to provide financial support to individuals who are unable to work due to a disability. To qualify for SSDI benefits, applicants must have a sufficient work history and meet specific medical criteria. Once approved, recipients can receive monthly payments that are crucial for covering living expenses, medical bills, and other necessary costs. The a...
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Social Security’s 2025 Cost of Living Adjustment (COLA): Bad News and Worse News for Retirees
21Oct By Grace ThompsonNo Comments
Social Security

Social Security’s 2025 Cost of Living Adjustment (COLA): Bad News and Worse News for Retirees

The 2025 Cost of Living Adjustment (COLA) for Social Security beneficiaries brings both good and bad news for retirees. While the COLA aims to help beneficiaries keep pace with inflation, the realities of rising costs can overshadow the benefits of this increase. Understanding the nuances of the 2025 COLA is crucial for retirees as they navigate their financial futures. Understanding the 2025 COLA Increase The Social Security Administration (SSA) has announced a COLA increase for 2025 to help beneficiaries cope with inflation. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which reflects the rising costs of goods and services. While retirees can expect an increase in their monthly benefits, the extent of this increase may not...
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Social Security Benefits for Those Who Haven’t Retired: Key Information on Eligibility and Payments
21Oct By Grace ThompsonNo Comments
Social Security

Social Security Benefits for Those Who Haven’t Retired: Key Information on Eligibility and Payments

Individuals who have not yet retired may still be eligible for Social Security benefits under specific circumstances. Understanding the criteria and potential payments available can help individuals plan for their financial future, even if they have not yet reached retirement age. Eligibility for Social Security Benefits Before Retirement You can claim Social Security benefits before reaching the official retirement age of 62. However, to qualify for benefits, you must meet specific requirements. Generally, you need to have earned a sufficient number of credits through work history, which typically involves working for at least 10 years and accumulating 40 credits. Additionally, you must be at least 62 years old to start receiving retirement benefits. If you are married, you may a...
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Two Social Security Checks in November 2024: What You Need to Know
21Oct By Grace ThompsonNo Comments
Social Security

Two Social Security Checks in November 2024: What You Need to Know

November 2024 will be a significant month for Social Security recipients, as many will receive two checks due to the payment schedule and holiday adjustments. Understanding when and why these additional payments occur can help beneficiaries manage their finances more effectively during this time. Payment Schedule for November 2024 Social Security payments are typically disbursed on a specific schedule based on the recipient's birthday. For those born between the 1st and the 10th, payments are made on the second Wednesday of the month, while individuals born from the 11th to the 20th receive their payments on the third Wednesday. Finally, recipients born from the 21st to the end of the month receive their payments on the fourth Wednesday. In November 2024, the first check will arri...
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62-Year-Olds Could Receive Payments Up to $2,831 from Social Security with COLA – Check Eligibility and Paydays
21Oct By Grace ThompsonNo Comments
Social Security

62-Year-Olds Could Receive Payments Up to $2,831 from Social Security with COLA – Check Eligibility and Paydays

Individuals turning 62 in 2025 and looking to claim Social Security benefits should be aware of the new adjustments, particularly the impact of the Cost of Living Adjustment (COLA). The COLA is designed to help beneficiaries maintain their purchasing power as inflation rises, making it a crucial factor for those planning their retirement income. Here’s what you need to know about eligibility and how the COLA affects your Social Security benefits if you’re 62 years old. Eligibility for Social Security at 62 At age 62, individuals become eligible to claim Social Security retirement benefits. However, claiming benefits before reaching full retirement age (which ranges between 66 and 67, depending on your birth year) will result in a reduced monthly payment. The reduction is approximatel...
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SSI Recipients to See New Maximum Amounts with 2025 COLA Increase
21Oct By Grace ThompsonNo Comments
Social Security

SSI Recipients to See New Maximum Amounts with 2025 COLA Increase

The Social Security Administration (SSA) has announced the 2025 Cost of Living Adjustment (COLA), which will bring higher payments for Supplemental Security Income (SSI) recipients starting in December. The COLA increase aims to offset inflation and ensure that SSI beneficiaries can maintain their purchasing power in an economy where the cost of essential goods and services continues to rise. 2025 COLA Increase for SSI Recipients The COLA for 2025 will result in higher monthly benefits for SSI recipients, offering much-needed financial support. The adjustment is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation. This increase is designed to ensure that SSI recipients' payments reflect the rising costs of living,...
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2025 SSDI Payment Schedule: COLA Increase Boosts Checks Up to $4,018
21Oct By Grace ThompsonNo Comments
Social Security

2025 SSDI Payment Schedule: COLA Increase Boosts Checks Up to $4,018

Social Security Disability Insurance (SSDI) recipients are set to see changes in their benefits for 2025, thanks to the Cost of Living Adjustment (COLA). With this increase, some individuals may receive checks of up to $4,018, depending on their eligibility and circumstances. This boost comes as part of the annual COLA adjustment, designed to keep up with inflation and rising living costs. 2025 COLA Increase and Its Impact The COLA increase for 2025 aims to ensure that SSDI benefits remain aligned with inflation rates, providing recipients with the necessary financial support to cover essential expenses. Beneficiaries may see their monthly payments rise, with some individuals eligible to receive up to $4,018 based on their earnings record and length of time in the workforce. The S...
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2025 Social Security Benefits Set for $196 Increase for Eligible Filers
19Oct By Grace ThompsonNo Comments
Social Security

2025 Social Security Benefits Set for $196 Increase for Eligible Filers

The Cost-of-Living Adjustment (COLA) for Social Security beneficiaries in 2024 will rise by 5.13%, providing financial relief for retirees and individuals receiving disability benefits. This increase is designed to help recipients keep up with rising inflation and living expenses. With the adjustment, the average Social Security payment will increase to $1,961 per month, while the maximum benefit will rise to $4,018. What is COLA and How It Affects Social Security? COLA is an essential mechanism that adjusts Social Security payments to reflect inflation. Every year, the Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to determine the necessary adjustments. These changes ensure that beneficiaries can maintain their purch...
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