Social Security

If you're planning your financial future in the U.S., knowing your Social Security status is very important. Whether you're years away from retirement or nearing it, checking your Social Security account regularly helps you stay informed and prepared. Luckily, the process is simple and can be done online in just a few minutes. Here’s everything you need to know. What is the "My Social Security" Account? The Social Security Administration (SSA) has a secure online tool called “my Social Security” account available on ssa.gov. This account gives you access to all your Social Security information—like how much you’ve earned, your benefits estimate, and any updates to your record. You can open the account for free, and it’s available 24/7. It’s designed to make your life easier...

One of former President Donald Trump’s long-standing tax policy goals — eliminating taxes on Social Security benefits — is gaining traction with some Democratic lawmakers, but with a key condition attached. Trump has been urging Congress to include the elimination of federal taxes on Social Security benefits in the upcoming budget bill. According to a recent analysis reported by The Center Square, this move would reduce federal revenue by $1.5 trillion over the next decade and accelerate the depletion of the Social Security trust fund by two years. However, a new proposal from Rep. Angie Craig (D-Minn..) offers a different approach. Her bill, titled the You Earned It, You Keep It Act, aims to eliminate taxes on Social Security benefits while simultaneously securing the program’s ...

In a significant political development, Senate Minority Leader Chuck Schumer (D-NY) has called for the resignation of Leland Dudek, the acting commissioner of the Social Security Administration (SSA). Schumer's demand comes amid growing concerns over alleged mismanagement, controversial data-sharing practices, and substantial staff reductions within the SSA under Dudek's leadership.​ Allegations Against Dudek During a press conference in New York on April 15, Schumer criticized Dudek for granting the Department of Government Efficiency (DOGE), led by Elon Musk, access to sensitive SSA data without adequate oversight. He accused Dudek of laying off thousands of SSA employees and closing critical offices, actions that Schumer claims have disrupted services for millions of Ameri...

On Tuesday, April 15, former President Donald Trump signed a new memorandum aimed at tightening rules around who can receive Social Security benefits. The White House stated that the move is designed to ensure that only those who are legally eligible get access to programs under the Social Security Act. White House Press Secretary Karoline Leavitt explained that the directive will prevent ineligible foreign nationals from receiving Social Security funds. It also includes stronger enforcement against those who fail to properly verify eligibility, continue payments to deceased or disqualified individuals, or allow unauthorized access to these benefits. As part of this order, the Social Security Administration (SSA) will expand its anti-fraud efforts. At least 50 U.S. Attorneys’...

Donald Trump’s presidency brought a major shift in U.S. trade policy, most notably through the imposition of tariffs on nearly 180 countries. Although these measures were introduced to safeguard American industries, they may unintentionally jeopardize the financial security of millions of retirees. Many Americans depend on investment tools like 401(k)s and IRAs for their retirement, and since these accounts are often tied to the stock market, they can be vulnerable to sudden market fluctuations triggered by tariff policies. In the wake of tariff announcements, major U.S. companies have seen their stock values drop, raising concerns among investors. This is particularly troubling for retirees whose savings are tied up in those stocks. As Phillip Battin, CEO of Ambassador Weal...

At 65, having $120,000 saved for retirement might not stretch as far as you’d hoped. If you follow the 4% rule — a guideline that suggests withdrawing 4% of your retirement savings each year to make your money last about 30 years — you’d only be able to take out around $4,800 annually. That breaks down to just $383 per month. Now, add your $1,700 Social Security check to the mix, and your total monthly income sits at about $2,083. But your expenses total $3,900 a month, leaving you nearly $1,900 short every single month — and that doesn’t even include emergency costs like medical bills. And don’t forget about taxes. If you withdraw aggressively to cover your shortfall and your investments grow at 7% annually, being in a 22% tax bracket means you could run out of money in just 5 ye...

The Social Security Administration (SSA) is preparing to issue its next round of payments on Wednesday, April 16. This payment is part of the agency’s regular monthly distribution to millions of retirees across the country. The payment schedule is carefully structured around the birth dates of beneficiaries. For this cycle, individuals born between the 11th and 20th of any month are slated to receive their payments on April 16. However, those who began receiving Social Security benefits before May 1997 follow a different payment timeline. These long-term beneficiaries receive their payments earlier in the month, specifically on the 3rd. This arrangement helps simplify distribution and ensures early access to funds for individuals who have been part of the system the longest, ref...

The Social Security Administration (SSA) has announced new anti-fraud measures that will take effect on April 14. These changes are aimed at tightening security around benefit claims and reducing fraudulent activity. Most beneficiaries will still be able to apply for benefits over the phone, including retirement, survivor, spousal, children’s benefits, Social Security Disability Insurance (SSDI), Medicare, and Supplemental Security Income (SSI). However, certain claims flagged as potential fraud risks will now require in-person identity verification at local SSA offices. According to the agency, out of the 4.5 million telephone claims filed each year, around 70,000 may be flagged for additional fraud checks. An SSA spokesperson also clarified that updates to direct deposit in...

As Social Security faces financial challenges, with projections indicating the Old-Age and Survivors Insurance (OASI) Trust Fund may be depleted by 2033, there is a pressing need for reforms to ensure its sustainability. Despite political divisions, recent developments reveal bipartisan support for several key changes aimed at strengthening the program.​ 1. Repealing the Windfall Elimination Provision and Government Pension Offset In a significant bipartisan move, Congress passed the Social Security Fairness Act, which eliminates the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions had reduced benefits for public-sector employees, such as teachers and firefighters, who also received government pensions. Their repeal restores full bene...

Receiving Social Security benefits is a vital part of retirement planning for millions of Americans. However, there are certain situations where these payments could be suspended or even stopped altogether. Understanding these scenarios can help you avoid interruptions and maintain your financial security. One common reason your benefits might be affected is earning too much income before you reach full retirement age. If you’re still working and your earnings exceed the limit set by the Social Security Administration (SSA), your benefits could be reduced or paused until you reach the full retirement age. Relocating to certain countries can also lead to suspension. For instance, if you move to a nation where the U.S. government is prohibited from sending payments—such as Cuba or ...