Social Security

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 ...

Starting Monday, April 14, the Social Security Administration (SSA) will implement a new anti-fraud measure for claims filed over the phone. According to an update shared by the SSA on X (formerly Twitter), the agency will begin conducting fraud risk checks on all telephone claims. Claims that are flagged as potentially fraudulent will require in-person identity verification before they can be processed further. Claims that are not flagged will continue through the normal process without the need for in-person verification. This change follows the SSA’s recent decision to end over-the-phone identity verification, a move aimed at curbing fraudulent benefit claims. A press release dated March 26 explained that, with some exceptions—including those receiving Social Security Disabil...

Medicare is a government-run health insurance program in the United States, primarily designed for individuals aged 65 and older, as well as certain people with disabilities. One of the key elements that beneficiaries need to understand is the concept of the deductible—the amount they must pay out-of-pocket before Medicare coverage begins. This deductible can vary depending on the specific Medicare plan, making it important to be familiar with the distinctions. Medicare Part A, which covers hospital stays, typically comes with a higher deductible. This can result in significant costs, especially if a beneficiary faces an extended hospitalization. In contrast, Medicare Part B, which covers outpatient care such as doctor visits and medical services, has a lower deductible. However...

The Social Security Administration (SSA) is experiencing rapid and significant changes, with fintech executive Frank Bisignano on track to become its next commissioner. After his Senate Finance Committee hearing in late March, his nomination has moved forward and awaits a final Senate vote. If confirmed, Bisignano will take the reins of an agency that’s seen sweeping transformations under the Trump administration and the controversial Department of Government Efficiency (DOGE), led by Elon Musk. Since President Joe Biden signed the Social Security Fairness Act in January, removing benefit-reducing provisions like the Windfall Elimination Provision and Government Pension Offset, the SSA has seen dramatic changes, most initiated by DOGE and aimed at curbing “fraud, waste, and abuse...

A recession can have profound and lasting effects on the Social Security system in the United States. Economic downturns influence employment rates, wage levels, and investment returns, all of which are critical to the funding and sustainability of Social Security. Understanding these impacts is essential for policymakers and the public to navigate and mitigate potential challenges.​ 1. Decreased Payroll Tax Revenues Social Security is primarily funded through payroll taxes collected from current workers and their employers. During a recession, unemployment rates typically rise, leading to a reduction in the number of individuals contributing to the system. For instance, during the subprime mortgage crisis of 2008–2010, increased unemployment significantly reduced payroll tax income ...