Social Security

The Social Security Cost-of-Living Adjustment (COLA) for 2026 is expected to be the lowest in five years, raising concerns for millions of retirees, especially Baby Boomer homeowners who rely heavily on these benefits to manage their household expenses. According to early projections, the COLA increase for 2026 will hover around 2.4%, significantly lower than the 8.7% boost seniors received in 2023. This adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) and reflects a cooling inflation rate compared to the sharp rise seen in recent years. The Social Security Administration (SSA) typically announces the official COLA in October, after analyzing inflation data from the third quarter. The COLA is designed to help Social Security recipien...

In recent years, the average retirement age in the United States has been steadily increasing. More Americans are working past the traditional retirement milestone of 65, and many are choosing—or feeling forced—to extend their careers well into their late 60s and beyond. But why is this happening? The answer is a mix of economic realities, changing government policies, and evolving social attitudes toward work and retirement. Financial Necessity Is Driving Many to Work Longer A major reason more Americans are working longer is simple: money. Many people nearing retirement find their savings insufficient to cover the rising costs of daily living and healthcare. According to the U.S. Bureau of Labor Statistics, over 11 million Americans aged 65 and older were either working or looking ...

Social Security is a vital government program in the United States designed to provide financial support to retirees, disabled individuals, and their families. It acts as a safety net for millions of Americans, helping them maintain financial stability when they are no longer working or face certain life challenges. In this article, we will explain what Social Security is, who qualifies, the types of benefits available, and how retirement age affects the payments. What is Social Security? Social Security is a federal program managed by the Social Security Administration (SSA). It is primarily funded by payroll taxes collected from workers and employers. The program offers monthly payments to eligible individuals based on their earnings history. These benefits help millions of people ...

Social Security benefits are essential for millions of retirees, but the process of receiving these payments is not as automatic as many people believe. By May 2025, the Social Security Administration (SSA) will require all eligible recipients to meet certain criteria to continue receiving their monthly checks. It's important to stay informed about these requirements, as failure to meet them could result in delays or even the suspension of benefits. In this article, we will break down the updated Social Security requirements for 2025, making it clear who qualifies, when to apply, and what steps to take to avoid any issues with your payments. 1. The Importance of Work Credits The first and most fundamental requirement for receiving Social Security benefits is work credits. The ...

The Cost of Living Adjustment (COLA) is a key tool used by the Social Security Administration (SSA) to help retirees keep pace with the rising costs of living. Each year, the COLA is adjusted based on inflation data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This adjustment ensures that retirees’ benefits reflect the economic realities of their everyday expenses, from groceries to healthcare, helping them maintain their purchasing power despite inflation. How COLA Works? The process behind the COLA is fairly straightforward but vital for retirees. The SSA calculates the adjustment by examining the CPI-W, which tracks the prices of a basket of goods and services that a typical urban worker would purchase. The CPI-W is a valuable indicato...

The Social Security Administration (SSA) is under increased scrutiny after it was revealed that thousands of beneficiaries are owed money due to calculation errors. These errors have led to significant financial losses for many, especially for those who were impacted by the elimination of certain provisions under the Social Security Fairness Act. The fallout has sparked public outcry and bipartisan action as lawmakers urge the SSA to ensure beneficiaries receive the full retroactive payments they are entitled to. The Social Security Fairness Act: A Key Shift for Public Employees and Their Spouses In January 2025, the Social Security Fairness Act was signed into law, bringing about important changes that aim to rectify long-standing inequities in the Social Security system. ...

The Social Security Administration (SSA) plays a critical role in supporting millions of Americans by providing financial assistance through retirement benefits, Social Security Disability Insurance (SSDI), and Supplemental Security Income (SSI). Each year, the SSA makes Cost of Living Adjustments (COLA) to these payments to help beneficiaries keep up with inflation. COLAs are vital because they help beneficiaries maintain their purchasing power in the face of rising living costs. The Senior Citizens League (TSCL), an organization dedicated to monitoring Social Security benefits, has recently projected that the COLA for 2026 will be 2.3%. This is a slight increase from the previous estimate of 2.2%. While this increase is a positive development for recipients, many are concerned...

Social Security benefits are a crucial financial lifeline for many Americans, particularly retirees, individuals with disabilities, and others who depend on them for everyday living. However, losing these benefits, whether temporarily or permanently, can have serious consequences. There are several common reasons why people may lose their Social Security benefits, and understanding these reasons can help you avoid such disruptions. In this article, we will discuss the primary causes of losing Social Security benefits and how to resolve them quickly. 1. Changes in Immigration Status One of the most common reasons for a loss of Social Security benefits is a change in immigration status. Social Security benefits are closely tied to legal residency and citizenship status in the U...

The Social Security Administration (SSA) in the United States is thinking about a major change — increasing the full retirement age. This proposal is a part of their broader plan to ensure that Social Security benefits continue to be available for future generations. As people are now living longer than before, the SSA wants to adjust the system to match this new reality. Currently, the full retirement age for most Americans is between 66 and 67 years, depending on their birth year. But now, the SSA is studying whether this age should be raised gradually to 68 or even 70 in the coming years. This potential change is being discussed seriously in 2025, as the SSA looks at ways to make Social Security financially strong for the long term. Why Is the Retirement Age Being Reconside...

The question you have raised about your wife, who is receiving a pension but has never paid into Social Security, is an important one and worth exploring, especially in light of the new Social Security Fairness Act. You’re wondering whether this new legislation would make her eligible for Social Security spousal benefits now that the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) have been repealed. Here’s the key point to remember: for your wife to claim spousal benefits, she must wait until you begin claiming your Social Security benefits. According to the Social Security Administration, she cannot claim them independently. The Social Security Fairness Act, signed into law by former President Joe Biden, repeals provisions that previously limited o...