Forget a 1.3% COLA! Two lawmakers want to more than double next year's pay raise for Social Security beneficiaries.
The Social Security Administration on Tuesday announced a 1.3% cost of living adjustment for 2021, which will increase checks for the program’s 64 million beneficiaries by just a few hundred dollars per year.
Most of us are familiar with Social Security. It's a program we all pay into during our working years and collect from in retirement. Those benefits are often crucial in helping retirees stay afloat, especially those without a whole lot of savings. But Social Security is by no means designed to sustain seniors in the absence of outside income, and relying on those benefits too heavily could set you up for financial ruin during retirement.
Some Social Security recipients say they're still waiting for their stimulus checks, even though the Social Security Administration has said many of them should have begun receiving their payments a month ago in mid-April. Some also continue to struggle with getting information from the IRS "Get My Payment" site, leaving them unsure when the checks will arrive.
The Washington Post reported that senior economic officials at the White House are exploring a polarizing proposal by conservative scholars at the right-leaning American Enterprise Institute and Hoover Institution. The scholars, Andrew Biggs (a Forbes contributor) and Joshua Rauh, had published an opinion piece in The Hill outlining their plan, which would provide cash to households, but not in the form of a direct stimulus payment. Instead, the two argue that Congress should offer voluntary loan checks of up to $5,000 - the actual amount is up for debate - in exchange for a delay in receiving their Social Security benefits in retirement by up to three months.
Those waiting for payments will soon see them in their bank accounts and mailboxes.
Did you know that you may be able to receive benefits on your spouse’s record if you have not worked or do not have enough Social Security credits to qualify for your own Social Security benefits?
Supplemental Security Income recipients with eligible children need to act by May 5 to receive their economic impact payment this year.
The Internal Revenue Service (IRS) has confirmed that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments (that's the official name, although most taxpayers refer to them as stimulus checks).
AARP is urging the IRS to change guidelines so Supplemental Security Income (SSI) benefit recipients can receive stimulus payments under the CARES Act.
From what beneficiaries will be paid to what workers could owe in payroll tax, big changes are on the way for America's top social program.
When life throws you a curveball, saving for retirement Opens a New Window. becomes a more challenging goal for Americans.
Millennials take note: The key to retiring on time is starting to save money early. Follow this advice from experts
Retire in Arizona? Boomers in search of a place to land with nicer weather and lower taxes should look to the Southwest.
Minnesota is among a minority of states — just 13 — that impose a state-level tax on Social Security benefits. Why does Minnesota do that? The answer can be traced back to the overall design of our state's income tax system.
The importance of Social Security Opens a New Window. in relation to the financial well-being of our nation's retired Opens a New Window. workforce simply can't be overstated.
We all make mistakes, and many of them hurt us in one way or another. A 2013 CareerBuilder survey found that 58% of resumes were dismissed by companies because of typos. Many people use fabric softener in all our loads of laundry, too, when it leaves a coating on fabric that reduces the absorbency of towels.
The average Social Security benefit for all workers in 2018 is just $1,404 monthly, or $16,848 yearly.
For married couples, claiming benefits "is a household decision, not an individual decision," says Paula McMillan, a certified financial planner in Greensboro,
Calls from scammers impersonating Social Security Administration officials ballooned in 2018, and panicked victims have already lost $10 million.