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Social Security

All articles tagged with #social security

economy19 hours ago•4 min saved

SSA sets Oct. 14 for 2027 COLA announcement, with a projected 3.4%

The Social Security Administration will announce the 2027 cost‑of‑living adjustment on Oct. 14, with a rolling estimate around 3.4%—above the historical average but not enough to fully offset rising costs. The final COLA depends on July–September CPI‑W data. Open Enrollment for Medicare runs Oct. 15–Dec. 7, and changes include the end of the Part D Premium Stabilization Program on Jan. 1, 2027, potentially raising drug costs. Analysts warn that, without policy action, the Social Security trust fund could face insolvency by 2032, risking future benefit cuts.

via USA Today|

#cola-2027 #cpi-w #economy

money1 day ago•12 min saved

August 26 Social Security payments: who’s in line this week

The August 26 Social Security payments go out this week; beneficiaries born between the 21st and month-end receive on Aug. 26, with the standard Wednesday schedule depending on birthdate. SSI recipients typically get payments on the first business day of the month (August’s SSI was issued July 31 since the 1st fell on a Saturday); remaining 2026 SSI dates are Sept. 1, Oct. 1, Oct. 30, Dec. 1, and Dec. 31. The piece also notes an expected Social Security funding shortfall by 2032 and policy ideas, including capping annual benefits at $100,000, to shore up the trust fund.

via USA Today|

#government-policy #money #retirement-pension

economy2 days ago•8 min saved

70 and Raising a Grandson: A Life of Care That Delays Retirement

Ruth Olinger, 70, is raising her seven-year-old grandson Atlas in Lakeland, Florida, and says retirement isn’t feasible after paying for daycare and other costs. With about $1,500/month in Social Security and expenses like $10,400/year for daycare, $4,500/year in property tax, and $3,800/year for homeowners insurance, she plans to keep working to support Atlas and help him become independent, drawing on decades of fostering children and mission work.

via Business Insider|

#budgeting #caregiving #economy

personal-finance3 days ago•5 min saved

Rethinking 62: Is Early Social Security Worth It?

The article weighs Dave Ramsey’s caution that taking Social Security at 62 and investing the checks may outperform waiting, against the guaranteed, inflation-adjusted increases from delaying benefits. It explains the break-even point—roughly age 80–82 per AARP data—where waiting surpasses early claiming in lifetime value, notes the risk of stock-market volatility, and highlights the impact on survivor benefits and the earnings test if you work before FRA. Bottom line: there’s no one-size-fits-all rule; plug your numbers into the Social Security site to tailor the decision based on health, cash needs, and life expectancy.

via AOL.com|

#break-even #investing #personal-finance

economy3 days ago•28 min saved

High earners could see caps on Social Security COLAs to shore up solvency

A bipartisan CRFB white paper proposes capping annual Social Security cost‑of‑living adjustments for the wealthiest beneficiaries to improve long‑term solvency. If adopted, the cap would anchor around the 75th percentile of benefits, meaning the top quartile (and especially the top 5%) would receive smaller COLAs in coming years, while lower earners continue to get full increases. The change would not fix the program by itself and is just a proposal; funds are projected to run short in the 2030s unless Congress acts, and lawmakers are weighing a range of ideas to close the funding gap.

via Yahoo Finance|

#cap-proposal #cola #crfb

national6 days ago•11 min saved

Debt surge could hit family budgets, student loans, and retirees

With the national debt nearing $40 trillion, economists warn persistent deficits will raise borrowing costs and affect everyday finances: higher student-loan payments, pricier mortgages, and potential Social Security cuts unless policy changes occur. The Conference Board’s analysis notes a 2028 incoming student with a $45,000 loan could owe about $279,000 (or roughly $466,000 in extreme rate conditions); a $600,000 home with 20% down could total around $2.89 million (rising to about $3.64 million in a shock scenario); and Social Security insolvency could occur by 2032 unless taxes rise or deficits shrink. Small-business lending would also face higher costs, and lawmakers have largely stalled on decisive action.

via The Center Square|

#deficits #mortgages #national

money8 days ago•12 min saved

SSA Aug. 19 Pay Day: Who Will See Their Social Security Benefit This Week

Millions of Social Security recipients will receive August benefits this week, with payments going out on Wednesday, Aug. 19 for those born on the 11th–20th of any month. Generally, birth-date-based timing puts 1st–10th on the 2nd Wednesday, 11th–20th on the 3rd Wednesday, and 21st–31st on the 4th Wednesday each month; SSI is usually paid on the first, though August’s dates were affected by weekends. The article also outlines the rest of 2026’s payment calendar and notes long-term funding concerns for the program’s solvency around 2032.

via usatoday.com|

#money #note-additional-tags-may-vary #retirement-and-pension

personal-finance8 days ago•6 min saved

Couples Need About $1.16 Million to Retire, Varying by State Costs

Investopedia finds the typical 65+ couple needs about $1.16 million to retire comfortably, with state costs ranging from roughly $800k to about $1.33M. Housing costs drive about 27% of retirement expenses, and two Social Security checks cover roughly 45% of spending, reducing the nest egg needs for dual-earner couples to about $916k and for single-earner couples to about $1.21M. The analysis uses 2024 federal data and the 4% withdrawal rule, excluding retirement-income taxes and long-term-care costs from the model.

via AOL.com|

#housing-costs #nest-egg #personal-finance

retirement-issues9 days ago•14 min saved

Trump-Influenced 2027 Social Security COLA Could Beat Medicare Premiums Again

The 2027 Social Security cost‑of‑living adjustment is expected to rise about 3.4%–3.6% (roughly 3.5% on average) per independent estimates, potentially making it the sixth‑largest COLA in 35 years. Importantly, this year’s COLA would likely outpace the projected increase in Medicare Part B premiums (about 3.25% to $209.50/month), marking the first time since 2023 that the COLA could exceed Part B growth. While the upraise would help restore purchasing power, it won’t fully recover decades of erosion caused by inflation and rising Part B costs. Inflation drivers cited include tariffs and, notably, the Iran conflict affecting oil prices. Still, a “silver lining” could help tens of millions of retirees retain more of their cost‑of‑living adjustment in 2027.

via Yahoo Finance|

#cola #inflation #medicare-part-b

politics9 days ago•5 min saved

Connecticut Primary Reframes Social Security Push

In Connecticut’s 1st District Democratic primary, Luke Bronin defeated incumbent John Larson, who has led the push to expand Social Security via the Social Security 2100 Act. The bill would boost benefits and extend solvency, financed by lifting the payroll tax cap and taxing higher earners. With the Social Security trust fund projected to run out around 2032, the election outcome could influence the next Congress’s approach to reform, as Bronin argues for broader movement and challenger Amy Chai presents alternative positions.

via CNBC|

#congress #connecticut #payroll-tax-cap

retirement12 days ago•29 min saved

2027 Social Security COLA seen at 3.2%–3.6%, likely boosting average checks

Analysts project a 2027 Social Security cost‑of‑living adjustment between 3.2% and 3.6%, which could add about $67 a month to the average retiree’s benefit (roughly $2,092/month). The official COLA will be announced in October and take effect in January. Inflation has cooled overall but remains pressured by healthcare and energy costs, and rising Medicare premiums can offset gains; the system’s long‑term solvency is a concern, with projections of insolvency by 2032 if reforms aren’t enacted. Debates also continue over CPI measures (CPI-W vs CPI-E) used to calculate COLA.

via MarketWatch|

#cola #inflation #retirement

retirement-benefits12 days ago•12 min saved

2027 Social Security COLA May Bring Bigger Boost for Retirees

New inflation data points to a 3.6% COLA for 2027, potentially adding about $75 to the average retiree’s monthly check; final COLA will be announced mid-October after September CPI data. AARP expects about 3.5%. Medicare Part B premiums could rise 3.5% to $209.50/month in 2027. Despite cooling CPI, seniors still face high costs in healthcare, housing, and utilities, and most rely on Social Security for a large share of income (about three-quarters for half of seniors, 44% for all).

via Yahoo Finance|

#cola #inflation #medicare

business13 days ago•2 min saved

Medicare costs push July U.S. deficit to five-year high

The U.S. July budget gap rose to $432.3 billion, the largest for a July since March 2021, as a surge in Medicare costs and ongoing debt financing pushed the year-to-date shortfall toward about $1.8 trillion, surpassing the pace of 2025. Medicare July outlays were $174 billion (totaling $955 billion for the year), with Social Security at $141 billion and net interest at $104 billion in July. Timing effects — including a $99 billion nonbusiness-day acceleration — and $33 billion in tariff refunds also boosted outlays. Through ten months, debt financing remains a major expense; the government has paid $1.17 trillion on a $39.9 trillion debt, about $931 billion in net interest year-to-date, with $32.1 trillion held by the public.

via CNBC|

#business #debt #deficit

policy13 days ago•4 min saved

SSA Expands Fast-Track Disability List With 14 Rare Conditions

The SSA adds 14 rare health conditions to its Compassionate Allowances list, bringing the total to 314 and speeding disability approvals. CAL, launched in 2008, has approved over 1.2 million people with severe disabilities. The new conditions include various syndromes and cancers. Eligibility for SSDI/SSI remains based on citizenship/alien status, age 65 or disability/blindness, and limited income/resources. The Health IT program can access medical records to speed decisions, and CAL criteria apply the same to SSDI and SSI.

via New York Post|

#compassionate-allowances #disability-benefits #eligibility

law-government13 days ago•11 min saved

SSA expands fast-track disability list with 14 new rare conditions

The Social Security Administration added 14 health conditions to its Compassionate Allowances fast-track disability list, bringing the total to 314 conditions; the program, launched in 2008, has approved over 1.2 million people and aims to speed up benefits for those with serious diagnoses.

via USA Today|

#compassionate-allowances #disability-benefits #health-conditions