Social Security is a crucial program in the U.S., providing financial support to retirees, disabled individuals, and survivors of deceased workers. The issue of Social Security cuts can be quite contentious and complex. Here’s a broad overview: Current Situation: Social Security is funded through payroll taxes, and it’s designed to provide benefits to retirees and … Read more
The Social Security spousal benefit is a provision that allows one spouse to receive benefits based on the work record of the other spouse. Here’s a detailed look at the spousal rules under Social Security: Eligibility Marital Status: You must be legally married to your spouse. In some cases, divorced spouses may also be eligible … Read more
Predicting the exact Social Security Cost-of-Living Adjustment (COLA) for 2025 involves a lot of variables and uncertainties, as it depends on inflation rates and other economic factors. The COLA is typically based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation and changes in the cost of living. … Read more
If you’re referring to a specific recent change to Social Security rules, here are a few notable updates from recent years: Increase in the Full Retirement Age (FRA): For those born in 1960 or later, the FRA is 67. This has been gradually increasing from 65 in the past decades. Cost-of-Living Adjustment (COLA): Social Security … Read more
Social Security is a crucial part of retirement planning for many Americans, but there are several common mistakes recipients can make that might impact their benefits. Here are ten common mistakes: Claiming Benefits Too Early: Claiming Social Security benefits before your full retirement age (FRA) results in a reduced monthly benefit. For many people, waiting … Read more