Social Security

Social Security plays a critical role in retirement planning for many Americans. According to a Northwestern Mutual Report, the average American anticipates Social Security will cover 28% of their retirement income – the same proportion as retirement savings and more than personal savings, which...

Life expectancy worldwide is climbing and as this happens, governments throughout the globe are reevaluating retirement ages. New retirement ages have significant impacts on workers, particularly in countries like the United States, where changes in retirement systems place more responsibility on...

Millions of retired public employees will now receive higher Social Security payments. President Joe Biden signed the Social Security Fairness Act into law on January 5. The new legislation addresses reductions caused by two long-standing provisions – the Windfall Elimination Provision (WEP) and...

Social Security beneficiaries will see a 2.5% Cost-of-Living Adjustment (COLA) for the monthly benefit checks in 2025. In January, the average rises about $50 with the COLA. For many of the 72.5 million Americans who rely on Social Security, this modest increase may provide slight relief against...

If you’re planning for retirement, it’s important to stay updated on Social Security changes that could impact your benefits in 2025. These updates include adjustments to the cost-of-living allowance (COLA), maximum taxable earnings, full retirement age (FRA) and earnings limits. Here...

On Dec. 21, the U.S. Senate passed the Social Security Fairness Act, a bipartisan bill to eliminate reductions in social security benefits for millions of Americans. With a vote of 76-20, the bill now heads to President Joe Biden's desk for final approval. This marks a significant milestone for...

Suze Orman, financial expert and host of the Women & Money podcast, recently raised concerns about the potential impact of artificial intelligence (AI) on the Social Security system. Speaking on her podcast, Orman acknowledged the growing anxiety among her listeners – many of whom are already...

Social Security has always been a hot topic, especially as retirement looms closer for millions of Americans. Add headlines about the program potentially running out of money, and it's no wonder people start to panic.  But in a 2021 blog post, financial expert Suze Orman tackled these fears...

On Nov. 12, the U.S. House of Representatives passed the Social Security Fairness Act, a bipartisan bill set in motion to eliminate two long-standing provisions that currently reduce Social Security benefits for public sector employees.  The legislation was first introduced in 2023 and will...

Regarding Social Security, there's a little-known rule that can greatly impact your monthly benefits: your payments are calculated based on your 35 highest-earning years. If you haven't worked a full 35 years, those missing years are counted as zeros, which can reduce your average and significantly...

Americans receiving Social Security payments may see less of an increase next year, according to a nonprofit group that represents senior citizens. The Social Security Administration is poised to announce its yearly cost of living adjustment (COLA) for payments to 71 million Americans in the middle...

Douglas Holtz-Eakin, president of the American Action Forum, voiced his concerns about the U.S. spending problem on CNBC’s “Squawk Box” on Tuesday, stating that neither presidential candidate is willing to tackle the issue. What Happened: Holtz-Eakin discussed Kamala Harris...

Donald Trump‘s plan to eliminate taxes on Social Security benefits has raised concerns among certain think tanks. They warn that such a move could potentially shorten the lifespan of Social Security and Medicare programs, contradicting Trump’s campaign promise to shield these programs...

Renowned economist and Ford School professor Justin Wolfers criticized a proposal by former President Donald Trump to eliminate taxes on Social Security for seniors. Wolfers suggested that increasing Social Security benefits would be more beneficial for all seniors, not just the wealthy. What...

The battle between Donald Trump and President Joe Biden is heating up with six months to go until the 2024 presidential election. In a recent speech, Biden attacked Trump's comments on making cuts and offered up a suggestion of his own to what could be cut. What Happened: Election polls and betting...