A potential increase in Social Security benefits would be a welcome change for the nearly 70 million Americans who rely on these payments for their monthly expenses. For many beneficiaries, Social Security is a financial lifeline, covering at least 50% of their living costs. A recent survey by the National Academy of Social Insurance found … Read more
Millions of Americans just scored a major financial win. Thanks to the Social Security Fairness Act, retirees who previously had their benefits reduced due to outdated provisions will now receive higher monthly payments. Signed into law by President Joe Biden on January 5, 2025, this new legislation eliminates the Windfall Elimination Provision (WEP) and Government … Read more
With a 5.2% increase in Social Security maximum taxable earnings, seniors and other beneficiaries can look forward to higher benefits. This government-mandated adjustment provides an opportunity for recipients to better plan their finances. Last year, the Cost-of-Living Adjustment (COLA) was 8.7%, and many retirees benefited significantly. As always, beneficiaries must pay taxes on their total … Read more
With the rising cost of living and growing financial uncertainty, the federal government of the United States is set to increase Social Security benefits in 2024. For nearly 40% of American households led by individuals aged 65 or older, these benefits constitute more than half of their income. The Social Security Administration (SSA) determines the … Read more
Many U.S. citizens are eagerly awaiting the $2,400 raise in benefits approved for 2024, particularly for SSI, SSDI, and VA recipients. This substantial increase aims to provide much-needed financial relief to seniors and other qualified individuals, especially during these economically challenging times. In this article, we’ll cut into the details of this new benefit, the … Read more