Social Security benefits

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Social Security Could See Ample Cuts by 2032

Benefit reductions could double senior poverty rate, couples could lose $18K a year: CRFB

(Newser) - Dual-income couples could see their annual Social Security benefits slashed by $18,000 just seven years from now, according to a new analysis from the nonpartisan Committee for a Responsible Federal Budget. The findings released Thursday warn that by late 2032, benefits will drop 24% for retirees if Congress...

Social Security Walks Back Phone Verification Cuts

Agency delays policy change for most applicants, exempts others

(Newser) - The Social Security Administration has postponed a plan to cut phone services for Americans applying for benefits, while offering an olive branch to the most vulnerable. The administration's initial announcement that people filing claims would need to verify their identity online or in person starting Monday drew an uproar...

Lutnick: Only a 'Fraudster' Would Gripe Over Missing SS Payments

Billionaire Commerce chief scoffs at idea of seniors upset by skipped Social Security payment

(Newser) - A Trump Cabinet member has caused a ruckus with his remarks about Social Security, using one of his own family members in his narrative. As the GOP tries to assuage Americans' fears that benefits paid out by the Social Security Administration are on the chopping block, Commerce Secretary Howard Ludnick...

Social Security Administration Will Crack Down on ID Checks

Many will likely have to show up in-person to prove their identity

(Newser) - In an effort to limit fraudulent claims, the Social Security Administration will impose tighter identity-proofing measures—which will require millions of recipients and applicants to visit agency field offices rather than interact with the agency over the phone, the AP reports. Beginning March 31st, people will no longer be able...

Ex-Head of SSA Sees Imminent Social Security 'Collapse'

Martin O'Malley advises to 'start saving now,' predicts some checks may stop in next 30-90 days

(Newser) - The Social Security Administration hasn't missed sending out benefits checks in the more than 80 years that it's been doing so, but that may be about to change amid recent moves by Elon Musk's Department of Government Efficiency to slash spending at government agencies, according to a...

2.5M Americans to Get a Catch-Up Social Security Check

President Biden on Sunday signed the Social Security Fairness Act

(Newser) - President Biden on Sunday gave a financial boost to more than 2.5 million retired Americans—former teachers, firefighters, and police officers among them. CNBC reports he signed the Social Security Fairness Act, a piece of bipartisan legislation that repealed a pair of decades-old provisions that impacted public employees who...

Social Security's COLA Increase Is the Biggest in 40 Years

It's 8.7% for 2023, but some say that's not enough to keep up with seniors' reality

(Newser) - The Social Security Administration just announced the biggest cost of living adjustment in four decades in response to record high inflation. The annual inflation adjustment for 2023 is 8.7%, compared to 5.9% for 2022, meaning the country's 70 million Social Security beneficiaries will see a monthly increase...

Big COLA Announcement Expected Early Wednesday

Increase could be biggest in decades

(Newser) - Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation. Over the last 10...

Social Security Depletion Date Is Now a Year Closer

Feds say pandemic depleted trust funds

(Newser) - The pandemic has pushed Social Security closer to precarious financial territory, the government warned in a report released Tuesday. The annual report from the Social Security and Medicare trustees said that unless Congress takes action, Social Security will no longer be able to pay full benefits by 2034, CNN reports....

Warren's Social Security Plan Calls for a Raise

She wants people to get $200 more a month, and she wants the rich to pay for it

(Newser) - Elizabeth Warren is out with her latest policy proposal, and she's calling for those on Social Security to receive an extra $200 a month. In a post at Medium detailing the proposal, Warren says the increased benefits would be paid for by raising taxes on the wealthy. The plan...

SCOTUS Ruling Is Financial Win for Gay Couples, Too

It all has to do with Social Security benefits

(Newser) - Not only does today's Supreme Court ruling mean gay couples nationwide can marry—it also means they can add as much as $250,000 or more to their lifetime Social Security benefits, experts tell USA Today . That's because homosexual married couples can now take advantage of the same...

Medicare Fund to Last Longer Than Previously Thought

Medicare gets a 4-year boost—but disability benefits are disappearing more quickly

(Newser) - If you’ve been nervously eyeing your Social Security and Medicare updates, wondering if there will be anything left or whether a viable health program will exist by the time you punch your final timecard, Uncle Sam has (some) good news: Benefits funds for Medicare are expected to last for...

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