The Social Security Fairness Act will boost benefits for 3.2M public workers once the agency can plow past multiple roadblocks. Here's what you need to know.
The first round of February’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, will go out to the first group of retirees in 13 days. Here is all you need to know about next month’s Social Security payments, which go out in three rounds.
It took 40 years for Congress to pass a law to boost Social Security for public workers. Now, SSA says they must wait at least a year for the money.
Callers to the SSA hear a message about the Social Security Fairness Act, intended to reduce long and frustrating wait times for those seeking information on the new law. However, more than 7,000 people per day still choose to wait for a live representative, leading to a backlog that is expected to grow in the coming weeks and months.
The Social Security Fairness Act increased benefits to millions more retirees, including some who never claimed them.
An important footnote in the memo calling for a federal funding freeze exempted Social Security. The White House subsequently walked back the freeze after a federal judge issued a temporary restraining order.
Those who are unable to work in retirement may be eligible for other government benefits, depending on their income. Supplemental Security Income (SSI) is for the blind and disabled as well as low-income seniors. It provides a monthly check worth up to $967 per month for a qualifying individual or $1,450 per month for a qualifying couple.
Related: Suze Orman warns Social Security recipients of a looming threat. Substantial contributions to employer-matching 401(k)s and investments in tax-advantaged IRAs are also ef
There’s a rumor circulating that Social Security is headed toward bankruptcy. And thankfully, that rumor isn’t true. Social Security can’t completely go bankrupt because it gets funded by payroll taxes.
The maximum monthly SSI benefit for 2025 is $967 for an individual and $1,450 for a couple, compared to $943 and $1,415, respectively, in 2024. The increase resulted from a 3.2% Cost of Living Adjustment that started at the first of the year.
Unclear if sweeping executive order will affect Medicaid and other federal assistance programs for older Americans.