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A shakeup is coming to Social Security. See what's in store for 2025.

These 3 Social Security Changes Are Coming in January. Prepare Yourself Now.

Social Security benefits are set to receive a cost-of-living adjustment (COLA) in 2025, but the increase may not be enough to address the financial concerns of many retirees. The COLA is projected to be around 2.6%, which is below the 10-year average of 2.75% and the smallest raise since 2021. This adjustment comes at a time when retirees are already facing significant challenges.

social security COLA raises concerns for retirees

A Social Security spousal rule that has been around for decades officially ends this year for everyone except those who turned 70 on Jan. 1, 2024. The rule allows recipients to switch between their benefits and their spouses to receive the maximum amount. But unless you were born before Jan. 1, 1954, you won’t be able to take advantage.

This Social Security Spousal Rule Is Officially Finished in 2024 — But These 3 Strategies Remain

Most investors will need to arrange for other sources of retirement income beyond what Social Security provides. Working longer and earning more money may push your future benefits above the average. By itself, it's probably not going to be enough income for most retirees. Do you know how much you'll...

This Is the Average Social Security Benefit at Age 67

The first round of August's Social Security checks went out last week and the next three are on the way. The time between the first and second payments is more than a week apart, and we'll let you know exactly when you can expect yours. If you're still waiting on your check from July, check out why it may not have arrived and what you can do about it.

Social Security Payment August 2024: Will You Get a Check This Week?

Claiming Social Security at 62 can allow you to maximize your household benefits if you coordinate with your spouse. Since Social Security is designed to ensure you get the same lifetime benefits regardless of claiming age, starting checks as soon as possible may not have a big downside. Claiming Social...

3 Unexpected Reasons 62 Is the Best Age to Claim Social Security

Social Security benefits are on pace to get a below-average cost-of-living adjustment (COLA) in 2025

Social Security Benefits Get a Cost-of-Living Adjustment (COLA) in 2025. But There Is a Big Problem for Retirees.

WashingtonExaminer

Millions of retirees can expect to see their August Social Security payments, worth up to $4,873, in eight days. The amount of Social Security benefits retirees receive depends on the age at which they retire, the number of years they paid into the system, and the amount of money they paid to Social Security.  Highest-income […]

Social Security update: First round of August payments worth $4,873 to go out in eight days

Spouses and ex-spouses generally must meet a length-of-marriage requirement before they become eligible for Social Security. Your maximum spousal benefit is half your partner's benefit at their full retirement age (FRA). The Social Security Administration automatically gives you the larger of your own retirement benefit or your spousal benefit. Spousal...

Do You Qualify for Spousal Social Security Benefits? 3 Things to Know Before Applying

Retirement Daily

Learn the impact of early vs. delayed benefits and pick the best option for your retirement goals.

Age 62, 67, or 70? Demystifying Social Security Claiming Ages

Raising the retirement age for Social Security even by just a year or two would result in significant reductions in payments for most Americans, a new analysis shows. Under the current Social Security system, the full retirement age is 67, but people can claim benefits as early as age 62 or as late as age 70. If you wait to collect Social Security, your monthly payments will be larger: Claiming at 62 means a 30% penalty, and waiting until 70 means a 24% bonus.

Raising Social Security Retirement Age ‘Would Cut Benefits by Thousands’: Analysis

24/7 Wall St.

The Big Things Everyone ForgetsDoug and Lee discuss the importance of considering health and longevity when deciding when to take Social Security benefits. They also highlight the significance of spousal benefits and the role of financial planning in ensuring a comfortable retirement.Don’t Sleep On Other IncomeBeyond making sure spousal benefits are set up correctly and […]
The post The Two Social Security Questions Everyone Forgets to Ask appeared first on 24/7 Wall St..

The Two Social Security Questions Everyone Forgets to Ask

NewsNation

Your retirement age can have a major impact on your monthly Social Security check. Here's what to consider.

When is the best age to take Social Security?

Colorado State

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David Heitz

A bill quietly introduced this spring in the Colorado legislature to decriminalize the possession of drug paraphernalia obtained by harm reductionists has become law. As low-key as the legislation was introduced, the bill was signed into law without fanfare June 6. It garnered little to no media attention.

Colorado legalizes needles, pipes for meth and crack if obtained by harm reduction group

The idea of a larger monthly benefit is nice. But I think filing earlier might be a better choice for me.

I Used to Think I'd Claim Social Security at 70. Here's Why I Now Think That's a Mistake.

Social Security's cost-of-living adjustment (COLA) -- the most-anticipated reveal of the year -- will be announced in October. Various estimates suggest Social Security's 2025 COLA will make history, one way or another. Retirees should prepare to be shafted, once again, by Social Security's COLA. Even though Social Security's cost-of-living adjustment...

Here's How Much Social Security's History-Making 2025 Cost-of-Living Adjustment (COLA) Is Expected to Increase Monthly Benefits

I started receiving Social Security benefits early at age 62. Back then, full retirement age was 65. At what age will I not be penalized for additional income?. If you’re still working while receiving Social Security benefits, your earnings can affect the amount you receive in benefits up until your full retirement age (FRA). That age is based on when you were born, because it’s been increased over the years as life expectancy and funding for the program have changed.

Dear Penny: I Started Getting Social Security Early. When Will I Get Full Benefits?

Polk County, FL

Fort Meade, FL

Uncovering Florida

The Polk County Sheriff's Office has made an arrest after conducting an investigation into a case of credit card fraud involving 28-year-old Burger King employee, Kellyn Miley. The incident was discussed in detail during this morning's briefing with Sheriff Grady Judd.

Burger King Employee Caught Using Customer's Credit Card for Food at Former Job

Don't clam Social Security if you don't know your full retirement age, how much your benefit will be, and the tax rules for your benefits.

3 Things You Must Know Before You Claim Social Security

Chicago, IL

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Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

NewsBreak

Should a Housewife Get Paid for Social Security Purposes?

People frequently write to me with an idea to change Social Security law in some way that they think is clever and unique. But I usually...

Should a Housewife Get Paid for Social Security Purposes?

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