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Top related persons:
Kathleen Romig - 3 ” - 1 Mark Hamrick - 1 Hamrick - 1 Charles Schwab - 1 it's - 1 Valerie Macon - 1 Tom Grill - 1
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Burbank , California Ohio Dama
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Social Security - 3 Budget - 3 Social - 2 Social Security Administration - 2 Bureau of Labor Statistics Consumer - 1 Bureau of Labor Statistics ’ - 1 “ - 1 Boomers - 1

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8 mentions found


☆ What to Know About the Social Security Cost-Of-Living Adjustment
  + stars: | 2023-10-12 | by ( Associated Press | Oct. | At P.M. | ) www.usnews.com   time to read: +4 min
NEW YORK (AP) — Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments. Here's what to keep in mind:Political Cartoons View All 1209 ImagesHOW DOES SOCIAL SECURITY WORK? The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The short answer is that taxes fund Social Security. While the money is used to pay people currently receiving benefits, any unused money goes to the Social Security trust fund.
Persons: Kathleen Romig, ”, Mark Hamrick, Hamrick, Charles Schwab Organizations: Social, Bureau of Labor Statistics Consumer, Social Security, Budget, Bureau of Labor Statistics ’, “, Boomers, Associated Press, Charles, Charles Schwab Foundation, Inc, AP
☆ Social Security won't run out, but your check might not be what you're expecting. Here's why
  + stars: | 2023-07-13 | by ( Emily Lorsch | In | Elorsch | ) www.cnbc.com   time to read: +1 min
Social Security has likely touched your life or the life of someone you know. While you're working, a chunk of your paycheck goes toward Social Security. In 2023, nearly 70 million Americans will receive a Social Security benefit every month. The Social Security Board of Trustees projected in its annual report that the combined asset reserves of the Social Security trust funds will become depleted in 2034, one year sooner than previously projected. A woman stands outside a U.S. Social Security Administration building in Burbank, California, Nov. 5, 2020.
Persons: it's, Kathleen Romig, Valerie Macon Organizations: Security, Social Security, Budget, Social, Social Security Administration, AFP, Getty Locations: Burbank , California
☆ This safety net for the elderly and disabled comes with strict rules on savings. That may change
  + stars: | 2023-06-30 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
Today, those thresholds are just one-sixth of their 1972 value, the Center on Budget and Policy Priorities notes, and their worth declines further each year with inflation. How SSI's asset limits may be raisedIn new research, the Center on Budget and Policy Priorities considers the effects of raising or eliminating the asset limits SSI has for beneficiaries. That $100,000 threshold would be in line with the amount eligible SSI beneficiaries are currently allowed to hold penalty-free in ABLE accounts, tax advantaged savings programs for people with disabilities. Another change — excluding the consideration of retirement accounts — could also help bolster SSI program eligibility. Eliminating the asset test entirely would raise participation in the program by 6%, the nonpartisan research and policy institute found.
Persons: Tom Grill, Kathleen Romig, Romig, Sen, Sherrod Brown, Rob Portman, Portman, Brown, —, Kristen Dama Organizations: Center, Budget, Finance, GOP, Social Security, Sherrod Brown Democratic, Democrat, Republican, Community Legal Services of Philadelphia, Social Security Administration Locations: Ohio, Dama
☆ Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then
  + stars: | 2023-05-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. Social Security, Medicaid, and SNAP could be among the first programs to go unpaid. At the top of the list are Social Security, Medicare, Medicaid, and SNAP, along with Supplemental Security Income (SSI) payments — all programs that retirees heavily rely upon. Social Security is the biggest federal program, with over 67 million Americans relying on payments. So even if it is possible to prioritize Social Security benefits, we can't insulate Social Security beneficiaries from some serious harm."
☆ Insolvency is on the horizon for Social Security, Medicare funds, expert says. These changes may help
  + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
The research finds 37.8% of adults 65 and over would have incomes below the official poverty line without Social Security benefits. With Social Security benefits, 9% of older adults have incomes below the poverty line. But reducing poverty through and outside of Social Security beyond a sliding scale minimum benefit may be a better approach, she said. Moreover, the maximum Social Security retirement benefit is two to three times higher than what countries like the United Kingdom, Canada or Australia pay. "We're going way, way beyond a pure safety net program," Biggs said.
☆ As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table
  + stars: | 2023-03-04 | by ( Lorie Konish | ) www.cnbc.com   time to read: +5 min
A recent Congressional Budget Office report projected Social Security's combined funds may run out in 2033, two years sooner than the Social Security actuaries estimated last year. Raising retirement age may be a 20% benefit cutThe Social Security full retirement age is gradually changing to 67, based on changes enacted in 1983. Lawmakers are considering raising the full retirement age again to age 70. Current beneficiaries and near retirees would likely be spared from any retirement age changes. Warren and Sanders are calling for reapplying the Social Security payroll tax to income over $250,000, while also taxing certain business and investment income at 12.4%.
☆ Will I lose my SSI if I buy a house?
  + stars: | 2023-03-01 | by ( Molly Grace | Mortgage Reporter | Read More | ) www.businessinsider.com   time to read: +7 min
Individuals who receive monthly SSI benefits are subject to income and asset resources set by the Social Security Administration. Those receiving SSI may worry that buying a house will make them ineligible for benefits, since SSI limits how much recipients can have in assets. So, SSI recipients can buy a house on SSI without losing their benefits. SSI benefits are capped at $914 per month for an individual and $1,371 for married couples who both receive SSI. Mortgages, programs, and other resources that can help SSI recipients purchase a homePreparing for a home purchase without losing your SSI benefits is typically very challenging.
☆ Congress’ lame duck session leaves 'unfinished business' on issues that address Americans' everyday financial needs
  + stars: | 2022-12-23 | by ( Lorie Konish | ) www.cnbc.com   time to read: +5 min
Sarah Silbiger | Bloomberg | Getty ImagesChild tax credit enhancementA year ago last December, millions of families received their last monthly child tax credit checks. Legislation to help parents cope with the effects of the Covid-19 pandemic made the child tax credit more generous for the 2021 calendar year. The maximum child tax credit sums went up from $2,000 per child to $3,600 per child under age 6 and $3,000 per child ages 6 through 17. On the bright side, the same compromise to re-up the child tax credit alongside corporate tax breaks may come up again in 2023, he said. Some lawmakers have insisted the child tax credit gets included in any new tax legislation.
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