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Washington lawmakers are scrambling to pass a spending bill before an Oct. 1 deadline. For retirees who rely on Social Security and Medicare, the good news is those programs will mostly be unaffected because they are considered mandatory spending. "Checks will continue to go out," Bill Sweeney, senior vice president of government affairs at AARP, said of Social Security benefits. "Most seniors should be fine, both on the Medicare side and on the Social Security side," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. If a shutdown happens this time around, it may be brief, according to Bill Hoagland, senior vice president at the Bipartisan Policy Center.
Persons: Bill Sweeney, Maria Freese, Freese, Bill Hoagland Organizations: U.S . Capitol, Social Security, AARP, Finance, National Committee, Preserve Social Security, Center Locations: Washington ,, Washington
Courtney Keating | E+ | Getty ImagesWhile scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. The Social Security Administration is working with OIG to take appropriate steps to combat fraud, an agency spokesman said. "The agency has techniques to identify and react to suspicious bad actors," said Social Security Administration spokesman Mark Hinkle. "We look forward to continuing to work with the OIG on the evolution of AI and courses of action regarding AI fraud." Other steps can also help protect your personal financial information and Social Security beneficiaries' monthly income, according to Talcove.
Persons: Courtney Keating, Joe Biden, Kathy Stokes, Stokes, A.I, Gail Ennis, Ennis, Haywood Talcove, Talcove, OIG, Mark Hinkle, Maria Freese, Freese, Boonchai, AARP's Stokes, It's Organizations: Social, Watch, Finance, Big, Social Security, Social Security Administration Office, LexisNexis, Social Security Administration, Solutions, Security, National Committee, Preserve Social Security, Getty Locations: Ennis
Amid a stalemate on federal debt ceiling negotiations, some government officials are warning the Social Security checks sent to more than 65 million beneficiaries each month could be at risk. On Sunday, Senate Majority Leader Chuck Schumer, D-N.Y., warned a "Social Security shutdown" could happen if the U.S. defaults on its debt. The debt ceiling is the maximum amount of money the U.S. government can borrow. The pressure is on Congress to raise or suspend the debt limit before the emergency funding runs out. "Part of the challenge here is that this is unprecedented," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare.
But that should not include cuts to Social Security and Medicare benefits, he said. "I've got 60% of my population that that's all they have is Medicare and Social Security," Manchin told NBC's "Meet the Press" on Sunday. How raising payroll tax cap could aid Social SecurityIn 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security. Other Democrats have also proposed raising payroll taxes to help shore up Social Security. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62?
Monkeybusinessimages | Istock | Getty ImagesMillions of Americans may receive reduced Social Security benefits if they worked in public roles as teachers, firefighters, police or government workers. "There just aren't that many legislative days left," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. Why public servants encounter reduced Social SecurityThe Social Security Fairness Act calls for repealing two titles of the Social Security Act that reduce or eliminate benefits for Americans who work in public service — the Windfall Elimination Provision and the Government Pension Offset. The Social Security Fairness Act would fully repeal both rules, thus making benefits more generous for those affected. 82 would need offsets not to have a huge financial impact on the Social Security trust funds, and it doesn't provide that," Sprick said.
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