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☆ Social Security cost-of-living adjustment for 2025: Here's how benefits may change
▼ + stars: | 2024-10-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The Social Security cost-of-living adjustment, or COLA, could be 2.5% next year, Mary Johnson, an independent Social Security and Medicare analyst, predicted last month. The Social Security Administration is expected to announce the COLA for 2025 on Thursday. Social Security COLAs have averaged about 2.6% over the past 20 years, according to the Senior Citizens League. More from Personal Finance:House may force vote on bill affecting pensioners' Social Security benefitsWhy children miss out on Social Security survivor benefits72% of Americans worry Social Security will run out in their lifetimesCould the Social Security COLA estimate change? The official Social Security cost-of-living adjustment will factor in one more month of government inflation data when it is announced.

Persons: Mary Johnson, Joe Elsasser, Elsasser, Alicia Munnell, Johnson, Hurricane Helene Organizations: Social, Social Security, Social Security Administration, Senior Citizens League, Center for Retirement Research, Boston College, Finance, Urban, Clerical Workers

☆ Fixing Social Security funding woes requires addressing immigration 'fraud,' Vance said. Here's what experts say
▼ + stars: | 2024-10-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +12 min

Trump in March said on social media platform Truth Social that Democrats are "killing Social Security and Medicare by allowing the invasion of the migrants." The earnings suspense file is an electronic holding file for wage items where names and Social Security numbers on Form W-2s do not match the Social Security Administration's records, an agency spokesperson said via email. "Immigration, in general, has a very positive role," said Sam Gutterman, chairperson of the American Academy of Actuaries' Social Security committee. The Social Security Administration in an email explained that there are strict rules about who can legally receive benefits and Social Security numbers. "The Social Security Act does not permit payment of benefits to noncitizens residing in the U.S. if they're not lawfully present here," a Social Security spokesperson said.

Persons: Sen, JD Vance, Alex Wong, Donald Trump, Kamala Harris —, Vance, Harris, Tara Watson, Watson, Andrew Biggs, General, Jeffrey Brown, Brown, I've, " Biggs, Sam Gutterman, Renata Miller, they're, actuary, Stephen Goss, Goss Organizations: Radford University, Getty, Social Security, Medicare, Republican, Trump, CNBC, of Homeland, Brookings Institution, Immigration, Immigrants, American Academy of Actuaries, Taxation, Social, someone's Social, American Enterprise Institute, Social Security Administration, Social Security Administration Office, Finance, American Academy of Actuaries ' Social Security, Department of Health, Human Services, HHS, Department of Homeland, SSA Locations: Radford , Virginia, U.S, misdirection

☆ Social Security’s death benefit has been $255 since 1954. Some senators want to change that
▼ + stars: | 2024-09-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

When a Social Security beneficiary dies, their loved ones may qualify for a one-time $255 lump-sum death payment. Yet that amount has not changed in 70 years — since 1954 — while inflation has pushed the costs for funerals higher. On Wednesday, Sen. Peter Welch, D-Vt., introduced a new bill, the Social Security Survivor Benefits Equity Act, to raise the lump-sum death benefit to $2,900 to reflect today's cost of living. Under the terms of the bill, the higher $2,900 death benefit would go into effect in 2025. The proposal has been endorsed by advocacy organizations Social Security Works and the Strengthen Social Security Coalition.

Persons: Sen, Peter Welch, Bernie Sanders, Elizabeth Warren, Welch, haven't Organizations: Social, Social Security Survivor, Equity, Finance, Social Security, National, Consumer, Urban, Clerical Workers, Social Security Coalition Locations: Sens

☆ The Social Security curveballs making retirement even more confusing
▼ + stars: | 2024-09-24 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +10 min

The measures reduce Social Security benefits accrued during private-sector work to compensate for the state or local government pension benefits. The Social Security Administration reported the average monthly check as of July 2024 is about $1,783. Meanwhile, nearly half of WEP-affected Social Security beneficiaries had pensions above $3,000 a month in 2023. In her 20s, McLeod worked various part-time and lower-paying clerical roles, all of which paid into Social Security. "They said you get a good enough retirement from the state, so you'll be OK not getting all your Social Security."

Persons: —, Patrice Earnest, Earnest, Jane Roth, Roth, She's, she'd, it's, Karen Smith, Janis Hernandez, Critics, they've, we're, Louisiana Sen, Bill Cassidy, Republican who's, Anne McLeod, McLeod Organizations: Service, Social, Business, —, Social Security, GPO, Security, Workers, Urban Institute, Social Security Administration, Center, National Task Force, Force, Republican, Budget Locations: New Haven, Louisiana, New Orleans

☆ How a Gen Xer went from declaring bankruptcy at 30 to being on track to retire early in her 50s
▼ + stars: | 2024-06-22 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Dove didn't have much time to grieve, though. "I pushed back because I didn't think it was rewarding. I didn't think I would feel like I was contributing to society in a meaningful way as an investor," Dove said. Dove didn't want to work even more hours, which would force her to sacrifice time with her kids, so she made more with less. "Although we have not hit our FI number yet, we will reach our target amount by our target date with just what we contribute from my husband's income," Dove said.

Persons: —, Chris Elle Dove, Dove, hadn't, Berkshire Hathaway, I've, they've, they're, we've, Dove didn't, Rivian Organizations: Service, Business, FIRE, Social Security, Berkshire, Farm Locations: Western Illinois, Bloomington , Illinois

☆ Pension-eligible workers face complex Social Security rules that may reduce benefits. How to more accurately estimate retirement income
▼ + stars: | 2023-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Richard Stephen | Istock | Getty ImagesWhen Joyce Debnam's husband passed away, she began receiving $1,400 a month in Social Security survivor benefits. That life change prompted Debnam's Social Security benefits to be cut to just $174 a month. Moreover, the Social Security Administration notified her she had to return $5,000 in benefits she had been overpaid. Debnam is one of millions of workers who is affected by Social Security rules related to public workers and reductions in the benefits they are eligible to receive. "We recommend that people review their Social Security Statement at least once every year, which includes important information about WEP and GPO," a Social Security spokeswoman said in a statement.

Persons: Richard Stephen, Istock, Joyce Debnam's, Debnam, Mike Carey R, Mike Carey, Carey, Mark Warshawsky, Warshawsky Organizations: Social, United States Postal Service, Debnam's Social, Social Security Administration, Social Security, Congressional Research Service, GPO, Security, American Postal Workers Union, American Enterprise Institute Locations: Debnam, Suitland , Maryland, Ohio, Baton Rouge , Louisiana

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