Social Security checks saw a 2.5% boost this month thanks to the latest cost-of-living adjustment (COLA). For most retirees, this is the only benefit increase they can expect all year. Their checks won't go up again until the next COLA takes effect in January 2026.
Proposed legislation aims to increase Social Security benefits for adults with intellectual or developmental disabilities by eliminating the "marriage penalty."
The Social Security Fairness Act eliminates two provisions, the WEP and the GPO, that have been penalizing a sizable portion of the workforce for more than four decades.
You may have a lot on your plate as you navigate your way through the start of 2025. But it pays to tackle these Social Security moves sooner rather than later so you're able to make savvy decisions that could have a positive impact on your retirement.
In 1983, the Windfall Elimination Provision and the Government Pension Offset, which reduced Social Security payments for retired police officers, firefighters, postal workers and teachers, were signed into law by former President Ronald Reagan.
Former Louisiana Congressman Garret Graves' Social Security Fairness Act repeals WEP and GPO penalties for millions of government retirees.
The Senior Citizens League (TSCL), a nonpartisan senior group, recently released their monthly COLA estimate, predicting that it would moderate to 2.1% in 2026.
Social Security’s cost-of-living adjustment is expected to shrink in 2026 and could be the lowest increase seen in a decade.
Eligibility for SSI typically requires that you earn less than $1,971 per month from work. The limit is increased for couples, but if you exceed that limit, you may no longer be eligible for SSI. You should be notified of any benefit reduction or whether you become ineligible due to reaching the income limit.
Aldeman: Giving some retirees extra funds will undermine the program's progressive nature, cost taxpayers billions, force painful cuts down the road.
Massachusetts teachers and other public sector employees who qualify for Social Security benefits through covered work will receive a higher benefit once the new rules go into effect.
For early retirees, using an annuity is one way to bridge the years between leaving the workforce and claiming Social Security. It can help protect your retirement savings while giving you a steady “paycheck replacement” until you can reap a bigger Social Security check.