Social Security is a major benefit for most older Americans. For many retirees it’s their largest source of retirement income. Over half of retirees say half of their income comes from Social Security and a third of retirees say 90 percent of their income is from Social Security benefits. One of the benefits of Social […]
High Earners to Pay More into Social Security in 2017
Social Security provides retirement and disability benefits to millions of Americans. The money that pays for these benefits comes from your paycheck. When you get paid, you have taxes withheld for Social Security and Medicare taxes in addition to federal and state income taxes. The amount that is withheld for Social Security taxes is 6.2% […]
Should Seniors Get a One-Time Payment to Make Up for the Small Social Security 2017 COLA?
Update: Unfortunately, as of March 2017, there has been no word of the proposed one-time payment to make up for the small 2017 COLA. This is the second year in a row that seniors have received no increase or a very small increase in Social Security benefits. Twice, members of Congress proposed a one-time payment […]
No Social Security Increase Expected for 2016
Update: The SSA just announced the COLA for 2017. Social Security beneficiaries will receive a 0.3% increase in benefits next year. The COLA remains low due to low inflation. More details soon… One of the greatest benefits of Social Security is that recipients receive an increase in their benefits as their expenses rise. This is […]
The Health of Social Security Unchanged
According to the 2014 Trustee’s report released in late July, not much has changed on the Social Security funding front. The assets for Social Security Old Age and Survivor Insurance (OASI) are expected to last until 2033. This is the same as last year’s report. In the report to Congress, the Trustees said that the […]