All articles tagged with #social security
Trump unveiled a plan to create retirement accounts for Americans without employer-based plans, offering up to $1,000 per year in matching funds funded via a box on tax forms and linked to an expanded SECURE Act, with potential philanthropic contributions; the move aims to boost savings access as concerns mount over the Social Security trust fund running dry by 2033, though more action is still needed.
A 61-year-old couple with $1 million saved, two lifetime pensions (about $14,000 a month) and three homes weighs whether they can retire early. With mortgages still decades from payoff, selling one property could unlock extra equity, but retirement feasibility hinges on current expenses, health costs until 65, taxes on withdrawals, and survivorship decisions. Market-win advisers say a fiduciary financial planner can help model timelines, optimize Social Security and Medicare, and craft a withdrawal plan to determine if retirement next year is realistic.
A looming partial government shutdown could affect roughly half of federal workers—about 500k unpaid and 480k furloughed—while SNAP remains funded; Social Security and Medicare payments would continue but benefit verification and card issuance could pause, and travel may face delays as TSA operates without pay. Funding gaps would hit major agencies like Defense, Education, HHS, and Homeland Security, while others (Agriculture, Justice, Energy, Interior, Veterans Affairs) stay funded. Lawmakers are negotiating Homeland Security reforms to avert the shutdown, with a midnight Friday deadline.
A retirement expert argues the U.S. Social Security system is beyond repair and outlines her recommended alternatives, emphasizing a mix of increased private savings, adjusted benefits, and broader policy reforms as the way forward for individuals and the economy.
The 2025 Social Security Trustees Report warns that the program’s old-age and survivors insurance (OASI) trust fund runs out of reserves by 2033, with a potential ~23% benefit cut needed to keep payments through 2099. President Trump’s 2024 tax law accelerates costs for the program (roughly $168.6 billion 2025–2034), pushing the depletion closer to 2032, but the bigger strain comes from demographics—slower birth rates, aging baby boomers, and reduced net immigration—along with a payroll-tax base erosion as earnings pass the tax cap. There are no easy fixes, and reform remains politically challenging.
Federal court filings show Doge employees accessed and shared Social Security data via an unauthorized channel, including an encrypted file that may contain about 1,000 names and addresses; SSA learned of the breach in November and flagged potential Hatch Act violations, with referrals to investigators as lawmakers call for prosecutions in a lawsuit to block Doge from SSA access.
DOJ court filings reveal corrections suggesting two DOGE team members at the Social Security Administration had broader access to SSA data than acknowledged and may have helped an advocacy group match voter rolls for overturning election results; the filings also show data shared via the unapproved third‑party server Cloudflare, and Steve Davis was copied on a March 3, 2025 email that included a password‑protected file with private SSA data for about 1,000 people. SSA says the DOGE work was intended to detect fraud and modernize systems, but the disclosures raise Hatch Act concerns and questions about data handling; White House and SSA declined comment.
The DOJ uncovers corrections to testimony about Elon Musk’s DOGE team at the Social Security Administration, showing two DOGE members may have exceeded approved data access, contacted an advocacy group aiming to overturn election results, and potentially used SSA data to match voter rolls. One member signed an agreement tied to this data use. A password-protected file containing about 1,000 private SSA records was copied on an email to Steve Davis, though it’s unclear if the data was accessed. DOGE allegedly used unapproved third-party servers (Cloudflare) to share data, contrary to SSA policy. SSA maintains DOGE never had access to SSA systems of record, but derived data may have been shared. The White House and SSA declined comment, and it remains unresolved whether any private information was actually accessed.
Dave Ramsey argues that claiming Social Security at 62 can build more wealth over a lifetime than waiting until 70, citing longevity risk and the value of investing early benefits. He notes that delaying to 70 only pays off if you live long enough to offset years without benefits, and for many retirees the opportunity cost of waiting or using other income sources could yield higher total retirement income. Ultimately, the best filing age is a personal decision based on health, savings, and goals.
Elon Musk claims AI, energy, and robotics will create such abundance that retirement savings won’t matter, but seven personal-finance and AI experts say Americans should still save for retirement. They warn about Social Security funding shortfalls, uneven productivity gains, and ongoing cost‑of‑living pressures, arguing that relying on future abundance is risky and that individual saving remains essential.
Research shows that following Dave Ramsey's advice to claim Social Security at 62 is financially disadvantageous, as it results in significantly lower benefits compared to delaying until 70, which increases benefits by 24%. Early claiming incurs penalties that reduce monthly benefits by 30%, making it a costly mistake for most retirees.
In 2026, Social Security beneficiaries will receive their monthly payments on Wednesdays, with the schedule based on their birth dates, similar to 2025. The year will also see a cost-of-living adjustment, Medicare increases, and potential tax relief, supporting around 74 million Americans relying on these benefits.
In 2026, Social Security will see several significant changes including a 2.8% COLA, increased earnings-test limits, higher maximum benefits, a rise in the wage cap, and more challenging work credit requirements, impacting both current and future beneficiaries.
The article explains the Social Security benefit payment schedule for 2026, detailing how payment dates are determined by birth dates and providing specific dates for each month, including Supplemental Security Income (SSI) payments.
Social Security payments for January 2026 are scheduled based on beneficiaries' start date and birth date, with specific dates for SSA and SSI recipients, and guidance provided for reporting missing payments.