In May, a little over 51 million retired workers took home an average Social Security benefit of $1,916.63, which works out to about $23,000 on an annualized basis. While Social Security payouts aren’t going to make anyone rich, they’ve historically played a key role in laying a financial foundation for America’s aging workforce. According to […]
There’s a big Social Security change that happens year after year. Social Security benefits are eligible for annual cost-of-living adjustments, or COLAs. The purpose of these raises is to help recipients maintain their buying power as inflation pushes the cost of living upward. In 2024, Social Security beneficiaries saw their monthly checks rise by 3.2%. […]
In May, 51 million retired-worker beneficiaries took home an average Social Security check totaling $1,916.63, which works out to $23,000 on an annualized basis. While this might not sound like a game-changing amount of money, the average retiree would struggle mightily without their guaranteed monthly benefit. Over the last 23 years, national pollster Gallup has […]
The maximum monthly benefit Social Security recipients can collect in 2024 is $4,873. But don’t kid yourself — most seniors receive a lot less money than that each month. The average retired worker, in fact, was getting just $1,915 a month as of April. You may be eager to do what you can to chase […]
October is always a big month for seniors on Social Security. The reason? It’s the month when the Social Security Administration announces what cost-of-living adjustment, or COLA, recipients will be privy to in the coming year. In 2023, seniors on Social Security received a whopping 8.7% COLA — the largest to arrive in decades. But […]
For most current retirees, Social Security provides income they simply couldn’t do without. A 2023 survey from national pollster Gallup found that 88% of retirees lean on their Social Security benefit as a “major” or “minor” source of income. Considering how important Social Security income has been to the financial well-being of seniors for decades, […]
Millions of seniors today collect a monthly benefit from Social Security. Because of this, it’s important for pre- and current retirees alike to keep an eye on the program’s financial situation. Each year, the Social Security Trustees produce a lengthy report outlining the state of the program’s finances. And this year’s Trustees Report confirms that […]
Social Security serves as a key income source for millions of retired Americans. Without those benefits, many seniors would struggle to cover even basic expenses like housing and food. Each year, the Social Security Trustees release a report that reviews the state of the program’s finances. This year’s report contains some unfortunate news for seniors. […]
When most Americans reach retirement age, they become reliant, in some capacity, on their Social Security income. Over the previous 22 years, annual surveys from national pollster Gallup have found that between 80% and 90% of then-retired workers lean on their monthly benefit as a “major” or “minor” source of income. Considering how vital Social […]
It was a couple of months ago when the Republican Study Committee released a controversial budget plan that, among other things, endorsed going after Social Security and Medicare. This, not surprisingly, generated some swift pushback from the programs’ Democratic champions. Soon after, however, Donald Trump apparently thought he could try to turn the tables. In […]
For most retired Americans, Social Security income is something they couldn’t live without. Over two decades of annual surveys from national pollster Gallup have shown that 80% to 90% of then-current retirees rely on their monthly benefit, in some capacity, to cover their expenses. Furthermore, 76% to 88% of non-retirees expect to lean on their […]
BlackRock CEO Larry Fink sent his annual letter to investors on Tuesday in which he cited the “immense strain” on Social Security amid the aging of the U.S. population and the need to reform the retirement system given its looming insolvency. Fink explained the economics behind Social Security, which collects taxes from people who are […]