Social Security Administration

21Dec

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Money

What Is the Social Security Administration? | Social Security

Almost all working Americans eventually receive Social Security benefits. These funds are collected and distributed by the Social Security Administration, a federal agency that serves to fight poverty. The SSA's programs pay benefits to almost 67 million people, including retirees, children, widows, widowers and those with disabilities. As you manage your finances and prepare for retirement, it can be helpful to understand the workings of the SSA, including the following: Introduction to the Social Security Administration. History of the Social Security Administration. Functions of the Social Security Administration. How the Social Security Administration works. Role of the Social Security Administration in the U.S. economy. Challenges of the Social Security Administration. The fut...

What Happens to Social Security Benefits When You Die? | Retirement

9Nov

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Money

What Happens to Social Security Benefits When You Die? | Retirement

Social Security benefits serve as financial support for many Americans, providing a safety net during retirement. While the paychecks continue during your lifetime, it’s important to understand what happens to Social Security when you die. Survivor benefits may be available for loved ones, and there is a one-time death benefit that will be paid out after your passing.To prepare for what happens to Social Security benefits when you die, it’s a good idea to know about the following: Social Security benefits and death. Factors that affect Social Security benefits after death. Who can receive survivor benefits? Understanding the one-time death benefit. How to claim survivor benefits. Common misconceptions regarding Social Security after death. Steps for managing Social Security after d...

Social Security COLA 2024: What to Do With the Extra Money | Social Security

5Oct

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Money

Social Security COLA 2024: What to Do With the Extra Money | Social Security

If you’re retired and receiving Social Security benefits, you may be aware that your income and expenses could change in the coming months. Each year, the Social Security Administration typically adjusts the checks that are sent to beneficiaries, with the goal of accommodating price changes and inflation. The cost-of-living adjustment, or COLA, is typically announced in October and implemented in January.In 2023, the COLA was 8.7%, the highest adjustment in more than four decades. For Social Security beneficiaries who were receiving $2,000 every month, the change meant an increase of $174 ($2,000 x 0.087) for a total of $2,174 every month. Over the course of a year, that adjustment translates to $2,088 more in annual income ($174 x 12). For 2024, the COLA may not be as high since inflatio...

6 Reasons You’re Getting a Smaller Social Security Check | Social Security

25Sep

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Money

6 Reasons You’re Getting a Smaller Social Security Check | Social Security

Checking your Social Security benefit statement annually is a smart financial move. It allows you to verify the accuracy of your recorded earnings, ensuring that your contributions to the Social Security system are reflected correctly. Reviewing your statement also provides a clear snapshot of your estimated future benefits, helping you to better plan for retirement.Be aware that your actual benefit may be less than what your statement shows. Here are some reasons why that can happen. You claimed your benefit early. Your earnings changed. Medicare Part B premiums withheld. Medicare Part D premium increase. Tax withholding. Working after starting benefits. The Social Security Administration began phasing out mailed benefit statements in 2017. If you haven't started claiming Social Se...