Social Security

FROM THE ARTICLE: Reduction in benefits projected by 2035 unless action is taken to shore up vital program. By Andy Markowitz, AARP. *** There are 93 Comments on the AARP website. Stop by to add yours. *** Published January 29, 2025. A large, bipartisan majority of Americans favors raising taxes to strengthen Social Security’s finances and avert a benefit cut in the next decade, according to a new AARP-funded survey from the National Academy of Social Insurance (NASI).Social Security’s trustees project that the program’s trust funds will run short in 2035, forcing a 17 percent across-the-board cut in benefit payments, unless Congress acts to shore up the system by increasing its revenue, reducing benefits or a combination of both. USE LINK BELOW TO READ ARTICLE: https://www.aarp.org/social-security/survey-raising-taxes/

 Really interesting the places their heads are going -  January 3, 2025Steny Hoyer, Wendell PrimusEstimates of the Financial Effects on Social Security of potential legislation to improve the solvency of the Social Security Trust Funds, requested by Representative Steny Hoyer and Wendell Primus (PDF version)

Here is the background:  I was laid off effective 9/15/2023 due to a company reorganization and my position was eliminated.  As part of the action the company paid me a severance in addition to bonuses and unpaid vacation plus my salary for nine months.  Needless to say my total income for 2023 was quite large.  Since i was already 67 in 2023 I decided to quit working and officially retire.  Effective 10/2023 the only income I have now is SSA benefits, my husband’s pension and any IRA (taxable) distributions I take.  I did not submit any request to lower IRMMA  for 2024 year since they were using 2022 income and I was ok paying the extra.  However, it is a different story for 2025 since they are using the 2023 income.  The extra IRMAA adds approx 500 each to my husband and I.  I am trying to fill out the form to lower IRMMA and need some help in filling it out correctly.  I went to the SSA office in December 2024 to get help but wa

    Thru the years, benefits for Social Security have increased in coverage but there has not been enough income coming in to cover these increases in coverage. EXAMPLE - Survivors benefits INCLUDING Divorced Widows -   If a person marries and divorces say 3-times and each of these marriages and the current one meets the eligibility for Survivors benefits, in essence, there could be as many as (4) widowed spouses (including the divorced spouses) could be drawing Survivors benefits.  And these are NOT limited by any Family Maximum - each of these widows - divorced and current - receive 100% of the Survivors benefits - NOT a portion of it. No wonder the Trust Fund is running out of money.  The math just does not work to me - but I’m all ears in receiving comments on this justification.  

Social Security Taxes to Change Under New Bill: Here's Who's Impacted

I'm reaching out to encourage everyone to contact their representatives and support President Trump's proposal to eliminate income taxes on Social Security benefits.Here's why this matters:Key Points to ConsiderCurrently, up to 85% of Social Security benefits can be subject to federal income tax1About 67 million U.S. households receive monthly Social Security benefit checks3The proposal would primarily help middle-income seniors who currently pay taxes on their benefitsAction StepsContact your local congressional representativesEmphasize support for Trump's plan to remove Social Security benefit taxationHighlight how this would provide financial relief for seniorsImportant CautionWhile the proposal sounds appealing, financial experts warn it could potentially harm the long-term sustainability of Social Security. The Congressional Budget Office estimates this tax cut could reduce Social Security revenue by approximately $950 billion between 2026-20353.Recommended Communication PointsExp

Why is it that the limits set in 1983 for the amount of additional income a Social Security recipient has earned is not tied in some fashion to COLA or economic inflation.  I can't quite make it on SSA benefit and have to supplement to the point that I consistently cross the $32,000 limit. It seems to me that limit should at least be $40K by now.  This should be a easy fix for our current President

I am now truly scared; I rely totally on my social security retirement monthly check. What happens if these two outside the system choose to end that? They've ended other programs within 20 days; what happens if I end up on the street with only a blanket and a bag of dirty clothes? Guess done...

 My FRA  will be in May 2025 but I plan to keep working. My ex spouse is 2 years younger than me and still working.  Can I collect SS from his account in May while working, then switch over to my account when I fully retire, or am I stuck with his amount?  We were married 24 years, so I know I'm eligible for some of his portion but I've gotten different answers when I call SS. 

The link:NBC NEWS 02/06/2025 - Trump administration agrees to restrict DOGE access to Treasury Department payment systems  It is temporary and has some exceptions.  Back to court again later in this month. from the link ~U.S. District Judge Colleen Kollar-Kotelly signed off on the agreement Thursday morning. The agreement will stay in place until she rules on the plaintiffs' request for a preliminary injunction, which will be the subject of a Feb. 24 hearing.

My mother in law is a widower who turns 60 this month 2/21Her Husband passed 7/2015 and he was born 10/27/1960We called SSA and they told her she was eligible to claim SS against her passed husband for $2000 a month.My mother in law currently works a full time job at $50k annually and doesn't want to stop it.Sounds like the income restriction is $23,400 Here's where I'm confused...If she continues to make 50k they only hold $1 for every $2, meaning she gets $24,000 a year from SS, and (50,000-23,400=26,600/2=13,300) and gets to keep $36,700 from her 50k job to total $60,700? That's question number 1, is my math right.Question #2 is if they withold approximately $13,300 a year until she reaches FRA, will she ultimately ever get that money back? Or is that $13,300 a year they kept just gone. 

 I have seen contradictory information about this question online and don't find anything on the SSA website that addresses it. I am 75, the high wage-earner, and started collecting my benefits at age 70.  My wife is young and will have only a small benefit on her own earnings.  Assuming I am still alive when she reaches age 62, she will apply for her benefits of which the spousal benefit will be higher than her own.  So, the SSA will automatically give her the spousal benefit.  Now, I very much want her to wait until her FRA of 67 before she starts collecting the widow's benefit so that she gets all of my delayed retirement credits.  However, some info sources claim that upon my death the SSA will automatically switch her to her survivor's, since there will be no more spousal benefit.  I however want her to wait until her FRA, which would mean that when she loses the spousal benefit she would revert to her own retirement benefit to preserve the

Just FYI You can apply for retirement benefit up to (4) months before you want them to start.  However if you are applying for EARLY retirement benefits you must take certain timing into consideration. You must be at least age 62 for the entire month to be eligible to receive benefits. If you were born on the first or second day of the month, you meet this requirement in the month of your 62nd birthday. If you were born on any other day of the month, you do not meet this requirement until the following month.You can apply up to four months before you want your retirement benefits to start. For example, if you turn 62 on December 2, you can start your benefits as early as December. If you want your benefits to start in December, you can apply in August. If you turn 62 any day after December 2, you are not age 62 for the entire month of December. You can start your benefits as early as January when you are 62 for the entire month. If you want your benefits to start in Janu

This is the Social Security Calendar for 2025 benefits payments -This is normally the date that SSA pays the benefits but it could show up in your bank account a day or so before or after depending on if it is a holiday. SSA.gov - Schedule of Social Security Benefit Payments 2025  The footnotes at the bottom of the page will tell you when to expect your monthly benefit in 2025 based on your birthday if only receiving a Social Security Benefit - either the 2nd, 3rd or 4th WEDNESDAY if the month, If receiving only Supplemental Security Income (SSI) or a combination of SSI and Social Security it is paid on either the 1st or the 3rd of the month depending on the actual benefit type you are getting.        

Long story short - we pull our statements every January. The latest statement (2025) shows that my wife is now back down to 39 credits when she had 40 credits on the previous two statements (2023 & 2024). She is a Texas teacher which doesn't pay into SS, so she gained the necessary credits when she took a hiatus from teaching. So recovering the missing credit might require a part-time job (ugh!) Has anyone else had this happen to them regardless of your work situation? Looking for some context. Thank you.

It's just come to my attention (or maybe I forgot about it) that there is the "Social Security Handbook". It's available online as a pdf on the SS Administration's web site, https://www.ssa.gov/OP_Home/handbook/handbook.html I've never received but It looks a lot like the the Medicare Handbook I get in the postal mail every year. Is this something that all SS recipients are given? It seems a lot bigger than the Medicare Handbook. And I see bound copies for prior years available for sale. Walmart shows an upcoming 2021 Edition (to be available in May) for $85, https://www.walmart.com/ip/Social-Security-Handbook-2021-Overview-of-Social-Security-Programs-Paperback-9781641434850/182486753?wmlspartner=wlpa&selectedSellerId=0 So, is something we get in the mail once we apply for benefits? Thanks.  Edit:   well, to answer my own question, apparently the answer is "no". The Handbook states: "Is The Social Security Handbook Available In Pape

     The increase of 2.5% for Seniors this year, was an unfunny joke.   Medicare ripped us off for more money, and Medicare Advantage raised Co-pays across the board.  Can't afford it, Congress say's, as well as the Senate.  Then How can this Government give Billions to other countries constantly ??   They do not have the guts to change the "Formula" for Social Security.  It's to hot a Topic in Washington.  They can't take a chance on not getting re-elected, with pay raises on the horizon.  They can spend Billions on illegal aliens, but not Seniors.  Third World Countries look after their elderly better than the United states.  The plan is to make excuses.  That is always the plan.

I am hoping for a couple of things:1.  If this new found bounty + their other income puts them into the Medicare IRMAA territory that they are NOT given a 1 X wavier for this. 2.  That no stupid politician does away with the taxes on benefits - we need all we can get and at least get some of this back into the Trust Fund. A new update was posted today - doesn’t sound like this is gonna be a very swift process  https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html  

There is an update on the SSA site on this matter:  I am just posting this as a courtesy. https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html    

Looking at the current inability of Congress and the disposition of the incoming administration to actually address the SS trust fund depletion in the next 8 to 10 years, does it not make more sense to start taking benefits at 62 (even though they are reduced) versus waiting until FRA and in all likelihood get the essentially the same amount you would of got at 62? Back of the napkin math, My FRA amount is $3700/m, @ 62 it's 2700/m  or roughly 30% reduction from FRA.  In those 5 years I will have collected $162,000.  Now if Congress doesn't act swiftly (and let's be honest here, they don't seem to have an desire to), the ability to fix the SS funding will have disappeared without some radical change (again this is Congress we are talking about).  So it probably more likely we will cross into the reduced benefits territory.  Once that happens, Congress will just too bad and move on. So now those who waited until FRA to collect will see their benefits r

Hello:   I'm interested in purchasing a book on Medicare (first time enrollee)Spoiler (Highlight to read)  , preferably one that is updated annually, like a copyright 2024 copy?  Does anyone have any firsthand use suggestions?  I'd like to stay away from websites, they seem to authored by insurance brokers; I know of the "Medicare and You" info from the SSA. I attended a 1 hour webinar, I'd like to get more details on the specific Medicare "parts" (a,b,c,d, etc.)Thank You.

First off, I am very sorry that many people seem surprised and shocked over the WEP or GPO if they are affected by either of these when they retire.  On the other hand, I understand why this formula reduction is there and the concept seems fair.  Is the current WEP or GPO reduction formula correct for those whose benefits are being recalculated because of them - I don't know.  I do know that the previous method of calculating benefits for these folks was not right -  so going back to the previous method is really out of the question.  So there either has to be a new formula which will still not give a full benefit or a totally new concept. I have come up with a possible solution and wanted to run it by the folks here to see what you think? Why not give these government  / civil employees, on an individual selection basis,  the option of staying within the Social Security system by allowing the person to pay their own payroll withholding

Background information:I'm currently 66-4 months and full retirement age is 66-8 months. My wife is 55. I retired 2 years ago and my wife will be retiring in 2 months. We both are collecting decent pensions.Here's what I wanted to do.  I wanted to wait to 70 to start collecting SS benefits mainly because I wanted my wife to collect the amount of my benefit at 70 if I were pass away before her.At what age will my wife be eligible for my 70 year old benefit?

I am 76 and my spouse is 79.  She applied for Social Security benefits at her full retirement age.  I was subject to GPO so I couldn't apply for spousal benefits.   Please help me with the following questions: 1.  Will my spousal benefits be one half of her current SS benefits? 2. If she were to die tomorrow, would my survivor benefit be equal to her full current benefit? 3.  Where can I find her PIA?  I can't find it in her mySocialSecurity account or in the letters Social Security sends. Thanks for your help.

  If you were a government worker that did not pay into the Social Security System and have been penalized for getting a Survivors or Spousal benefit because your Government pension was too high -That has now all changed with the Repeal of the WEP and the GPO.Some of you that knew they were going to be impacted by the GPO might have never even filed a claim for these Suvivors or Spousal benefits - you can now but the procedure isn’t up quite yet.  Maybe soon. I just want to know how many here will be filing for these Survivors or Spousal benefits because the GPO has been repealed. I don’t think the government knows how many there are of you.