Free Republic

Social Security says it has corrected tens of millions of identity records in the largest database cleanup in its history. The changes involve missing death dates and citizenship information, raising understandable questions about what the effort means for people receiving benefits. The agency’s October 20 announcement reports progress on work underway since the beginning of the Trump administration. It does not announce a benefit cut, a new application requirement or a deadline for everyone to verify their Social Security number. The practical issue is accuracy. Better records can help prevent improper payments and identity misuse, while incorrect changes can create...

Social Security Corrects Tens of Millions of Files in the Social Security Number Database Improving the Integrity of Vital Records Baltimore, MD—The Social Security Administration (SSA) today announced substantial progress in its ongoing effort to strengthen the accuracy and integrity of the Social Security Number (SSN) database. This work represents the most comprehensive SSN record clean‑up in the agency’s 91-year history. “The Social Security Number database is our country’s books and records. The database’s accuracy is essential to maintaining integrity of government services for citizens. Accurate SSN records prevent fraud across federal programs and support the proper administration of benefits,”...

The Social Security cost-of-living adjustment will be 3.6% in 2027, the Social Security Administration said Wednesday. The cost-of-living adjustment, or COLA, provides an annual inflation adjustment to both Social Security and Supplemental Security Income, or SSI, benefits. Social Security retirement benefits will increase by $75 per month on average, the agency said. "Social Security will implement this cost-of-living adjustment for 76 million Americans, giving them greater financial stability," Social Security Commissioner Frank Bisignano said in a statement.

President Donald Trump on Saturday called on Congress to impose mandatory prison sentences on people convicted of defrauding Medicare, Medicaid, and Social Security and proposed holding state and local politicians personally liable if they knowingly allow such fraud to continue. "Today, I'm calling on Congress to pass legislation to address fraud in Medicare, Medicaid, and Social Security programs," Trump said in a video posted on Truth Social. Trump said the first part of his proposal would establish mandatory minimum sentences for people who steal from federal benefit programs, eliminating probation as an option. "If you steal from the American people,...

If you want to understand what’s shaping the midterm elections in November, start with voters age 50 and older. They are highly motivated, they make up a substantial share of the country’s swing vote, and they are focused on issues that affect their everyday lives, like affordability and Social Security. There’s no better state that exemplifies this than Alaska, where one of the most compelling Senate races is taking shape in the battle for control of the Senate. AARP’s new bipartisan poll of likely Alaska voters found that 87 percent of voters 50 and older rate themselves a “10” on...

One of the most important numbers in retirement could soon look very different on Social Security documents. Congress has passed legislation that would replace the familiar terminology surrounding Social Security claiming ages with language designed to make one thing much clearer: the age you start collecting can permanently change the size of your monthly check.The bipartisan Claiming Age Clarity Act cleared the Senate this week after previously passing the House and is now headed to President Donald Trump for his signature.The legislation does not change when Americans can claim Social Security or the formula used to calculate benefits. Instead, it...

Social Security’s financial problems are moving from a distant concern to something millions of Americans may have to plan around. The program’s retirement trust fund is now projected to run out of reserves in 2032, potentially forcing benefit reductions that could eventually cost the average retiree nearly $600 a month in today’s dollars. That does not mean Social Security disappears in six years. Payroll taxes would continue coming in and benefits would continue being paid. The problem is that those revenues would no longer be enough to cover 100% of the benefits currently scheduled. The 2032 Deadline Is Getting Harder...

Senators elected this November are slated to be in office in the fourth quarter of 2032 — the projected depletion date for the trust fund Social Security relies on to help pay retirement benefits. Without action by Congress, that depletion may prompt a 22% cut to benefits for eligible retired workers, their spouses and children and survivors of deceased workers. A new survey from the Peter G. Peterson Foundation finds that 81% of respondents in states with competitive Senate races say they are more likely to vote for candidates with plans to avoid automatic Social Security benefit cuts than for...

If the projection holds steady, it would be the largest cost-of-living adjustment since 2022.Senior citizens group AARP last week forecast a 3.6 percent increase in Social Security payments for 2027, citing current inflation data. If the projection holds steady, it would be the largest cost-of-living adjustment (COLA) since the 8.7 percent increase that took effect for 2023 benefits. The adjustment that went into effect for payments sent out in 2026 was 2.8 percent. The average monthly Social Security payment in July was about $2,086, and a 3.6 percent rise next year means retirees will receive about a $75 per month...

A new analysis from the Committee for a Responsible Federal Budget has put a precise number on something many people already suspected: most people retiring this decade will collect more from Social Security than they and their employers paid in. Using Congressional Budget Office figures, CRFB finds scheduled benefits equal about 133% of combined payroll taxes on a present-value basis. In plain terms, the typical retiree is slated to get back $1.33 for every $1 contributed, plus interest. Lower-income retirees do even better; the top fifth of earners roughly break even on the combined worker-plus-employer tax. Those numbers are not...

The Washington Post editorial board has apparently recently discovered that Social Security and Medicare are in trouble, and they are shocked, shocked, I tell you! That part is true, and there is no reason to pretend otherwise. This is a fact that anyone not living under a rock has known for a very long time. According to the 2026 Social Security Trustees Report, the Old-Age and Survivors Insurance Trust Fund is projected to exhaust its reserves in late 2032. At that point, incoming revenue would cover only about 78 percent of scheduled benefits. Medicare's Hospital Insurance Trust Fund is projected...

Congress is under growing pressure to rescue Social Security before automatic benefit cuts begin, but one of the nation’s largest advocacy groups says lawmakers shouldn’t rush the process. AARP is urging Congress to reject a fast-track proposal that would accelerate Social Security reform, warning that changes affecting millions of retirees deserve full public debate rather than an expedited legislative process. AARP Pushes Back Against the Promise Act AARP sent a letter to lawmakers opposing the bipartisan Promise Act, arguing that while Congress must act to preserve Social Security’s long-term finances, the proposed timeline risks limiting transparency and public input. The...

The Trump administration is ending a key health insurance subsidy program that aimed to keep premiums for seniors' prescription drug plans in check, claiming that it benefits corporate insurance companies, according to Centers for Medicare & Medicaid Services Administrator Mehmet Oz. Medicare Part D -- the government health insurance program's prescription drug benefit -- is used by tens of millions of older or disabled beneficiaries. The program's subsidies are set to expire at the end of the year, the administration announced Tuesday.

Key takeawaysSocial Security income continues to be subject to federal income tax.A new senior deduction means only about 12% of seniors will pay taxes on their benefits.Nine states impose some income tax on Social Security.Is the income you receive from Social Security taxable? With the recent tax law, Social Security income continues to be taxable, but an additional deduction for seniors may help offset what is owed.Under the recent law, taxpayers age 65 or older—and their spouses, if filing jointly—can each claim a $6,000 deduction for tax years 2025–2028. This senior deduction is reduced by 6% (but not below zero)...

(The Center Square) – A bipartisan group of senators introduced legislation that would fast-track a floor vote on Social Security's looming insolvency, using an independent board to draft a starting plan Congress could no longer easily ignore. The Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, would direct the Social Security Advisory Board to submit a base bill guaranteeing at least 50 years of solvency. Congress would then be forced to debate, amend and vote on it within 100 hours, bypassing the inaction that has left the retirement trust fund six years from depletion. Eight senators...

Millions of retirees are set to cash in. The first wave of Social Security checks will hit accounts — or be distributed for those who still love a paper check — on July 8. Typically, payments are issued on Wednesdays and roll out three times a month based on your birthday. This means recipients born from the first to the 10th of the month will get their monthly benefits on Wednesday, July 8, according to the Social Security Administration’s (SSA) payment calendar. Those born from the 11th to the 20th are paid on the third Wednesday, and beneficiaries born after...

Dear Quentin, If all my contributions, along with my employer’s contributions, had been invested in the S&P 500, my balance would be more than $4 million. I could take a very sustainable withdrawal rate of approximately $30,000 a month, assuming my long-term returns were 7%-8%. If only my contributions were invested in the S&P 500, while my employer contributions went to the government, I’d have close to $3.7 million in the account at the end of this year, based on historical averages. I do better than many citizens because I’ve contributed at the highest level. You can email The Moneyist...

🚨 HOLY SMOKES: Sec. Robert F. Kennedy Jr. and Dr. Oz have just announced OVER *ONE MILLION* PEOPLE are on Obamacare with NO Social Security number… 🤯🤯 It’s one big racket! Shut it down! “They submit applications for fake people and enroll stolen identities all to collect millions of dollars in fees from insurance companies for selling plans they never legitimately sold!” “The Obamacare marketplace is plagued by fraud, in large part because the Biden administration dismantled basic program integrity guardrails.” “More than a million people enrolled in Obamacare without social security numbers on file. That is a glaring warning...

With Germany poised to become the latest country to raise its retirement age, that unpopular option may fall on Americans as Social Security faces insolvency in the next six years. Germany’s government-appointed pension commission this week released a series of recommendations to strengthen its pension system, including gradually raising the retirement age to 70 by 2092. The standard retirement age in Germany has already been creeping higher and is set to hit 67 by 2031. The German commission also recommended scrapping a rule that currently allows workers who have contributed for 45 years to retire at 63 without financial penalties....

The Trump administration on Wednesday sent Congress a long-awaited supplemental funding package to help cover the cost of the Iran war. The administration is asking for about $87.6 billion to address "urgent needs" related to the Iran war, as well as other funding to respond to the Ebola outbreak in Central Africa and provide support for American farmers. The request will face an uphill battle and puts vulnerable Republicans in a politically tricky position, since backing it could be seen as support for the unpopular war. It's all but certain to face stiff opposition from Democrats, putting its passage in...