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Social Security beneficiaries can expect an 8.7% boost to benefits in 2023, the Social Security Administration announced on Thursday. The increase tops the 5.9% cost-of-living adjustment for 2022, which at the time was the highest in four decades.

'With many older people choosing to live in suburban areas or rural areas, some will benefit more...' (Headline USA) On Thursday, the U.S. government is set to announce how big a percentage increase Social Security beneficiaries will see in monthly payments this upcoming year. Some estimates say the boost for more than 65 million Social Security beneficiaries may be as big as 9%. It’s virtually certain to be the largest raise in four decades and will add more strain on the welfare program’s trust fund, which is expected to expire within the next decade, even as younger taxpayers continue to...

Top House Republicans are planning to threaten to shut down the U.S. Government by refusing to raise the debt ceiling next year in a scheme to force Democrats to cut Social Security, Medicare, and Medicaid, should they win the House in November critics warn, pointing to a Bloomberg report. “Social Security and Medicare eligibility changes, spending caps, and safety-net work requirements are among the top priorities for key House Republicans who want to use next year’s debt-limit deadline to extract concessions from Democrats,” Bloomberg Law reports. “The four Republicans interested in serving as House Budget Committee chairman in the next...

During my studies in tax accounting in college, I realized something that is seldom brought to the fore: the fact that the Social Security program entails a triple tax. Why, when so-called "fiscal conservatives" gain governmental power does this never get addressed? I'll lay out the thesis here and then recommend some actions that future "Republican" or actual conservatives can implement, by the grace of God. Social Security is a triple tax:1. The tax itself, which is 6.2% of earned income up to an inflation adjusted limit, which is well above most average salaries. (An ancillary tax, medicare, which is...

One of the biggest advantages of Social Security is that its payments get annual cost-of-living adjustments (COLAs). When inflation is high -- as seniors have seen during the past couple of years -- these COLAs cause monthly checks to rise the following January to help retiree purchasing power keep pace. 2022's COLA boosted benefits by 5.9% this year, and early estimates make it likely that the COLA that will take effect in early 2023 will be between 8% and 9%. What's even better news is that, unlike in 2022, many Social Security recipients are more likely to see the full...

But is that actually a good thing?Retiring on Social Security alone is a dangerous thing. That’s because those benefits will only replace about 40% of the typical worker’s pre-retirement income, and most seniors need about twice as much money to maintain a comfortable lifestyle.But the reality is that a lot of people do end up retiring solely or largely on Social Security. And it’s those same people who are apt to be the most impacted by Social Security raises.Each year, benefits are subject to a cost-of-living adjustment, or COLA, based on inflation levels. Since inflation has been sky-high this year,...

This announcement will directly affect the monthly payouts of over 65 million beneficiaries.For most aged Americans, Social Security is imperative to their financial well-being. An April survey conducted by national pollster Gallup found that 84% of non-retirees believe Social Security will represent a “major” or “minor” source of income during their golden years. Meanwhile, 89% of existing retired workers are currently leaning on their Social Security income, to some degree, to make ends meet.Given how important monthly Social Security checks are for seniors, there simply isn’t a more anticipated annual announcement than the cost-of-living adjustment (COLA).What is the cost-of-living adjustment...

The first half of a massive double Social Security payment for September is set to go out in just 16 days. The first payment for eligible individuals, worth $841, will arrive on Sept. 1, while the second one, worth the same amount, will be given at the end of the month. Because some months start on a Sunday, there are three months in 2022 that gave or will give recipients a paycheck twice in one month. The three months are April, September, and December. However, the funds do not change the total amount a person gets. The Social Security benefit...

It’s likely going to be the biggest benefit hike in decades, but it might not mean what you think.Nothing’s been finalized yet, but 2023 seems poised to bring Social Security’s biggest increase in over 40 years. This is a big deal for the millions of Americans who count upon Social Security to help them cover their expenses. But there are still a lot of misconceptions about this impending benefit boost. Here are three things all Social Security recipients ought to know about it.1. You don’t have to do anything to claim it Social Security checks are projected to go up...

Inflation has been taking its toll on retirees, especially those who rely solely on Social Security. But have no fear, Senator Bernie Sanders (I-Vt.) and seven Democratic cosponsors recently introduced S. 4365, the Social Security Expansion Act, a bill to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. If this bill passes, retirees 62 and over would start to receive an additional $200 a month in benefits beginning in January 2023. Most retirees rely heavily on Social Security benefits, and for some it’s their only source of income. Currently, Americans will stop receiving their...

Investigative journalist Lara Logan spoke Saturday in Arizona on a voter integrity panel. During her speech, Logan told the audience the Biden regime is handing out social security numbers to illegal aliens at the southern border. Over 3 million illegals will have crossed into the United States via the open southern border in Joe Biden’s first two years in office. This needs to be Joe Biden’s first impeachment trial — the purposeful destruction of the United States of America. ... Lara Logan: You look around you and you know they don’t actually believe in citizenship. And now when people come...

Your retirement planning likely includes getting income from the Social Security Administration, but when you start collecting Social Security benefits can have a big impact on your planning. The earliest you can collect is age 62, but you'll get more money if you delay your benefits past your initial Social Security eligibility. If you wait until after your full retirement age (somewhere between 65 and 67) to start collecting Social Security you can earn delayed retirement credits, which will increase your benefits even more. You might think that waiting for bigger benefits is better, but that's not always the case....

America was founded on the principles of capitalism. But there are those who think communism is the solution for every problem, from bad weather to old Joe's dementia. In their book, In Their Own Words, Terry Turchie and Donagh Bracken document that organizations such as the Weather Underground, the Black Panther Party, Occupy Wall Street, Black Lives Matter, and The Democratic Socialists of American have been agitating for communism for decades. We've even got one senator who spent his honeymoon in the Soviet Union and a whole squad of congresswomen who openly support it now. They don't use the word...

Factory Fires, Mergers & Acquisitions, Business Sales, Factory Disruptions, Leadership Transitions, and Supply Shortages ranked as the top 6 supply chain disruptions in 2021, according to data released from Resilinc, the world’s leading supply chain risk monitoring and mapping solution. The exclusive data, compiled from Resilinc’s EventWatch monitoring database reveals that supply chain disruptions were up 88% year-over-year, with 90% of disruptive events being human-caused. 2021 saw the most factory fires ever recorded in a single year. Resilinc sent out 1,946 Factory Fire alerts, an increase of 129% year-over-year. The uptick is due mostly to gaps in regulatory and process...

President Biden told union workers at the AFL-CIO convention in Philadelphia, that Republicans want to get rid of Social Security, Medicare, and Medicaid based on a proposal by National Republican Senatorial Conference Chairman Sen. Rick Scott (R-Fla.), which calls for all federal legislation to sunset in five years. “All federal legislation sunsets in 5 years. If a law is worth keeping, Congress can pass it again,” Scott’s proposal states. […] Biden attributed Scott’s proposal to the Republican Party despite Senate Minority Leader Mitch McConnell (R-S.C.) saying months ago that such a proposal will not be part of the Republican agenda....

Hot government inflation data points to an 8.6% cost-of-living adjustment for 2023, The Senior Citizens League said Friday. That would top a 5.9% boost to benefits that went into effect this year, the highest in about 40 years. Some advocacy groups and lawmakers want to change the way those annual adjustments to benefits are calculated. Image Source | Getty Images New government inflation data came in hotter than expected last week. If record-high prices don’t subside, that will lead to a higher Social Security cost-of-living adjustment in 2023. Yet even with a more generous boost to benefits next year, there’s...

The latest report on funding for social security benefits did not give a financially positive outlook for the future to federal lawmakers. Instead, a report by the Social Security Administration said benefits will cost more than the income collected to pay for it. By 2035, the SSA's Social Security Board of Trustees reported that the money in the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds will be depleted, putting funds toward insolvency, meaning it is unable to pay its debts. Slightly sooner, SSA reported the Old-Age and Survivors Insurance Trust Fund would be empty by...

An official with the Social Security Administration said seniors and others who rely on the benefits program are likely to receive a cost-of-living adjustment "closer to 8%" at the end of 2022 due to the current rate of inflation, which is the highest in four decades. That increase would represent the biggest-cost-of-living adjustment, or COLA, since 1981. The average monthly Social Security check is about $1,658, which means beneficiaries could see an increase of $132.64 per month in early 2023, bringing the average check to about $1,790. The agency's COLA takes effect in December, with the updated benefits paid out...

A week ago we learned that the go-broke date for Social Security had been pushed back by a whole year:The annual Social Security and Medicare trustees report released Thursday says Social Security’s trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034. The year before that it estimated an exhaustion date of 2035.The projected depletion date for Medicare’s trust fund for inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026…When the Social Security trust fund is depleted the government will be able to pay 80%...

Social Security has a problem. As Democrats push to expand entitlements to include free preschool and subsidized child care, little attention is getting paid to Social Security is a financial trainwreck. “The program’s payouts have exceeded revenue since 2010, but the recent past is nowhere near as grim as the future. According to the latest annual report by Social Security’s trustees, the gap between promised benefits and future payroll tax revenue has reached a staggering $59.8 trillion. That gap is $6.8 trillion larger than it was just one year earlier. The biggest driver of that move wasn’t Covid-19, but rather...