Beneficiaries Archives - DR News - News, Retirement, Finance

Payroll Reporting Revolution: SSA Proposes Major Change to Reduce Incorrect Payments to Beneficiaries

The Social Security Administration is taking steps to reduce incorrect payments made to beneficiaries by proposing a major change in the way income is reported. The proposed change, known as Payroll Information Exchange (PIE), aims to reduce manual reporting errors and identify unreported wages. This move is in response to the significant backlash faced by the SSA for attempting to recover overpayments made to beneficiaries, totaling an estimated $13.6 billion during the 2022 financial year. …

Tax Season 2024: Social Security Beneficiaries Find Out If They Need to File a Tax Return

Tax season is in full swing, with the IRS having processed more than 25 million returns so far. For Social Security beneficiaries, the question of whether to file a tax return this year depends on a variety of factors, including age, marital status, and income earned outside of Social Security benefits. Even if not required, filing a tax return could still be beneficial in order to receive refundable tax credits or refunds for income taxes …

Social Security beneficiaries could see tax relief as proposed bill to extend trust fund gains momentum

A proposed bill introduced by U.S. Reps. Angie Craig and Yadira Caraveo aims to alleviate the tax burden on Social Security beneficiaries and extend the solvency of the program’s Old Age and Survivors Insurance (OASI) Trust Fund. The bill, known as the “You Earned, You Keep It Act,” seeks to eliminate federal taxes on Social Security benefits and delay the exhaustion of the OASI Trust Fund until 2054. Under the proposed legislation, Social Security payroll …

Social Security Beneficiaries Beware: Fake News of $600 Increase Causing Anxiety and Confusion

Denver, Colorado – As approximately 68 million Americans rely on Social Security benefits, the internet has become a hotbed of misinformation and fake news surrounding changes to the system. This surge in false information has led to confusion and anxiety among beneficiaries seeking credible updates on the state of their benefits. Recently, there has been a proliferation of fake stories, with some outlets taking advantage of the public’s interest in Social Security. These stories, often …

Social Security Taxes Hit Unprepared Beneficiaries for the First Time – Understanding the New Changes

Cleveland, Ohio (AP) — Millions of Social Security beneficiaries across the United States are receiving larger monthly checks following a recent cost-of-living adjustment (COLA), but at the same time, many are finding out that they will now have to pay taxes on those benefits, marking the first time for some. According to a recent survey by The Senior Citizens League, 23% of participants who received Social Security for three years or more said they paid …

Disability Beneficiaries Set to Receive Payments Next Week: Check Your Eligibility Now!

Los Angeles, CA – The much-anticipated arrival of United States Social Security Disability retirement benefits is on the horizon. Eligible citizens are eagerly awaiting the opportunity to receive their monthly payments to assist with their financial needs. As the June deadline approaches, individuals who qualify for Social Security Disability Insurance (SSDI) are reminded to check their eligibility and payment dates. Not meeting the requirements may result in a delay in receiving the much-needed financial support. …

Social Security Payments Update: Changes in Payment Schedule for Beneficiaries This Month

CHICAGO, ILLINOIS — Social Security payments play a crucial role in the lives of millions of Americans, serving as vital support for covering living expenses. For many, these payments are essential, possibly even their sole source of income each month. Understanding the payment schedule becomes paramount to ensuring bills are paid promptly and avoiding late fees. The Social Security Administration (SSA) oversees various programs, including retirement insurance, disability insurance, survivor benefits, and Supplemental Security Income …

Medicare Beneficiaries Highlight Disparities in COVID-19 Treatment Prescriptions, New Study Shows

Boston, MA – A recent study published in the JAMA Health Forum reveals that a significant number of nonhospitalized Medicare enrollees infected with COVID-19, but at low risk for severe disease, received drugs to combat the disease in 2022. This has raised concerns about the allocation of resources and the effectiveness of public health strategies aimed at controlling the spread of the virus. The Harvard-led research team analyzed claims data to determine rates of prescriptions …

Social Security Beneficiaries Face Unexpected Taxes on Increased Benefits

Youngstown, Ohio – New information reveals that millions of Social Security beneficiaries are now required to pay taxes on their benefits, representing a substantial change for many individuals who have never faced this obligation in the past. The recent cost-of-living adjustment (COLA) has resulted in larger monthly checks for recipients, but it has also triggered the imposition of taxes on these benefits, catching many off guard. According to a recent survey conducted by The Senior …

Retirement Checks to Be Issued on June 12th for Eligible Social Security Beneficiaries

Miami, Florida – Thousands of Social Security beneficiaries in the United States are eagerly awaiting June 12th, a significant day for receiving new retirement checks from the Administration. Eligibility for this payment is based on meeting specific requirements, ensuring that beneficiaries can access their benefits on time. Beneficiaries must be aware that the retirement checks are distributed once a month, with different groups receiving payments on different dates. Group 2 retirees, specifically, are scheduled to …