Benefit Archives - DR News - News, Retirement, Finance

Tax Season: How Social Security Benefit Taxes Could Impact Your Finances in 2023

Washington, D.C. – Social Security, a vital source of retirement income for millions of Americans, is funded by three main sources. The largest of these sources is the payroll taxes paid by workers on their annual incomes, which generated over $1.1 trillion in 2022. Additionally, interest on invested trust fund asset reserves contributed $66.4 billion to the program’s income. The remaining $48.6 billion, only 4% of Social Security’s total income, came from taxing the benefits …

Seniors in Missouri and Nebraska Save Money as States End Social Security Benefit Taxes

JEFFERSON CITY, Missouri – Missouri and Nebraska residents had reason to celebrate on January 1, 2024, as both states officially put an end to taxing Social Security benefits. This move leaves only 10 states in the US that still impose taxes on the Social Security income of their senior citizens. If you happen to reside in one of these 10 states, it’s crucial to understand the implications of state taxes on your Social Security benefits …

Social Security Trust Fund Facing Exhaustion by 2033, Results in Benefit Reduction for All American Retirees

WASHINGTON, DC – President Biden and likely Republican nominee Donald Trump have found common ground in their commitment to not cutting Social Security. However, the program is facing a challenging future as the Social Security Trust Fund is predicted to be exhausted by 2033, leading to a potential 23% across-the-board benefits cut for all beneficiaries. A 2023 State of the Union address highlighted Biden’s determination not to cut a single Social Security benefit, while Trump …

Social Security Benefits at Age 65: Here’s How They’re Calculated and the Average Benefit Amount Revealed

New York, NY – Reaching age 65 is a significant milestone in the United States, not only because it is the age of eligibility for Medicare but also because it marks an opportune time for many to consider retirement. Although beginning to collect Social Security benefits at age 65 will not provide the full amount, the penalty is less significant compared to claiming benefits at 62. The process of calculating Social Security benefits at age …

Survey Reveals Retiree Concerns: Inflation and Social Security Benefit Cuts Dominant

PHOENIX, Arizona – A recent survey conducted by the Nationwide Retirement Institute has revealed that retirees are most concerned about inflation and potential Social Security benefit cuts. This study was further emphasized by the Harvard CAPS-Harris poll, which indicated that immigration was the top concern for over a third of Americans surveyed. The link between inflation, Social Security, and immigration is a complex one, with far-reaching implications for retirees and the future of the Social …

$2200 Social Security Benefit Now Available for Senior Citizens – Financial Assistance for All

Washington, D.C. – The U.S. federal government has announced a new flat Social Security benefit of $2200 for eligible senior citizens. This benefit is aimed at providing financial assistance to those in need due to low-income sources. The increase in this monthly payment is intended to help seniors manage their expenses in the face of rising living costs and inflation. The additional support comes as a response to the growing number of senior citizens living …

Retirees: Average Social Security Benefit Now and in 2030 Revealed

The average Social Security benefit for retirees in the United States is currently $1,543 per month, but this could change dramatically by the year 2030, according to a report from Moneywise. The report indicates that by 2030, the average retirement benefit could increase to $2,200 per month if steps are not taken to address the funding shortfall facing the program. The potential increase in Social Security benefits is attributed to a variety of factors, including …

Disabled River Forest Man Endures 8-Month Benefit Cut Off Due to Paperwork Delays

A disabled man in River Forest, Illinois had his benefits cut off for almost eight months due to delays in paperwork processing. The man, who relies on these benefits to meet his basic needs, faced significant financial hardship as a result of the bureaucratic issues. The delays left him without the necessary income to cover his living expenses, including rent, utilities, and medical bills. The situation highlights the challenges that individuals with disabilities often face …

SSDI Benefit Update: June Payments Up to $3,822 for Eligible Recipients

Miami, Florida – Social Security Disability Insurance (SSDI) beneficiaries in the United States are eagerly anticipating their upcoming payments. With the June 19 payment date falling on Juneteenth National Independence Day, recipients will receive their monthly benefits a day earlier, on June 18, 2024. To be eligible for this payment, recipients must have started collecting SSDI payments after April 30, 1997, and have birthdays between November 1 and November 20. For those on disability insurance …

COLA Alert: Social Security Benefit Increase Clarification for 2025

Los Angeles, California – Social Security beneficiaries have been buzzing with excitement over rumors of a $600 increase in benefits this month, but the Social Security Administration (SSA) has confirmed that these claims are unfounded. According to the SSA, the official cost-of-living adjustment (COLA) will not be announced until the end of October, with the new increases taking effect through January 2025. Therefore, any possible increase resulting from the COLA will not be seen until …