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Social Security Administration to Send New Payments to Post-May 1997 Retirees in the United States

The Social Security Administration will soon begin issuing new payments to eligible retirees in the United States. These payments are for retirees who fall under the category of post-May 1997 retirees and are part of retiree group 2. Individuals who meet the eligibility requirements will receive the new payment, with those who do not still receiving their monthly payment, albeit at a later date. For those who are part of retiree group 1, Social Security …

Social Security Tax Reform Act Offers Potential Relief for Retirees in 2026

Washington, D.C. – A proposed bill to eliminate federal taxes on Social Security retirement benefits is making its way through Congress, offering potential relief for retirees as early as next year. The bill, known as the You Earned It, You Keep It Act, is being championed by Minnesota Rep. Angie Craig, who touts it as a “win-win” for seniors and American workers. The bill’s provisions aim to end the federal income tax on Social Security …

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 at Age 70: The Unfortunate Truth Revealed for Retirees

As retirees in Phoenix, Arizona consider when to claim their Social Security benefits, the common advice is to wait as long as possible, ideally until age 70. This strategy guarantees a higher monthly benefits check and maximizes lifetime benefits in most cases. However, there are downsides to delaying the claim for benefits. One important downside is the risk involved in waiting to claim benefits. Despite the guarantee of a higher benefit check for every month …

Retirees Will Not Receive Social Security Payments in February Due to New Schedule

Residents of the United States who are retired and receiving Social Security payments may experience delays in their February benefits due to irregularities in the payment schedule. It is important for beneficiaries to understand the groups they fall into and when they can expect their payments based on their year of retirement and birth date. For pre-1997 beneficiaries, the payment usually arrives on the 3rd of each month, unless it falls on a weekend or …

Guaranteeing Full Salary Pensions for Retirees: Mexico’s President Takes Bold Step

MEXICO CITY, Mexico – Mexican President Andres Manuel Lopez Obrador is proposing a new pension plan that would guarantee citizens a retirement income equal to their full salaries. If approved, this new plan would significantly increase pension benefits for workers in Mexico. The current pension system in Mexico is based on the number of weeks worked, the worker’s salary, and their age at retirement. Under the proposed plan, workers would be guaranteed a pension amount …

Pension Rights of Retirees at Risk: How De-risking Shifts Financial Burden onto Workers

DETROIT, MI – Companies in the United States have been shifting their pension obligations to insurers, lessening their own financial risk while leaving former employees to bear more of the burden. This trend, known as pension de-risking or pension stripping, has raised concerns about the potential impact on retirees nationwide. Corporate de-risking involves transferring the responsibility for delivering retirement income promised by defined benefit pension plans to insurance providers, private equity funds, or other financial …

Retirees’ Biggest Mistake: Claiming Social Security Too Early

Raleigh, NC – Deciding when to claim Social Security can have a significant impact on your financial well-being during retirement. The timing of your application depends on various factors, such as your monthly expenses and life expectancy. For some individuals, claiming Social Security benefits as soon as they turn 62 may be the best decision, while others may benefit from waiting until a later age. However, there is one common decision regarding Social Security that …

Retirees: Here’s What Your Portfolio Withdrawal Rate Should Be in 2024

Phoenix, AZ – Retirees need to carefully consider their portfolio withdrawal rate for 2024 to ensure financial security in their later years. The traditional rule of thumb has been a 4% withdrawal annually, but financial experts and analysts are suggesting a reevaluation of this strategy due to changing economic conditions and longer life expectancies. With the uncertainties of the stock market and global economy, retirees may need to adjust their withdrawal rate to avoid outliving …