SSA

SSA Increases Minimum Social Security Benefits for 2024

Los Angeles, California – The Social Security Administration (SSA) continues to provide vital financial support to retired workers across the country. As reported by the SSA in January 2024, the average monthly payments for retired workers have increased to just over $1,900, reflecting the ongoing commitment to ensuring the well-being of retirees. To qualify for these benefits, workers must meet specific criteria, including having a Social Security number (SSN), earning a certain wage and credits, …

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Age Increase Proposal Threatens Social Security Benefits for Blue-Collar Workers, Warns SSA Commissioner

Baltimore, Maryland – Social Security Administration (SSA) Commissioner Martin O’Malley expressed concerns about the impact of raising the retirement age on blue-collar workers, following the release of a proposal by the Republican Study Committee (RSC) to increase the age of Social Security eligibility. The RSC’s budget proposal did not specify the exact age to which the eligibility would be raised but cited the need to adjust for increases in life expectancy. During a House Ways …

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The Escalation of Oil Prices is Contributing to the 2024 COLA Uplift.

The surge in oil prices has recently been a topic of concern, stirring discussions among economists and policymakers. However, this scenario has a silver lining for retirees. The announcement of the Cost of Living Adjustment (COLA) by the Social Security Administration (SSA) is an annual event crucial for retirees. COLA determines the increment in Social Security checks for the following year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). …

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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. …

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