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Try It NOWCategory: Social Security
Dec. 21, 2024 — In what will probably be one of the last acts of the current Congress, the Senate overwhelmingly passed a bipartisan measure that will provide full Social Security benefits to public sector workers. Approximately 2.8 million public pension recipients will now receive benefits at the same rate…
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Category: Social Security
December 18, 2024 -- The subject of when to take Social Security is one of the most hotly debated retirement topics. Although the system was designed for both decisions to be equal, there are plenty of proponents for each approach.
Case Study - High Earners
Let's explore the following case. Two people aged 76 made the maximum contribution to Social Security during their 35 year working careers. One files for benefits at the first opportunity (62), the other waits to get the max benefit at age 70 We wanted to find out who comes out ahead, and when. So we asked AI to do the calculations for us. The results came back instantly, and judging from the sources they used, they look accurate. Here is what we found:
Total Benefits Received
The person who claimed at 62 started receiving benefits 14 years ago, while the other began 6 years ago:
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Category: Social Security
December 12, 2024 -- The results are in from last week's instant poll, and they have a practical bent. The question to be voted on was, "What do you think will happen when the Social Security Trust Fund Runs Out of Money in 2033?". We received over 150 votes, which gives us a good sample of what our Members are thinking (thanks to all who voted)!
The winning option was definitely pragmatic - 28% voted for "Payroll taxes increased and/or change to maximum earnings ceiling." This is certainly a practical solution, one that we at Topretirements definitely agree with.
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Category: Social Security
November 31, 2024 — We would love to get your vote on what will happen on this issue. The Social Security Retirement Trust Funds are expected to run out in 2033. When that happens it is estimated that only about 79% of benefits can be paid. Congress has been dithering…
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Category: Social Security
Update late December, 2024. This bill was passed by both houses of Congress and signed into law in early Jan. by President Joe Biden. See “Congress Passes End to WEP“. Bipartisan legislation that would repeal two provisions of Social Security easily passed in the House of Representatives. Current SS…
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Category: Social Security
Oct. 11, 2025 - The Social Security Administration announced that the Cost of Living Adjustment (COLA) for recipients will be 2.5% in 2025. It is the smallest increase since the pandemic. Although doubtless recipients would have hoped for a bigger rise, the silver lining is it reflects the good news that inflation is slowing coming to heal. Recipients got a 3.2% boost in their benefits in 2024.
The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024.
Earnings Limits
The Social Security payroll tax will be assessed on the first $176,100 of income in 2025, up from $168,600 this year. After that level, Medicare taxes continue but not those for Social Security. Many experts (and VP Harris) suggest that SS taxes continue on all income above that level, or perhaps just above a figure like $400,000. The Social Security trust funds will be exhausted by 2035, at which time the only money available to pay benefits will come from taxes on existing workers.
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Category: Social Security
October 8, 2024 -- With the election coming soon, the issue that most directly affects retired people is the impending Social Security and Medicare funding crisis. If nothing is done, Social Security recipients will face a 20% cut in benefits in 2035, just over 10 years from now. Medicare will run short a few years later. Therefore it is critical to know how each of our presidential candidates would address this urgent crisis.
Both Harris and Trump say they would not cut Social Security or Medicare. (Editor's note: Politically wise, easy and expedient to say, but how are they going to do it?) Here is how the New York Times summarizes the 2 candidates' positions on Medicare and Social Security. After that we have Topretirements poll results and commentary from your editor.
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Category: Social Security
"See Presidential Positions (below)".
August 15, 2024 -- Thanks to everyone who voted in last week's poll on the best way to fix Social Security. The good news is that you seem willing to make some sacrifices to make it happen, not just throw the burden onto someone else. Even if very few people in government are willing to suggest possible solutions (promising to save it without the way to do it is not a solution), you are! Here is a link to take the poll and see the many interesting Comments it provoked.
Poll Results
The #1 thing that the 170+ people who took our poll want is to expand the earned income that is taxable for Social Security. In 2024 that limit is $168,600. Over 51% of you voted to increase that so taxes are paid on all earnings over $400,000. That option would mean people earning from $168,600 to $400,000 would not pay more FICA taxes, but people over that would pay it on everything they earn. Although presumably not too many members of the Topretirements voters would be affected, the vote does reflect a common opinion, one that would provide a substantial amount (but not all) of the funds needed to avoid benefit cuts expected in 2035. See Reader Responses,
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Category: Social Security
August 6, 2024 — In case you haven’t been paying attention, a real crisis is brewing for Social Security. According to its Trustees, its reserves will be exhausted by 2035 (just 11 years away), at which time the only money available will be from taxes paid by current workers. Only…
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Category: Social Security
July 31, 2024 -- Ordinarily Social Security or the IRS will not contact you by email or phone - unless it is from the mail, consider it spam or some kind of ripoff. But if you got an email recently from the Social Security Administration titled "Important Changes to Access Your Social Security Account!" it is legit. The reason is that soon you will no longer be able to sign in to your online Social Security account using your Social Security username and password. To access Social Security online services, including my Social Security, you will need to create a Login.gov or ID.me account.
This change aligns with federal authentication standards such as Login.gov while providing safe and secure access to their online services. If you are one of the millions of account holders who already use Login.gov or ID.me account to sign in, you do not need to take any action. For example, if you have a Global Entry account you already have a Login.gov username and password.
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