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The states for which the SSP is administered by the Social Security Administration are the following: California, Hawaii, Michigan, Montana, Nevada, New Jersey, and Vermont. In these states, only one payment is made to include both the SSI and the SSP, combining federal and state benefits. In some states, SSP is dually administrated. Social ...
The Social Security Administration announced recently that seniors will get a 2.5% benefits increase for the 2025 year. That amounts to around $49 more in monthly benefits for the average retiree.
Spousal benefits can equal up to 50% of your higher-earning partner's standard Social Security benefit (called their primary insurance amount or PIA). However, spousal benefits shrink if you claim ...
Another catalyst for collecting your retired-worker benefit as early as possible is the Social Security Board of Trustees forecasting an exhaustion of the Old-Age and Survivors Insurance Trust ...
The initial benefit levels for SSI in 1972 were approximately the same as the average monthly benefit as a retired worker under the Social Security retirement benefits program. In August 1974, Congress established legislation to automatically increase SSI benefits by the same percentage and at the same time as Social Security retirement ...
Image source: Getty Images. 1. The 2025 Social Security COLA. Social Security beneficiaries are getting a 2.5% cost-of-living adjustment, or COLA, starting with the payment they receive in January ...
Image source: The Motley Fool. If you're within 36 months of your FRA, your benefit is reduced by 5/9 of 1% for each month you claim early. Any additional month further reduces benefits by 5/12 of 1%.
Data source: Social Security Administration. Average benefits are as of December 2023. Apart from age 68, which has an average benefit slightly higher than the average benefit for age 69, we see ...