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The Social Security Administration has implemented a variety of new rules and features for 2013. The two-year payroll tax cut has officially ended, and paper Social Security checks will soon cease ...
Social Security will automatically change any monthly benefits received to survivors’ benefits after it receives the report of death. The agency might be able to pay a Special Lump-Sum Death ...
It may decrease their Social Security payments by up to half the value of their pension. For example, Michelle Cosgrove's benefits will be cut nearly in half — reduced by $557, to $601.
Employees hired after 1983 are required to be covered by the Federal Employees Retirement System (FERS), which is a three tiered retirement system with a smaller defined benefit (pension), Social Security, and a 401(k)-style system called the Thrift Savings Plan (TSP). The defined benefits of both the CSRS and the FERS systems are paid out of ...
Data source: Social Security Administration, 2024 Annual Statistical Supplement. *As of November 2024. Back in 1984, the average monthly benefit was just $460.57 -- adding up to about $5,527 for ...
Image source: Getty Images. Back in December 1994, the average monthly benefit was just $697.34, adding up to about $8,368 for the year. Fast forward to November 2024, and the average retired ...
Since January 1, 1984, employees with fewer than 5 years of non-military experience on December 31, 1986, were covered under interim retirement rules under which they were covered by both CSRS and the Social Security system (commonly referred to as CSRS Offset). They made reduced payments to the CSRS (1.3 percent of earnings instead of the ...
Image source: Getty Images. COLAs provide a much-needed boost to all retirees' checks, and the 2025 COLA is almost here. But to make the most of it, it helps to understand how COLAs work.