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The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024 and then passed the Senate in December. [ 2 ]
Only income up to $168,600 per year is subject to Social Security tax, as of 2024, and taxing income above $400,000 per year would dramatically increase the program's funding.
The annual Social Security cost-of-living adjustment, or COLA, is based on third-quarter inflation data, so it was officially announced in October when the last of the official CPI data from the ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
Income Limits 2024. Income Limits 2025. Benefit Reductions. If you're under FRA. $22,320 per year. $23,400 per year. $1 for every $2 over the limit. If you'll reach your FRA this year
The Social Security Administration (SSA) will announce the 2025 COLA on Oct. 10, 2024. That's the day the Bureau of Labor Statistics releases its inflation data for September.
The test only applies to people who are below the normal retirement age, which ranges from 65 to 67 years old, depending on the person's year of birth.For beneficiaries working before the calendar year in which they reach the Normal Retirement Age, current benefits are reduced by $1 for every $2 in wages over the lower bracket amount.
The Social Security COLA is 3.2% in 2024. Official COLA data for 2025 won't be released until October, but early estimates predict it will be around 2.6%, according to The Senior Citizens League ...