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AARP’s new CEO vows to protect Social Security, Medicare, and ensure older adults age ‘on their own terms’ Alexa Mikhail Updated November 12, 2024 at 4:44 PM
One of the most worrisome headlines about retirement in the United States is that Social Security benefits could be reduced starting in 2034 due to a shortage of funds. For retirees who depend ...
A recent AARP survey found that 61% of Americans aged 50+ are worried that they will not have enough savings when they retire. Social Security, a cornerstone of American retirement ideals, was a ...
In 2023, AARP started campaigning for the Social Security Administration (SSA) to receive a $1.4 billion increase in funding to improve its "woeful" customer service. The AARP also called for the SSA to "step up non-monetary measures to improve customer service and quality," stating that all issues won't be resolved with more funding alone.
Social Security is funded through the Federal Insurance Contributions Act tax (FICA), a payroll tax. [12] Employers and employees are each responsible for making tax payments of 6.2% of wages in 2018 (12.4% total) as FICA contributions, typically withdrawn from paychecks.
Even with an 8.7% cost-of-living adjustment boosting average monthly payments by $146 in 2023 -- the highest COLA in more than four decades -- Social Security recipients still need to save money...
Workers in Social Security covered employment pay FICA (Federal Insurance Contributions Act) or SECA (Self Employed Contributions Act) taxes and earn quarters of coverage if earnings are above minimum amounts specified in the law. Workers with 40 quarters of coverage (QC) are "fully insured" and eligible for retirement benefits.
The legislation would eliminate a provision that cuts Social Security payments to some retirees who also collect a pension from jobs not covered by the retirement program. That includes state and ...