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Image source: Getty Images. 1. A bigger Social Security check is on the way. The most anticipated announcement each year for Social Security is its cost-of-living adjustment, or COLA.
One option for preventing Social Security cuts is to push back full retirement age (FRA), which is when seniors can collect their complete monthly benefit without a reduction. Right now, FRA is 67 ...
The Social Security Fairness Act eliminates two provisions — known as the Windfall Elimination Provision and Government Pension Offset — that previously reduced Social Security benefits for ...
If Social Security benefits were reduced by 3% to 5% for new retirees, about 18% to 30% percent of the funding gap would be eliminated. [citation needed] Average in more working years. Social Security benefits are now based on an average of a worker's 35 highest paid annual salaries with zeros averaged in if there are fewer than 35 years of ...
The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) was a bipartisan Presidential Commission on deficit reduction, [1] created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal ...
Even though supporters of the Social Security Fairness Act argue it will only drain the Social Security fund six months earlier than otherwise expected, some critics believe there are better ...
Social Security is subject to annual cost of living adjustments. The largest Social Security cost-of-living adjustment happened decades ago. There have only been three years without a cost-of ...
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...