Social Security – Social Security plays a vital role in the income of millions of Americans, especially retirees. According to Gallup, 80-90% of retirees depend on this program as a significant or supplemental source of income. A key feature of Social Security is the Cost of Living Adjustment (COLA), which ensures benefits keep pace with…
Social Security – The Social Security Administration (SSA) is rolling out key updates for 2025, impacting retirees and individuals relying on Supplemental Security Income (SSI). These changes aim to keep the program sustainable while adapting to economic trends. Here’s an overview to help you stay informed and prepared. Cost of Living Adjustment (COLA) Increases by…
Social Security – In a significant move, the Senate has passed the long-awaited Social Security Fairness Act, a reform aimed at increasing pension benefits for millions of Americans. This change comes as a relief to public sector workers, including teachers, police officers, firefighters, and others, who have long faced reduced Social Security benefits due to…
Social Security -The Federal Insurance Contributions Act (FICA) is a U.S. law designed to collect payroll taxes that fund programs like Social Security and Medicare. While the name may sound technical, it plays a crucial role in ensuring that millions of people receive benefits such as retirement and disability assistance. How FICA Works For most…
Social Security plays a critical role for millions of people in the U.S., especially retirees. Gallup surveys show that between 80% and 90% of retirees rely on Social Security as a major source of income. One of the most important factors affecting these benefits is the Cost of Living Adjustment (COLA), which determines how much…