• Social Security
  • Retirement
  • Disability
  • Pension
  • Disability Insurance
  • Medicare
  • Viral
Sunday, August 14, 2022
Trends, wellness and entertainment news
  • Home
  • Lifestyle
  • Health
  • Money
  • Tech
No Result
View All Result
  • Home
  • Lifestyle
  • Health
  • Money
  • Tech
No Result
View All Result
Trends, wellness and entertainment news
No Result
View All Result
Home Money

Social Security Administration announces benefits could last longer than estimated

Although the Social Security Administration announced that the trust funds were being depleted, the situation may actually change

TD Editorial by TD Editorial
30/07/2022 06:23
in Money
Social Security would get a boost with COLA

Social Security Paid

ADVERTISEMENT

Social Security may reduce benefits for some people: these are the reasons why

I already have my retirement, when will I receive my pension payments?

The best southern city to live in with only $1,500 a month in Social Security

During the first half of 2022 the United States Social Security Administration announced that there would not be sufficient trust funds by 2034. This means that all benefit payments won’t arrive entirely after that date. The reduction in payments sent by Social Security would be about 20% if this eventually happens. But a new study asserts that this bonanza time could increase a bit more.

ADVERTISEMENT

In any case, Social Security needs to increase its funds urgently if it does not want to get into trouble. There are solutions such as the new bill where they hope to get those funds to go way up and even increase all retirement benefits by $200. It is a risky situation to avoid at all costs.

Read more: Your Social Security benefit will last longer if you live in one of these cities

ADVERTISEMENT

How long will the Social Security funds be increased?

According to Fox Business, this increase would be for only one year. Although it may not seem like a long time, one more year with Social Security’s funds at maximum is great news. This way many retirees will be able to collect their full SSA benefit and be able to pay all their bills, housing, food and other expenses. Anything that means such a change is always good news.

Social Security
Social Security

But keep in mind that after that year nothing is guaranteed anymore. Therefore, Congress and the United States Government must start making moves. If the Social Security funds cannot assure 100% of retiree payments, we may start living in a time of high precariousness, something no one really wants. Therefore, finding a solution is a must in order to avoid this situation.

Read more: New Bill could bump Social Security by 2,400$ a year to Seniors

ADVERTISEMENT

The proposed bill to increase the trust funds

There is a bill to increase the trust funds. And not only would it do that, but it would also increase Social Security for benefit recipients by $200. This bill is still in the pipeline and nothing is certain, but if it is accepted it will become very good news for a lot of people.

In addition, this bill would only negatively affect people with the highest salaries. Any worker earning more than $250,000 a year would have to pay more money in taxes, which would directly benefit the Social Security Administration and its benefits.

Tags: moneySocial SecurityViral
ADVERTISEMENT

Related Posts

Social Security Millennials
Money

Social Security may reduce benefits for some people: these are the reasons why

by TD Editorial
14/08/2022
0

The increase in the COLA for United States Social Security is unstoppable. By 2022 it has already increased by 6% and...

Read more
Social Security - Pension
Money

I already have my retirement, when will I receive my pension payments?

by TD Editorial
14/08/2022
0

The United States Social Security Administration's schedule of payments is announced before the beginning of the year. The pattern for...

Read more
Social Security best southern city to live
Money

The best southern city to live in with only $1,500 a month in Social Security

by TD Editorial
14/08/2022
0

For everyone in the United States, living independently is paramount. This is also true when it comes to retirement with...

Read more
ADVERTISEMENT
  • About us
  • Legal Notice
  • Privacy Policy & Cookies
  • Viral News

© 2021 Tododisca - Health & Lifestyle News

No Result
View All Result
  • Home
  • Lifestyle
  • Health
  • Money
  • Tech

© 2021 Tododisca - Health & Lifestyle News