Tag Archives: Social Security

Are My Social Security Checks Expected to Increase in 2019?

The Social Security Administration recently stated that payments to Social Security and Supplemental Security Income beneficiaries are set to increase for next year. Specifically, the payments are expected to rise 2.8 percent. Why Are My Social Security Checks Increasing? This payment increase is due to an automatic cost-of-living adjustment, also known as COLA. COLA is based on low inflation and dictated by law. It takes effect on December 31 for the country’s 8 million SSI recipients. The COLA is based on the Consumer Price Index for urban wage earners and clerical workers, or CPI-W. This measures different price changes for food, clothing, transportation, housing, medical care, energy, education and recreation. Low-income disabled and elderly people that receive Supplemental Security Income also receive a COLA. In addition to retirees, other Social Security beneficiaries include disabled employees and surviving children and spouses. If you receive SSI, the maximum federal payment will increase…
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Here Are Three Social Security Mistakes That Can Cost You Financially

Social Security will be an important benefit of your retirement plans as a typical American, and it will most likely be a huge part of your income. Many Americans, however, don’t fully understand how these benefits work and what the program does for you. For Americans who go into this process unaware, you could fall into some pretty common financial traps that could permanently reduce your income later on. 3 Mistakes You Want to Avoid When Becoming a Social Security Recipient Claiming benefits before you know how they work. If you don’t fully understand the factors that could impact your Social Security income, you could most likely make poor decisions when attempting to claim benefits. You should fully know how your age, work history, and marital status will affect your benefits during the claim process. For example, retiring before full retirement age (FRA) will reduce your monthly income. If you…
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Why Don’t More Children Receive Social Security Disability Benefits?

Most people consider the Social Security program as something that supports the elderly. Statistics prove this to be correct. According to the Social Security Administration, from the 62 million people that receive Social Security benefits right now, more than 43 million are retired workers. Children are also entitled to receive Social Security disability benefits under specific circumstances. The main reason that many people are unaware of children’s Social Security benefits is because very few children are eligible to receive them. In general, there are three ways that children can receive these benefits: If their parents are receiving retirement benefits from the program If one or both of their parents become disabled If a parent passes away (survivor benefits) In July 2018, about 1.87 million children of deceased employees received survivor benefits. About 1.51 million children of disabled workers received family disability benefits from the Social Security Administration this past July…
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