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Update on Social Security: House legislation aims to increase payouts for widows and widowers

Previously this month brought back the House plan that would increase widows’ and widowers’ Social Security payments by up to 25%. Rep. Linda Sanchez (D-CA) proposed the Protecting Our Widows and Widowers in Retirement Act on June 7. It will establish an alternate benefit equivalent to 75% of the total income that both partners earned while the beneficiary…

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More People Are Planning To Claim Their Social Security Retirement Plan Early While Staying On Their Jobs

More People Are Planning To Claim Their Social Security Retirement Plan Early While Staying On Their Jobs

Many Americans have doubts about the future of Social Security because of the inflation hit. They plan to claim their Social Security Retirement plan early while staying at their work.   More People Claim Social Security Retirement Plan Benefits Early 42% of Americans said they are planning to file to claim their Social Security Retirement…

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For most Americans, 401(k)s may be their only chance for retirement, but experts warn that there is a significant risk involved

For newer Americans who expect to get older one day, 401(k) plans are their only safe chance because pension funds are all but extinct, and the Social Security bank fund faces a 75-year shortfall. Additional Americans, compared to previously, make use of 401(k) plans to save for retirement, indicating that all of this money is…

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Update on Social Security: What’s in the Latest Budget Cuts Proposal

To reduce government expenditure and equalize the federal budget, several Republican senators brought forward modifications to Social Security. On Wednesday, the House Republican Study Committee revealed a new plan that calls for modifying Social Security, including increasing the maximum age for retiring from 67 to 69. The entire retirement age will raise beginning in 2026…

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Social Security Cuts Loom

Potential Social Security Cuts Loom as U.S. Budget Negotiations Continue

Although the recent agreement to raise the U.S. debt ceiling temporarily averted an economic crisis, it deferred addressing major budgetary issues such as Social Security. Social Security could face potential cuts as part of efforts to reduce the U.S. deficit, according to recent developments in budget negotiations House Speaker Kevin McCarthy plans to establish a…

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According to a senior group, the Social Security COLA boost might be less than previously predicted

According to the Senior Citizen’s League, the following cost-of-living adjustment for Social Security beneficiaries will probably be the smallest in years. According to the Senior Citizen’s League (TSCL), a nonpartisan senior advocacy organization, the cost-of-living adjustment (COLA) for 2024 is probably going to be about 2.7%, which would be the least gain since 2020. The…

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