Social Security isn’t bankrupt. What we know about future benefits

A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 – a year later than projected last year – the program still faces a 75-year deficit. A one-year … Read more

High inflation prompts older Americans to tap savings, take on debt

MStudioImages | E + | Getty Images For many older Americans, record high prices are jeopardizing their financial security just as they approach or live in retirement, according to a recent survey from The Senior Citizens League, a nonpartisan senior group. The online survey was conducted online in the first quarter and included 3,056 participants, … Read more

Agency can expand birth control access under Medicaid if Roe v. Wade is overturned

Chiquita Brooks-LaSure testifies before the Senate Finance Committee during her nomination hearing to be administrator of the Centers for Medicare & Medicaid Services in Washington on Thursday, April 15, 2021. Caroline Brehman | CQ-Roll Call, Inc. | Getty Images In her first year as administrator of the Centers for Medicare and Medicaid Services, Chiquita Brooks-Lasure … Read more

Americans can expect to pay a lot more for medical care in retirement

Lisafx | Istock | Getty Images A 65-year-old couple retiring this year can expect to spend an average of $ 315,000 in health-care and medical expenses in their retirement, according to a new estimate by Fidelity Investments. That’s 5% higher than last year’s estimate. While much of the increase this year came from higher Medicare … Read more

A possible reduction for Medicare Part B premiums is still in play

Choreograph | iStock | Getty Images For Medicare beneficiaries wondering whether their Part B premiums could be reduced, the waiting continues. More than three months after Health and Human Services Secretary Xavier Becerra ordered a reassessment of this year’s $ 170.10 standard monthly premium – a bigger-than-expected jump from $ 148.50 in 2021 – it … Read more

Social Security taxes up to $147,000 in wages. That could change

Golibtolibov | Istock | Getty Images Taxing the wealthy is a big topic in Washington these days. President Joe Biden recently proposed in his 2023 annual budget a so-called billionaire minimum income tax that would increase levies on the country’s wealthiest households. Under the plan, people with a net worth of $ 100 million or … Read more

What to do when your monthly Social Security check isn’t enough

Fstop123 | E + | Getty Images As the cost of everyday goods swells, retirees living on a fixed income are likely feeling especially squeezed. The recent cost-of-living adjustment to Social Security checks of around 6% this year is not enough of a shield for many with grocery and energy, including gasoline, prices seeing their … Read more

Social Security online statements can help you boost your benefits

PeopleImages | E + | Getty Images The Social Security Administration recommends beneficiaries visit its website as the first stop for service as the agency works to reopen its field offices. But many people are reluctant to apply for benefits online. Only about half of retirees have used that method since 2013, according to the … Read more

Living only on Social Security can be difficult. These resources can help

Catherine McQueen | Moment | Getty Images Many Americans enter their retirement years with little or no savings. As a result, most or all of the money they receive comes from their Social Security check. Around 12% of men and 15% of women rely on the benefit for 90% or more of their income, according … Read more

Medicare will soon start covering the cost of at-home Covid tests

Frederic J. Brown | AFP | Getty Images Medicare beneficiaries will be able to get at-home Covid tests at no cost beginning early this spring, the government announced Thursday. The initiative comes after Medicare was not part of a Biden administration mandate that private insurers cover the cost of over-the-counter tests – up to eight … Read more