As March 2025 approaches, millions of Social Security beneficiaries in the United States are set to receive increased payments. This enhancement is primarily due to the 2.5% Cost of Living Adjustment (COLA) and the recent enactment of the Social Security Fairness Act, which addresses previous reductions caused by the Windfall Elimination Provision (WEP) and Government … Read more
In February 2025, the Internal Revenue Service (IRS) announced the termination of approximately 6,700 probationary employees, constituting about 7% of its workforce. This significant reduction, occurring during the peak tax-filing period, has raised concerns regarding potential delays in tax return processing and refund issuance. Overview of the Layoffs The layoffs, effective February 20, 2025, primarily … Read more
Navigating the Social Security Disability Insurance (SSDI) program can be complex, especially for workers newly diagnosed with a medical condition. Eligibility hinges on accumulating sufficient Social Security work credits, which vary based on age and earnings. In 2025, the criteria for earning these credits and qualifying for SSDI benefits have been updated. Earning Social Security … Read more
The Social Security Administration (SSA) has announced that, starting this week, eligible retirees may receive monthly benefits of up to $5,108. These payments are distributed according to a specific schedule based on beneficiaries’ birth dates. Understanding this schedule and the factors influencing benefit amounts is crucial for recipients. Social Security Payment Schedule for February 2025 … Read more
Recent assertions have emerged, suggesting that a vast number of deceased individuals, some purportedly aged over a century, are receiving Social Security benefits. These claims have raised concerns about potential fraud and mismanagement within the Social Security Administration (SSA). This article delves into the facts, addressing the accuracy of these allegations and providing a comprehensive … Read more
In 2025, Canadian retirees will experience notable changes to the Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). These adjustments aim to enhance financial support for seniors, ensuring benefits align with the rising cost of living. Enhancements to Old Age Security (OAS) Payments The OAS program provides monthly payments to … Read more
Social Security benefits serve as a vital financial lifeline for numerous Americans, including retirees, disabled individuals, and survivors. In 2025, certain beneficiaries may experience a reduction of up to $300 in their monthly benefits due to various factors such as early retirement, excess earnings, increased Medicare premiums, and taxation of benefits. Comprehending these elements and … Read more
In a significant development, Acting Commissioner Michelle King of the Social Security Administration (SSA) has resigned following disputes over data access requests from the Department of Government Efficiency (DOGE). King, a dedicated public servant with over three decades at the SSA, stepped down after refusing to grant DOGE personnel access to sensitive recipient information. Background … Read more
The Social Security Fairness Act, enacted in January 2025, aims to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), thereby enhancing benefits for over 3 million retirees. While the legislation promises increased financial support for many, its implementation presents significant challenges. This article delves into the complexities the Social Security Administration … Read more
The Canada Revenue Agency (CRA) has introduced key updates to its Canada Pension Plan (CPP) and Old Age Security (OAS) benefits for 2025. These changes, designed to offer greater financial stability for retirees, include increased payments and revised eligibility criteria. Understanding these updates will help individuals optimize their retirement income and plan effectively for the … Read more