Aug 13, 2020 · Aug. 1, 1956: Social Security Act amended to provide benefits to workers with disabilities ages 50 to 64 and adults with disabilities dating to childhood, and to allow women to take early retirement at age 62, albeit at a reduced Social Security benefit. Previously, no one could claim retirement benefits until age 65.

Dec 4, 2024 · The repeal law, called the Social Security Fairness Act, is retroactive to cover 2024 benefit payments. The White House says those affected will receive a lump-sum repayment for WEP or GPO withholding last year. The SSA says it is evaluating how to implement the repeal and will provide updates on a dedicated page on its website.

Mar 22, 2024 · Limiting how much Social Security can withhold from benefits to recoup past overpayments is “a big step in the right direction,” says Rebecca Vallas, a senior adviser with the National Academy of Social Insurance. “I saw firsthand during my years as a legal aid lawyer the needless suffering this can cause.”

Mar 1, 2022 · Americans rely on it. It’s long been cited that Social Security was meant to provide just 40 percent of your retirement income. But according to SSA data, 12 percent of men and 15 percent of women on Social Security rely on it for 90 percent or more of their income. Even a modest reduction in benefits would hit them hard.

Sep 21, 2023 · Larson, who has represented a Hartford -area district since 1999, is the ranking Democrat on the House Ways and Means Social Security subcommittee. In July, he introduced the Social Security 2100 Act, which would temporarily increase benefits while permanently raising Social Security payroll taxes for high earners.

Sep 14, 2020 · If you claim Social Security upon turning 62, you'll get 70 percent of the benefit amount calculated from your lifetime earnings. If you wait until full retirement age — in this case, 67 — you'll get 100 percent. Delay past full retirement age and Social Security increases your benefit 8 percent a year until you hit 70. There's no financial ...

Dec 30, 2022 · “Funding for the Social Security Administration has steadily eroded over the past decade, while the number of people it serves has grown,” LeaMond says. “The higher funding included in this legislation is a needed step to begin to address this customer service crisis, but more must be done.”

Jan 10, 2025 · Here's how: Social Security's tax revenue is, by law, invested in special U.S. Treasury securities. As with all Treasury bonds, the federal government can spend the proceeds on a variety of programs. But as with all bondholders, Treasury has to pay the money back, with interest. Social Security redeems the securities to pay benefits.

Oct 1, 2024 · The Social Security Administration (SSA) has dropped a long-standing policy of counting financial help from friends or family for buying food as income that affects eligibility and payment amounts for Supplemental Security Income (SSI) — part of a suite of changes to the program that could boost benefits for hundreds of thousands of ...

Oct 10, 2018 · The Windfall Elimination Provision affected Social Security retirement and disability benefits. A separate rule, the Government Pension Offset (GPO), covered people who received spousal or survivor benefits in addition to a non-covered government pension. The GPO was also repealed by the Social Security Fairness Act.