Social Security Benefits

The $2.3 trillion omnibus spending bill and COVID-19 relief package passed by Congress Monday night includes an extended timetable for how soon U.S. troops and federal employees have to pay back deferred Social Security taxes, thereby reducing the hit to their paychecks next year.

Retirees who file taxes as single with incomes up to $75,000 will get the full payment and those who file married joint returns with an income up to $150,000 will get the full amount.

When the coronavirus pandemic hit earlier this year, many analysts worried that decreasing gas prices meant that seniors would get no Social Security raise going into 2021.

This growing reliance on Social Security demonstrates how important it is for future generations of retired workers to maximize what they'll receive from the program. While some benefit-boosting catalysts, such as the annual cost-of-living adjustment (COLA) or congressional action, are beyond our control, there are five smart and effective ways workers can increase their Social Security benefits.

Given this persistent reliance by seniors on their guaranteed monthly benefit, it's important to net the biggest payout possible. Interestingly, though, this benefit can differ greatly depending on where a retired worker lives.

A new report put out by the Social Security Administration shows that people are being patient and waiting longer before taking their Social Security benefit. 

No matter whether Joe Biden or Donald Trump wins the presidential election, wealthy Americans can expect to see a Social Security tax hike in 2021.

For tens of millions of Americans, there isn't a program that bears more importance to their financial well-being than Social Security.

There are a few simple steps you can take to increase your retirement wealth and put yourself in a better position to withstand financial surprises as a senior. Here are a few super easy ones to start with.

There's a chance you could be taxed not once but twice on your retirement benefits.

Americans whose employment have been negatively impacted have far less savings, survey shows.

Biden will expose income above $400,000 to the 12.4% Social Security tax.

Here's a closer look at the seven biggest changes to Social Security in 2021.

Whether you expect Social Security to play a significant role in your retirement or not, it's a good idea to ensure you're maximizing your monthly checks. And if you're currently either married or divorced, you could collect more than you think.

The major reason for the perceived lack of confidence in President Trump, according to the survey, seems to be his recent actions and statements related to the payroll tax.

The average yearly benefit will increase by just several hundred dollars.

Experts expect the 2021 increase in benefits will be smaller than what beneficiaries received this year.

Social Security benefits often play a key role in the financial well-being of our nation's retired workforce. This means there's arguably no decision more important for seniors than deciding when to begin taking their payout.

Cost of living adjustments are implemented in order to counteract the effects of inflation.

Seniors are likely on track to get a COLA of around 1.2% to 1.4% next year. The bad news is, while this is better than no raise at all, it's not something to get excited about.