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Social Security

Retirement accounts become emergency funds as financial stress rises

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Long-term retirement accounts are increasingly serving as sources of emergency funds as American workers confront rising costs and persistent financial anxiety, according to multiple recent studies. Surveys from Allianz Life Insurance, Payroll Integrations and F&G Annuities and Life show Americans cutting back on retirement contributions and tapping savings meant for later life to cover immediate […]

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House approves funding boost for Social Security Administration

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The House of Representatives approved legislation last week to bolster customer service efforts at the Social Security Administration (SSA), advancing a broader funding package aimed at avoiding a government shutdown at the end of this month. Lawmakers paired the funding increase with oversight requirements, instructing the SSA to avoid closing field offices or cut direct

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New deduction may lower seniors’ Social Security tax burden

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The federal tax bill passed in mid-2025 includes a provision marketed as “no tax on Social Security,” but it does not eliminate taxes on benefits. Instead, the One Big Beautiful Bill Act expands deductions for older Americans, potentially reducing federal taxes for many retirees, a finance leader recently explained. A blog post by Luke Delorme

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Elon Musk says retirement savings could become ‘irrelevant’

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Elon Musk, the billionaire CEO of Tesla and SpaceX, stoked debate about the future of retirement savings by saying that in the coming years, traditional retirement planning could become “irrelevant” amid technological advances. “One side recommendation I have is: Don’t worry about squirreling money away for retirement in 10 or 20 years,” Musk said on

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Poll finds broad support for independent Social Security commission

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A recent Cato Institute survey of 2,000 adults found strong bipartisan support for creating an independent, nonpartisan commission with authority to address Social Security’s long-term funding shortfall. Seventy-one percent of respondents said they favor Congress establishing such a body, reflecting broad frustration with lawmakers and growing openness to an alternative decision-making process. Support cuts across

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Social Security faces insolvency risk as Americans doubt its future

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Most Americans hold a favorable view of Social Security, but about one-third are skeptical the program will still exist when they retire, according to new survey data released by the Cato Institute and YouGov. The survey also found that Americans are broadly misinformed about how Social Security works.  “Many do not understand how the program

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Government shutdown impacts senior access to services

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The federal government shutdown is set to reach one month on Saturday, and the impacts are being felt by many Americans, including seniors who are struggling to access food, health care and a variety of support services. An article published last week by national senior advocacy group AARP highlighted some of the difficulties being faced

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Social Security COLA will increase 2.8% in 2026

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The Social Security Administration (SSA) on Friday announced that its cost-of-living adjustment (COLA) will rise 2.8% in 2026. Among the 53 million Americans who receive Social Security benefits in retirement, that will translate to an additional $56 per month. The average monthly payment to retirees will rise to $2,056, the SSA reported. The 2.8% increase

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Americans worry about retirement income sustainability

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Nearly 90% of working-age Americans are concerned about how they’ll generate income in retirement — and more than half worry about outliving their savings. That’s according to the 2025 U.S. Retirement Survey by Schroders, a London-based multinational asset manager. The report, released Tuesday, found that 87% of Americans who’ve yet to retire expressed at least

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Retirement age could change as Social Security examines all options

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With the Committee for a Responsible Federal Budget predicting that Social Security’s retirement trust funds will run out by 2032, policymakers are being forced to act fast. When asked during Fox Business News‘s “Mornings with Maria” segment on Thursday whether the retirement age would change, Social Security Administration (SSA) Commissioner Frank Bisignano said “everything’s being

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