Social Security payments have been helping seniors supplement their retirement income since the Social Security Administration was created in 1935. With the decline of employer pension plans, workers have become increasingly responsible for building their own retirement savings nest eggs.

February’s Supplemental Security Income payment, worth up to $967, will go out to millions of beneficiaries in nine days. The next SSI payments are scheduled to be distributed on Jan. 31. SSI payments are given to people living with debilitating disabilities that affect their income, according to the Social Security Administration.

President Donald Trump has tapped businessman Frank Bisignano as the Social Security Commissioner. What could that mean for you?

Retirees who stop working at the Full Retirement Age, currently set at 67, can receive a maximum benefit of $4,018 per month. If benefits are claimed at the earliest possible age of 62, that maximum payment drops to $2,831.

Nearly 72.88 million Americans rely on Social Security for monthly income. The vast majority, about 65.5 million, collect Social Security benefits. Another 4.88 million receive Supplemental

Every year, the Social Security Administration, or SSA, examines inflation data and adjusts Social Security benefits accordingly. In short, the annual cost-of-living adjustment, or COLA, is designed to help retirees keep up with the rising cost of goods and services.

Roughly 1 in 4 retirees have no savings, according to a recent Clever survey. There are several reasons for this, including living paycheck to paycheck and having to pay for unplanned expenses. There's a popular Social Security misconception that refuses to die,

President Donald Trump's mass deportation plans could have a significant economic side effect: draining Social Security funding.

The Social Security Administration (SSA) approval process is relatively speedy, but as it is a government program with a huge number of applicants, you can expect to wait three to five months ...

Former Louisiana Congressman Garret Graves' Social Security Fairness Act repeals WEP and GPO penalties for millions of government retirees.

All federal and state courts will be closed for the day as well. While the United States Postal Services stops its services on Martin Luther King Jr. Day, FedEx will remain open and deliver packages as regularly scheduled.

In 1984, the average benefit was just $460.57 per month. It's steadily gone up over time, with today's retirees earning an average payment of $1,925.46 per month, as of November 2024.