Social Security alert: Several benefits could be suspended if new rules aren't met
Currently, about 72.5 million people—including retirees, disabled individuals, and children—receive Social Security benefits. To avoid interruptions, recipients must stay on top of a few key responsibilities.
One of the most important steps is keeping the SSA informed about any changes in your personal situation. That includes updates to your address, marital status, or employment. These changes can be easily reported online through a My Social Security account.
Also Read: Social Security (SSA) payments today: Who is receiving their check on June 11?
Missing updates may seem minor, but they can have serious consequences. Benefits are often stopped immediately if the SSA encounters issues such as:
Additionally, retirees who take on part-time or freelance work must report all earnings. There are income limits for Social Security recipients, and going over the cap could temporarily reduce or suspend benefits. If the SSA finds that someone received more than they were entitled to, they will be required to repay the money.
The agency also performs address verification checks to confirm where recipients live. This is especially important for people who split time between multiple homes or travel frequently. Inconsistent address information can lead to a pause in payments until the issue is resolved.
If you're unsure about your payment status or need to correct any information, you can contact the SSA through its toll-free number or visit a local office.
Also coming into effect in 2025 are changes related to the Full Retirement Age (FRA), a result of the 1983 amendments to the Social Security Act. People born in 1959 will reach an FRA of 66 years and 10 months this year. That's the age when retirees can start receiving full Social Security benefits.
While you can begin collecting benefits as early as age 62, doing so comes with a permanent reduction in monthly payments. For example, someone whose FRA is 66 years and 10 months could see their benefit reduced by about 29% if they claim at 62.
Also Read: Social Security (SSA) payments today: Who is receiving their check on June 11?
On the other hand, delaying retirement past your FRA increases your benefit by about 8% per year, up until age 70.
These changes are part of a broader effort to maintain the financial stability of the Social Security program as Americans live longer and rely more heavily on these benefits in retirement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
America's housing market is shuddering
Few pandemic-era bets will have paid off quite as nicely as nabbing a house in a boomtown such as Atlanta, Austin or Miami with a two-point-something percent mortgage rate—and holding on as its value soared in the subsequent years. People wanted sun, space and an escape from covid killjoys. These cities offered it. Now, though, the good times are coming to an end. America's housing market is flagging. Across the country, prices have drifted down in the first half of the year, with most cities seeing falls in the past three months (see chart 1). The Federal Reserve's tight monetary policy has kept interest rates painfully high. And this is feeding through to the property market, just as President Donald Trump's tariffs chip away at the economic growth that had been keeping sales strong. The pain is not evenly distributed. Prices are still creeping up in the north-east and the Midwest, while the west and, in particular, the south are hurting (see map). Pity the homeowner in Dallas or Phoenix who bought last year. They are carrying a beefy, 7% or so mortgage rate and the value of their house is already down a few percentage points in dollar terms, or more after accounting for inflation. Such cities face a number of difficulties. Fewer Americans are upping sticks and moving to the sunbelt than during the pandemic, when internal migration jumped (see chart 2). Mr Trump's crackdown at the Mexican border may be making a difference, too, by lowering the number of international arrivals. Housebuilding boomed in these cities a few years ago, when demand was high and rates were low. Although it has now slowed, many covid-era constructions are only just hitting the market. Worse still, the public perception of these cities has changed. Austin and Miami failed to attract enough superstar businesses when they were the flavour of the month; few tech bros today tout them as the new Silicon Valley. For similar reasons, some of the worst-performing markets in the north-east are holiday towns, which also did well as demand from remote workers soared. House prices are falling in Nantucket, Martha's Vineyard and along the coast of Maine. Big city suburbs, another pandemic beneficiary, do seem to be faring better—whereas dialling into Zoom from the beach house doesn't quite work, modern hybrid work schedules perhaps make adding 15 or 30 minutes to the commute viable. The state that fares worst of all combines these trends and adds a few peculiarities of its own. It is Florida, where prices have fallen by 4% over the past year. Aziz Sunderji, an independent analyst, points to high and rising home-insurance premiums owing to climate change ($11,000 or so a year in Florida, versus $2,400 nationwide), a sharp drop-off in demand from well-off Canadians (a surprisingly large number of whom flee cold winters to Florida) and expensive new safety rules that came in after a condominium in Surfside, a Miami suburb, collapsed in 2021. What does the shuddering market say about America's economy? Historically, housing has been one of the most interest-rate sensitive sectors; buyers lever up to make purchases, and are less likely to do so when borrowing becomes expensive, dampening sales and new construction. The industry both helps drive economic growth—housing employs a lot of people and homes are a slug of many families' net worth—and is worth watching to see where the economy is heading. The current slowdown is partly deliberate: the Fed says it is keeping policy tight to squeeze out the last of America's above-target inflation. Other parts of the economy are cooling, too: real private consumption and investment rose at an annualised rate of just 1.2% in the second quarter of 2025, having run at or above 2% for most of the past few years. And payrolls growth has slowed in recent months, even if that in part reflects lower migration. Yet relief for the housing market, in the form of much looser monetary policy, may not be on the horizon (even if the Fed does look likely to lower rates a bit in the months ahead). Tariffs have complicated the job for policymakers, as they may cause inflation to spike. At the same time, a colossal build-out of artificial-intelligence infrastructure, data centres and the like is helping buoy growth. Capital spending by the 'magnificent seven" big technology companies now accounts for over 1% of GDP, and has near-doubled in just a few years, according to Renaissance Macro Research, reducing the need to stimulate the economy. The past decade has been very kind to America's homeowners. Perhaps aspiring buyers are due a break.
Mint
2 hours ago
- Mint
Inside the $10,000 job search: Career coaching, LinkedIn fees, résumé help
It takes a lot of money to make money, especially when it comes to looking for a job these days. Josh Morgan, 45 years old, was laid off from his senior finance role late last year. After several fruitless months of searching for a new one, he paid a company about $10,000 for six months' help. The firm provides weekly meetings with a career strategist to evaluate open roles and sources potential jobs from talent recruiters. It also created a personal website for Morgan and lets him use software that helps tailor his résumé to job descriptions. 'They're like a marketing company, and I'm the product," said Morgan, who lives in Greensboro, N.C. He is still looking for work but says the price will be worth it if it helps him land a job faster. 'I'm in a fortunate position to be able to do it." Two converging forces are driving up the cost of finding a job for many Americans. One is the exploding cottage industry of networking and job-search subscriptions, career-coaching services and artificial-intelligence tools—all capitalizing on job seekers' frustrations in a stalled hiring market. The other is the growing length of the average job search as companies slow recruiting and leave positions unfilled. It now takes the average worker 24 weeks to find a job after losing one, nearly a month longer than a year ago, according to federal data for July. And the number of long-term unemployed is rising. The longer people have to pound the pavement looking for work, the more the costs climb. 'I wasn't anticipating this much of an investment," said 28-year-old Kyle Talley, a former audio technician who started looking for a job in coding or cybersecurity last year. Talley has since spent more than $200 on LinkedIn Premium for networking and about $900 on coding classes to show employers he is up-to-speed on the latest tech. He paid $50 for a career coach and more than $700 for paid AI tools like Grok and ChatGPT Plus to improve his résumé and sharpen his coding skills. Another $500 went toward study materials for certifications that mentors and professors said were must-haves to land work. What Talley has shelled out for the job hunt doesn't count everything he has invested in training for a new career. He spent $17,000 last year for an eight-month coding boot camp and now plans to attend college for cybersecurity. James Finley, a software engineer in Glen Carbon, Ill., became so frustrated from three months of searching that he explored putting his website URL on a digital billboard for $100 a week. He nixed the plan after getting a job offer last week. 'It's trying to be louder than anyone else," said Finley, 39. Spending money on LinkedIn Premium, where connections can help users find someone on the inside, 'has a pretty big ROI"—return on investment, said Edward Voelsing, founder of Rivet Group, a recruiting firm in the Charlotte, N.C., area. Connections are helpful in a stagnant market, where applicants can average 100 applications for every interview, he said. Masha Tatianina, a 47-year-old product designer, employed such a strategy before landing a contract role in July—she spent several hundred dollars over three months of job hunting. In addition to LinkedIn Premium, she paid about $80 for FlexJobs, a remote-work database. She subscribed to Teal, a jobs site that suggests positions and recommends résumé changes, for about $80. Plus, there's Claude, Anthropic's artificial-intelligence assistant, at $20 a month—what she calls a 'game-changer" for interview preparation. Yet there's no guarantee all of the expenditures, and hustle, will get results. Looking for a business or engineering internship, Mialy Jacky, a 26-year-old graduate student, has been traveling to networking events. In the process, she has spent more than $1,000 on conference registrations and lodging, plus transit and food, and about $75 to join national associations for mentorship. Jacky briefly had an internship offer last summer but had to keep looking when the program was canceled. Some of her costs come from not wanting to miss any opportunity: After an unexpected flight delay in Dallas, Jacky bought a $50 networking outfit from T.J. Maxx, then drove to corporate-office suites, distributing her résumé—without success. She is now gearing up to find a full-time job after her November graduation and budgeting $200 to travel to an August networking event in San Antonio. 'I'm not sure what else to do, what other resources I haven't thought of," said Jacky, who lives in West Monroe, La. Sometimes it's the least-expensive moves that yield results. Andrew Yates, 43, tried for 10 years to break into the human-resources field without success. He took out $22,000 in loans to earn a master's in HR from Colorado Christian University to get an edge. Then he spent $225 to take a test through SHRM, an industry group, to get a 'certified professional" designation. What ultimately worked? He mentioned to a man he met at the gym that he was job hunting, and his new workout buddy gave him a referral to his company. Yates got hired and moved to Dallas for the role. That $20 monthly gym membership ended up paying dividends, he said: 'I guess that was a job expense, unknowingly." Write to Lindsay Ellis at
Time of India
10 hours ago
- Time of India
$600 stimulus payment for adult and dependent child in US soon? What you should know
Senator Josh Hawley introduced the "American Worker Rebate Act of 2025," proposing rebate checks for working Americans funded by Trump's tariffs. The plan suggests a minimum of $600 per adult and child, phasing out for higher-income couples. However, the bill faces significant hurdles, including Republican opposition, economic concerns, and potential inflationary effects, making its passage unlikely. The bill proposes 'at least' $600 for every adult and dependent child. For example, if you're a family of four, you'd get $2,400 Tired of too many ads? Remove Ads Will you be getting $600 stimulus payment? Tired of too many ads? Remove Ads What is $600 stimulus payment and why you won't get it? Republican Senator Josh Hawley introduced the 'American Worker Rebate Act of 2025' — a bill that would send rebate checks to working Americans, funded by revenue from President Donald Trump's tariff policies. The proposal was expected to provide a huge financial relief to millions of people in the United is weighing a bill that would send Americans hundreds of dollars in the form of tariff rebate checks in a bid to soften the financial blow of the administration's new tariffs. The bill proposes 'at least' $600 for every adult and dependent child. For example, if you're a family of four, you'd get $2,400. The amounts would phase out for married couples making over $150,000 a year.'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' Hawley said in a legislation regarding tariff rebate introduced by Josh Hawley in late July 2025 must be approved by both the Senate and House of Representatives before going to the president. There are significant obstacles to its passing right now: Sen. Hawley's fellow Republicans in the Senate are less than enthusiastic about the bill, and several economists have voiced concerns that it won't provide the relief consumers are looking for amid bill is also facing criticism from other Republican senators, who call it a "bad idea" and "unsustainable" due to the federal cost of approximately $164 billion, according to a report in Marca. This is compounded by skepticism from several economists who doubt that the measure will provide the financial relief that consumers need. Despite the fact the President Trump has endorsed the idea, his strained relationship with Hawley makes it unlikely that they will work together to move the project project, spearheaded by Hawley, is called the "Reimbursement for American Workers Act" and consists of sending direct checks to US households funded by revenues generated from tariffs imposed on foreign products. The plan seeks to send a minimum of $600 for each adult and dependent minor. If tariff revenue exceeds projections for 2025, the bill could allow for 'a larger credit per person.'Josh Hawley's proposal to send tariff rebate checks faces insurmountable hurdles. On the one hand, the lack of enthusiasm from Republicans in Congress themselves, who have already passed a bill costing $4.1 trillion in the last decade, makes any new spending initiative addition, several senators, including James Lankford, Ron Johnson and Roger Marshall, have publicly opposed the idea, suggesting that the funds be used to pay down the national himself is open to the idea. Asked at the White House about a possible rebate for Americans from tariff revenue, he told reporters: 'We're thinking about that. We have so much money coming in, we're thinking about a little rebate.'To be fair, Trump also said the 'big thing we want to do is pay down debt' — but added that 'a little rebate for people of a certain income level might be very nice.''I don't believe a rebate would make for sound policy,' Alex Durante, senior economist at the Tax Foundation, told CNBC. 'I'd much rather see that revenue directed toward reducing the deficit than handing out checks to individuals.'Critics also caution that such payments could reignite inflationary pressures — a problem that has persisted since the pandemic-era stimulus.'Recipients are likely to spend at least part of that money, which would drive up demand, push prices higher, and potentially intensify inflation,' said Joseph Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center.
