Latest news with #SocialSecurityIncome
Yahoo
13-05-2025
- Politics
- Yahoo
Homeland Security investigating California's Cash Assistance Program for Immigrants
The Brief DHS is investigating whether ineligible illegal immigrants received SSI benefits from Jan. 2021 to present. The subpoena requests records from LA County Dept. of Public Social Services, including applicants' names and dates of birth. Trump's memorandum signed April 15 aims to prevent illegal immigrants from obtaining Social Security benefits. LOS ANGELESimmigration - The Department of Homeland Security on Monday issued subpoenas to the government of California seeking records to determine if ineligible illegal immigrants received Social Security Income (SSI) benefits. What we know HSI Los Angeles has requested records from the Los Angeles County Department of Public Social Services, which administers the state's Cash Assistance Porgram for Immigrants (CAPI). The subpoena covers records from January 2021 to the present, including applicants' names, dates of birth, immigration status, and proof of ineligibility for SSI. The investigation comes more than a month after a separate study found that California is funneling billions of federal taxpayer dollars into paying for illegal immigrants. The Economic Policy Innovation Center [EPIC] report drew a line between California's Medicaid provider taxes and what, on paper, appears to be nearly $4 billion in state funding going toward illegal immigrants' healthcare and other initiatives. The backstory On April 15, 2025, President Donald Trump signed the Memorandum Preventing Illegal Aliens from Obtaining Social Security Act Benefits. This directive aims to stop incentivizing illegal immigration and protect taxpayer dollars by ensuring ineligible illegal aliens do not receive Social Security funds. The memorandum also prioritizes enforcement against states or localities for potential violations of Title IV of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA). According to the program's website, CAPI is intended to provide monthly cash benefits to aged, blind, and disabled non-citizens who are ineligible for federal Supplemental Security Income, but the White House claims it provides benefits to illegal immigrants who cannot access social security benefits. What they're saying DHS Secretary Kristi Noem stated, "Radical left politicians in California prioritize illegal aliens over our own citizens, including by giving illegal aliens access to cash benefits. The Trump Administration is working together to identify abuse and exploitation of public benefits and make sure those in this country illegally are not receiving federal benefits or other financial incentives to stay illegally." She added, "If you are an illegal immigrant, you should leave now. The gravy train is over. While this subpoena focuses only on Los Angeles County – it is just the beginning." Big picture view The subpoena issued by HSI Los Angeles is part of a larger initiative under President Trump's administration to ensure that taxpayer dollars are used to benefit American citizens rather than illegal immigrants. The administration is focused on preventing illegal immigrants from receiving federal benefits and enforcing compliance with immigration laws. The Source Information for this story is from a press release published by the Department of Homeland Security on May 12, 2025. FOX News contributed.
Yahoo
06-03-2025
- Business
- Yahoo
Idaho Senate approves ABLE accounts bill by wide margin
Members of the Idaho Senate listen to proceedings on the Senate floor on Jan. 7, 2025, at the State Capitol Building in Boise. (Pat Sutphin for the Idaho Capital Sun) This story was first published by Idaho Reports on March 5, 2025. The Idaho Senate approved on Wednesday a bill to allow Idahoans with disabilities to save money for additional expenses, without the threat of losing coverage, sending it to the governor's desk for consideration. House Bill 26 passed the Senate in a 27-6 vote. ABLE accounts — an acronym for Achieving a Better Life Experience – allow people with disabilities who collect Social Security Income to save money for future qualifying needs, such as transportation, housing, or medical expenses. Without ABLE accounts, people with disabilities risk no longer qualifying for Social Security Income if they have more than $2,000 in their bank accounts, which discourages them from saving for expenses like car repairs, or medical care that isn't covered by insurance. The money in ABLE accounts doesn't count against the $2,000. Only people whose disability began before the age of 26 are eligible for ABLE accounts. Idaho Sen. Carl Bjerke, R-Coeur d'Alene, said this opens doors for people with disabilities, offering the example of a person who uses a wheelchair being unable to fix a broken wheelchair-accessible vehicle for work because they have no savings. 'It provides greater independence,' said Bjerke. Idaho is one of only three states in the country that does not yet have ABLE accounts. There is no cost to the state, because the new accounts are set up through a national consortium. The bill also establishes an advisory council for the Treasurer's Office, but at no additional cost. The bill now heads to the governor's office for consideration. He can either sign it, allow it to become law without his signature or veto it. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
22-02-2025
- Business
- Yahoo
Social Security checks have lost 20% of their buying power since 2010 — here's how much it's costing US retirees
Each year, the Social Security Administration (SSA) adjusts the amount of money that recipients receive in benefits, helping to account for factors such as inflation. Ideally, the adjustments give the 68 million Social Security benefit recipients more purchasing power during their retirement years. But according to a 2024 study from The Senior Citizens League, these benefit checks have actually lost significant buying power over the years. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) A near-record number of Americans are grappling with $1,000 car payments and many drivers can't keep up. Here are 3 ways to stay ahead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes Here we'll take a look at the benefit amounts of past and present to see how this came to be. The SSA's annual adjustment to benefit payments is known as the Cost-of-Living Adjustment, or COLA. It was designed to safeguard the purchasing power of Social Security Income (SSI) benefits from decline due to inflation. In 2025, Social Security benefit checks will get a 2.5% bump thanks to the COLA. These adjustments can go higher, as we saw back in 2022 when Social Security benefit checks increased by 8.7% due to high-inflation rates following the COVID-19 pandemic. On paper, the annual COLA looks like a decent increase that gives retirees a larger Social Security check. And while that's true — the average monthly Social Security check in 2010 was $1,164, while the average check as of January, 2025, is $1,976 — COLA appears to have slowly fallen behind the rate of inflation over the years. As The Senior Citizens League's study notes, Social Security benefits have lost 20% of their buying power since 2010, which means monthly benefit checks today are worth 20% less than they were about 15 years ago. Read more: Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10) Though COLA is an attempt to ensure that Social Security checks match the pace of inflation, the adjustment often falls short. Take 2024, for example. While 2024's COLA added a 3.2% bump to benefit checks, the inflation rate sat at 3.4%. And then there's 2022, when the COLA boosted benefit checks by 5.9% despite an inflation rate that sat at 7%. A 1.1% difference may not seem like much, but the discrepancies between the rate of inflation, rising prices and COLA can be harmful to retirees, especially those who rely on benefit checks as a major chunk of retirement income. Consider the escalating costs of many of today's essentials. Expenses like transportation have gone up by a staggering 96.6% since 2010, while housing has risen by 81.2%. And then there's food and beverage, which rose by 56.7% in the last 15 years. In order to compensate for the Social Security benefit losing 20% of its value, retirees would need to earn $370 more per month, or $4,440 more per year. Without these compensating funds, retirees relying on Social Security alone will have a tough time safeguarding their finances from the sting of inflation. The first thing you should look into is maximizing your Social Security benefit. Your age at retirement — in relation to your full-retirement age — can have a big effect on the size of your benefit checks. For example, if you were to retire in 2025 at 62 years old, your maximum benefit would be $2,831 per month. But if you retired this year at 67, your max benefit would jump to $4,018. And if you were able to delay claiming your Social Security benefit and retire at 70, your max benefit would jump even higher to $5,108. If the Social Security benefit is losing some of its value, you may want to do your best to get the fattest benefit check that you can. For those nearing retirement who are still working, you may want to think about putting more money into investment accounts like an Individual Retirement Account (IRA) or a 401(k). Each year, the IRS updates its contribution limits for these investment accounts. With the Social Security benefit losing value, the more money you can save before retirement, the less you'll have to rely on Social Security in your golden years. For those who are already retired, taking on a part time job — if you're able to — could help stave off the effects of rising costs and a depreciating Social Security benefit. It's not ideal — after all, you ideally want to relax and enjoy your golden years — but it could help with expenses and keeping up with inflation. Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies This self-made $500M real estate mogul reveals his 'essential' US portfolio that he says Amazon 'can't hurt' — here's how everyday investors can copy his secret formula Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Yahoo
10-02-2025
- Politics
- Yahoo
ABLE savings accounts bill for people with disabilities moves to Idaho Senate
The Idaho House of Representatives debate from the House floor on Feb. 10, 2025,, at the Statehouse in Boise. (Ruth Brown/Idaho Reports) On Monday the Idaho House of Representatives moved forward a bill that allows Idahoans with disabilities to set up an account to save money additional money for their care. ABLE accounts — an acronym for Achieving a Better Life Experience – allow people with disabilities who collect Social Security Income to save money for future qualifying needs, such as transportation, housing or medical expenses. Under current law, Idahoans are in jeopardy of no longer qualifying for Social Security Income if they have more than $2,000 in their accounts, which discourages them from saving for expenses like car repair, or medical care that isn't covered by insurance. The money in ABLE accounts doesn't count against the $2,000. Only people whose disability began before the age of 26 are eligible for ABLE accounts. Idaho is one of only three states in the country that does not yet have ABLE accounts. There is no cost to the state for setting up the accounts through the national consortium. 'It helps us all, if somebody that has a disabled person in their house, if they have savings to take care of those emergency bills or take care of things, rather than going to the state or different resources that come out of our tax dollars,' said bill sponsor Rep. Bruce Skaug, R-Nampa. Should it pass the Senate, the bill would establish an Idaho ABLE Account Advisory Council to advise the Idaho state treasurer and the executive director of the Idaho State Independent Living Council regarding policies and action that enhance the outreach, marketing and education of the Idaho ABLE Account Program. Rep. Kent Marmon, R-Caldwell, voted against the bill. 'I'm not in favor of creating an advisory board that's gonna cost the taxpayers money,' Marmon said. Rep. James Petzke, R-Meridian, noted in his debate that members of that advisory council are unpaid, so that's not an expense to the state. 'I think it's a fantastic thing we should have done it a long time ago,' Petzke said. The bill passed 56-13 and now heads to the Senate. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
09-02-2025
- General
- Yahoo
This Wisconsin man with autism was 'devastated' after Social Security told him to pay back $35K. Is the system broken?
Like many Americans with disabilities, 32-year-old Max Silber of Wisconsin regularly receives Social Security Income (SSI) benefits because of his autism. That is, until recently when he was unexpectedly notified they would stop. What's more, he was instructed to repay $35,000 due to an overpayment "error" dating back to May 2022. Max's father, Jeff, has appealed five times on his behalf without luck. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) A near-record number of Americans are grappling with $1,000 car payments and many drivers can't keep up. Here are 3 ways to stay ahead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes 'He's always followed the rules and was never told that he was being overpaid,' Jeff told The Sun. 'Their basis was that he was gainfully employed and made more than the amount allowed to earn and still get benefits. They also concluded that he would have to prove he still had autism. This put us over the top.' Max was diagnosed with autism in preschool and qualified for Social Security disability benefits. Nothing has changed, so Jeff has tried to appeal the decision. As a retired autism therapist and current advocate for families impacted by autism, he deeply understands the struggle beyond Max's specific situation. Throughout the repeated efforts, he's become increasingly frustrated — particularly about the requirement to determine if his son still has autism. 'To imply one recovers from autism is an insult to my son and an indication of the lack of knowledge about illnesses of the decision-makers,' Jeff asserted. In time, Max has become more independent, but he still faces challenges. He now works full-time and can drive and handle finances, but he can become "obsessive" about some things, Jeff said, and he still requires structure. 'He has always lived with me and will likely never want to live alone, something that worries me as I age.' Jeff argued that Social Security needs doctors and subject matter experts who understand the complexities around disabilities such as autism and, without the right internal knowledge, the government agency 'should not make random decisions affecting the lives of so many who then have to wait for months for resolution.' As for the overpayment, Jeff held that it 'was their mistake, not Max's, yet he is the victim like so many others. Social Security needs to be held accountable and responsible.' Read more: Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10) The SSI payments Max received are provided to millions of Americans. Aside from retired workers, several groups are eligible: Those with a qualifying disability The spouse or child of someone getting benefits The divorced spouse of someone getting or eligible for benefits A spouse, child, divorced spouse or dependent parent of a worker who died There are some restrictions though. Last year, the monthly income limit for SSI benefit recipients was $1,971 and the asset cap was $2,000. Plus, there can be complications in receiving SSI if a beneficiary works too much. Stipulations like these often result in beneficiaries unknowingly being removed from the program. The Sun article shared insight from Kevin Thompson, finance expert and CEO of 9i Capital Group, who seems to agree with Jeff. He told Newsweek, "The system in itself needs to be modernized and a substantial effort needs to be undertaken to improve [it]." Another issue is the shortage of funds available. With an aging population living longer and fewer people in the workforce, there will be fewer workers supporting retirees and therefore paying into Social Security. On top of this, the Social Security and Medicare Boards of Trustees' 2023 and 2024 reports predict that by 2033, Social Security's retirement benefits trust fund will be depleted. By then, taxes should cover only 79% of scheduled benefits. Between the system's stipulations, alleged lack of internal expertise and lack of funds available to support Americans long-term, beneficiaries like Max will likely continue to run into trouble or slip through the cracks. Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies One dozen eggs in America now costs $4.15 — and $14.35 for a pound of sirloin steak. Both record highs. 3 simple ways to protect your wealth in 2025 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
