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Social Security Payments

Top Bankers Issue Dire Warning

Reuters | Posted 12.08.2013 | Business

Oct 8 (Reuters) - Top U.S. bankers have warned the Obama administration and Republican lawmakers that any move to pay interest on debt before obliga...

Government Shutdown 2013: Here's The Truth About What Will Happen

AP | ANDREW TAYLOR | Posted 11.19.2013 | Politics

WASHINGTON — Here's the truth about a government "shutdown." The government won't shut down if a dysfunctional Washington can't pass a funding ...

The Senate's Plan for Our Retirement: Inadequacy for All

Jane White | Posted 09.28.2012 | Politics
Jane White

As I've pointed out in previous posts, the reason why the U.S. is among the pension poorest in the world isn't that not enough people are covered by a 401(k) plan, but that those who are receive a measly matching contribution equal to 3 percent of pay.

Disentangling Social Security From the Debt Ceiling

Nancy Altman | Posted 09.19.2011 | Politics
Nancy Altman

Social Security appears to be a key bargaining chip in the struggle over the debt limit. But the truth is that Social Security checks can go out, in their full amount, without adding a penny to the federal government's total debt.

Social Security Administration Makes Billions In Improper Payments

AP | STEPHEN OHLEMACHER | Posted 08.14.2011 | Politics

WASHINGTON — The Social Security Administration made $6.5 billion in overpayments in 2009, including $4 billion under a supplemental income prog...

Lucia Graves

Harry Reid Vows To Pass Social Security Cost Of Living Benefit For Seniors | Lucia Graves | Posted 05.25.2011 | Politics

Senate Majority Leader Harry Reid vowed Friday to pass a $250 cost-of-living adjustment for Social Security beneficiaries when the Senate reconvenes i...

Obama calls for $250 payments to seniors

AP | STEPHEN OHLEMACHER | Posted 05.25.2011 | Politics

WASHINGTON — President Barack Obama called on Congress Wednesday to approve $250 payments to more than 50 million seniors to make up for no increase in Social Security next year. The Social Security Administration is scheduled to announce Thursday that there will be no cost of living increase next year. By law, increases are pegged to inflation, which has been negative this year.

It would mark the first year without an increase in Social Security payments since automatic adjustments were adopted in 1975.

"Even as we seek to bring about recovery, we must act on behalf of those hardest hit by this recession," Obama said in a statement. "This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis."

Obama's proposal is similar to several bills in Congress. The $250 payments would also go to those receiving veterans benefits, disability benefits, railroad retirees and retired public employees who don't receive Social Security. Recipients would be limited to one payment, even if they qualified for more.

The White House put the cost at $13 billion. Obama said he would not allow the payments to come out of the Social Security trust funds, further eroding the finances of the retirement program. Social Security already is projected to pay out more in benefits than it collects in taxes in each of the next two years.