What will happen to Social Security in 2038?

By 2038, if Congress does not act, Social Security's trust fund reserves are projected to be depleted, meaning incoming payroll taxes would only cover about 73-83% of promised benefits, leading to automatic, proportional benefit cuts for all recipients, significantly impacting future retirees and increasing poverty rates unless reforms (like tax hikes or benefit adjustments) are made.

Is it possible Social Security will go away?

While Social Security is unlikely to disappear, it may undergo changes. Nevertheless, you can take proactive steps now to prepare for potential changes and protect your future retirement income.

What is the realistic future of Social Security?

Social Security payments for retirees will still be available after 2033, but they'll only receive 77% of their full benefits. The fund used to pay disability benefits is anticipated to become insolvent in 2034, at which time it will be able to pay 81% of benefits.

What will replace Social Security benefits?

In the proposals presented to the Commission, the use of retirement bonds--and annuities based on bond accumulations- would also replace the entire benefit structure of Social Security for the future.

What are the big changes coming to Social Security?

Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2025. (Note: Some people receive both Social Security benefits and SSI).

1 MIN AGO: Canada Backs Venezuelan People — Carney Finally Speaks

Will Social Security recipients get a 2.8% benefits increase in 2026?

Yes, Social Security beneficiaries will receive a 2.8% cost-of-living adjustment (COLA) for 2026, boosting benefits for nearly 71 million people starting in January, with Supplemental Security Income (SSI) recipients seeing their increase in late December 2025. On average, this means about $56 more per month for retired workers, bringing the average to around $2,071, as announced by the Social Security Administration (SSA) in October 2025. 

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

How to get $3000 a month in Social Security?

To get $3,000 a month from Social Security, you generally need a high lifetime income, averaging around $9,000+ monthly over your best 35 years, and ideally wait until at least your full retirement age (FRA), or even age 70, for maximum benefits, as claiming early reduces payments significantly; increasing high-earning years by working longer or in higher-paying jobs are the main strategies to reach this goal. 

Why are Americans getting a $4800 Social Security check today?

Americans are set to receive a Social Security check worth up to $4,800 today, but not all seniors are happy about the increase in monthly payments. Social Security benefits grew by 3.2 percent this year, in accordance with this year's calculated cost of living adjustment (COLA).

What does Suze Orman say about when to take Social Security?

Suze Orman strongly advises waiting as long as possible to claim Social Security, ideally until age 70, to maximize your monthly benefit, explaining that delaying provides a significant guaranteed annual increase (around 8%) and offers crucial inflation protection for a longer retirement. While some suggest claiming at 62 and investing the money, Orman counters that most people don't invest it and end up with less income long-term, emphasizing that a higher monthly check with cost-of-living adjustments (COLAs) is a better, more secure financial tool, especially for the surviving spouse. 

What does Warren Buffett say about Social Security?

Warren Buffett's core message on Social Security is that cutting benefits is a major mistake, as a rich country must care for its elderly, but he acknowledges the system's financial challenges and suggests solutions like raising the taxable income cap for Social Security taxes, slightly increasing the payroll tax, and gradually raising the retirement age, urging Congress to act before trust fund insolvency forces drastic cuts. He sees Social Security as a vital, successful government program that needs responsible adjustments, not benefit reductions. 

How much will Medicare premiums increase in 2025 for seniors?

For 2025, the standard Medicare Part B premium increased by $10.30 to $185.00 per month, with higher amounts for high-income earners, while the Part B deductible rose to $257; Part A premiums also saw modest increases for those who don't qualify for premium-free coverage, affecting roughly 8% of beneficiaries. 

What is the biggest problem with Social Security?

The gap between tax dollars flowing into the system and benefits flowing out is getting wider. The main issue is with Social Security's retirement program, whose costs have exceeded its income every year since 2021. The gap, which was $70.4 billion in 2023, is projected to balloon to $414.5 billion in 2033.

Why are people worried about the future of Social Security?

People worry about Social Security's future due to an impending funding shortfall, projected to deplete trust fund reserves around 2034, meaning benefits could be cut by about 20-25% unless Congress acts, primarily driven by an aging population (fewer workers supporting more retirees) and political inaction, creating uncertainty for retirement planning. Concerns also arise from potential operational risks, staffing cuts, and rhetoric that downplays the need for reform, all threatening timely and full benefit delivery. 

Can the government take your Social Security benefits?

Yes, the government can reduce or withhold Social Security benefits in specific situations, like for child support/alimony (garnishment), or due to certain government pensions (WEP/GPO), though the unfairness rules (WEP/GPO) were largely removed by the 2025 Social Security Fairness Act, and there are ongoing debates and proposed changes regarding eligibility criteria for disability, but generally, your earned Social Security retirement is protected unless you owe money or have other specific pension offsets. 

How much Social Security will you get if you make $60,000 a year?

If you consistently earn around $60,000 annually over your career, you can expect a monthly Social Security benefit of roughly $2,100 to $2,300 at your full retirement age (FRA), but the exact amount varies by your birth year and claiming age; for instance, at FRA, it's around $2,311 based on 2025 bend points, while claiming at 62 yields less and claiming at 70 yields more, with an official estimate available on the Social Security Administration (SSA) website. 

Do wealthy people get Social Security?

Yes, wealthy people can receive Social Security benefits if they've paid into the system through payroll taxes during their working years, as eligibility depends on work history and age (62+), not current wealth; however, their benefits might be lower if they only worked briefly or had significant income above the taxable cap, and they may not need the income, leading to debate about fairness, though they contribute more overall due to higher earnings. 

Are seniors getting a raise in 2025?

The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 71 million Social Security beneficiaries in January 2026. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2025. (Note: Some people receive both Social Security and SSI benefits.)

Will the Windfall Act be repealed?

On January 5, 2025, President Biden signed H.R. 82, the Social Security Fairness Act of 2023 (Public Law 118-273), to repeal the government pension offset provision and the windfall elimination provisions (WEP) (Social Security Fairness Act of 2023, Public Law 118-273, January 5, 2025).

What to do when Social Security is not enough to live on?

When Social Security isn't enough, supplement your income by exploring other government programs like SSI, SNAP, and Medicaid, working part-time, using retirement savings (401k, IRA), considering annuities for guaranteed income, delaying benefits to increase payments, and seeking help from non-profits like the National Council on Aging (NCOA) BenefitsCheckUp tool. 

What's the highest monthly Social Security check?

The maximum monthly Social Security benefit in 2026 is $5,251 if you wait until age 70 to claim, while at full retirement age (FRA) it's $4,152, and at age 62, it's $2,969, all requiring 35 years of maximum taxable earnings. These amounts are for those retiring in 2026, with higher earnings thresholds and Cost-of-Living Adjustments (COLAs) increasing benefits annually. 

What is the number one mistake retirees make?

The top ten financial mistakes most people make after retirement are:

• 1) Not Changing Lifestyle After Retirement. ...
• 2) Failing to Move to More Conservative Investments. ...
• 3) Applying for Social Security Too Early. ...
• 4) Spending Too Much Money Too Soon. ...
• 5) Failure To Be Aware Of Frauds and Scams. ...
• 6) Cashing Out Pension Too Soon.

Does everyone pay $170 for Medicare Part B?

Costs for Part B (Medical Insurance)

$185 each month ($202.90 in 2026) (or higher depending on your income). The amount can change each year. You'll pay the premium each month, even if you don't get any Part B-covered services.

How do you get extra money added to your Social Security check?

Additional work will increase your retirement benefits. Each year you work will replace a zero or low earnings year in your Social Security benefit calculation, which could help to increase your benefit amount.

How to get $800 back from Medicare?

To get up to $800 back from Medicare, you likely have a Medicare Advantage (Part C) plan or a Federal Employee Program (FEP) plan offering a Part B Premium Giveback or Medicare Reimbursement Account (MRA); you must be enrolled in both Medicare Part A & B, and then submit proof of your Part B premium payments via the plan's app, website, or forms to get reimbursed, often as a credit on your Social Security check or direct deposit.