Social Security retirement refers to the U.S. federal program that provides monthly benefits to retired workers, funded through payroll taxes under the Federal Insurance Contributions Act (FICA). Established by the Social Security Act of 1935 and administered by the Social Security Administration, it is a cornerstone of the nation's social safety net, officially known as the Old-Age, Survivors, and Disability Insurance (OASDI) program.
The program is notable for its scale and role as a primary source of income for a majority of American retirees. It functions as a pay-as-you-go system, where current workers' taxes fund benefits for current retirees, making its long-term financial health a subject of ongoing public policy debate. Eligibility for full retirement benefits is based on an individual's earnings history and the age at which they choose to claim benefits.
Recently, Social Security retirement has been in the news due to annual updates and proposed policy changes affecting future benefits. Multiple news outlets have reported on the anticipated Cost-of-Living Adjustment (COLA) for 2026, which determines the increase in benefit payments to counteract inflation.
Additional headlines have covered topics such as proposals to cap COLA increases for higher earners and analyses projecting the maximum possible benefit for the upcoming year. These discussions often highlight broader concerns about the program's sustainability and how evolving rules may influence retirement planning strategies for Americans.
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