Whether you're working or retired, at least one of these is bound to affect you.Many Social Security beneficiaries view their checks as a constant in their budgets. Checks for a predetermined amount arrive on a predictable schedule each month, and those funds help sustain you until the next month.Yet Social Security itself is far from unchanging. While major reforms are rare, there are routine updates that happen each year on Jan. 1. Here are the six major changes affecting beneficiaries in 2026. 1. Benefit ...

Core Insights - Women are planning for longer life expectancies, with a median anticipated life expectancy of 90 years according to a survey from the Transamerica Center for Retirement Studies [2] - Despite this expectation, many women lack sufficient retirement savings, with 27% of Generation X women and 19% of baby boomer women reporting savings of less than $25,000 [3][4] - Factors contributing to lower retirement savings among women include persistent gender pay gaps, career interruptions for caregiving, and limited access to retirement plans compared to men [4][5] Retirement Savings Status - A significant percentage of women have saved very little for retirement, with 22% of women having saved less than $10,000 or nothing at all, compared to 15% of men [3][4] - Across all generations, men report significantly higher median household retirement savings than women [3] Contributing Factors - The wage gap, caregiving responsibilities, and reduced access to retirement benefits are key reasons for the disparity in retirement savings between men and women [5][6] - Women typically receive smaller Social Security benefits due to lower lifetime earnings, as benefits are calculated based on the 35 highest earning years [6] Strategies for Improvement - Women can enhance their retirement savings by taking several steps, including saving early, working longer, and delaying Social Security benefits to maximize monthly payouts [4][7] - Delaying Social Security benefits until age 70 can result in an increase of 8% per year, leading to a benefit that is 124% of what would be received at full retirement age [8] - Research indicates that couples often retire around the same time, and since women tend to marry older men, they may retire earlier than their spouses, potentially missing out on higher benefits [9]

Although many Americans believe they need $1.26 million to retire comfortably, most fall short of that goal. (1) In fact, millions of seniors retire with little or no savings at all. Empower reports that the median net worth for Americans in their 50s is $191,857, rising to just $290,447 for those in their 60s — far below the target. (2) A 2024 AARP survey found that one in five adults over 50 have no retirement savings at all. (3) Yet despite these shortfalls, many retirees find ways to get by. Data sug ...

Core Points - The article discusses changes to Social Security benefits that occur annually, focusing on the Cost of Living Adjustment (COLA) and the Full Retirement Age (FRA) [1][2] - An important but often overlooked change is the rules regarding working while collecting Social Security benefits, which will change in 2026 [4][6] Summary by Sections - **Cost of Living Adjustment (COLA) and Full Retirement Age (FRA)** - COLA is a significant change that affects retirees' income from Social Security benefits [1] - FRA changes are also crucial as they determine when individuals can claim their standard benefits [1][2] - **Working While Collecting Benefits** - Many seniors may need to work while receiving Social Security benefits due to insufficient savings [4] - Earnings above a certain threshold can lead to a reduction or loss of Social Security benefits for those under FRA [5] - The rules for working while collecting benefits will change in 2026, making it essential for retirees to understand these changes [6] - **Earnings Limits in 2026** - In 2026, individuals under FRA can earn up to $24,480 before losing benefits [7] - Those reaching FRA in 2026 can earn up to $65,160 without benefits being withheld [7] - Any lost benefits will be recalculated at FRA to provide higher future payments [7]

Core Points - The Social Security Administration (SSA) announced a 2.8% cost-of-living adjustment (COLA) for 2026, translating to an average increase of about $56 per month for retirees [1][2] - Nearly 71 million beneficiaries will see this adjustment starting January 2026 [2] - Beneficiaries can estimate their new benefits by creating an account on SSA.gov [2][10] Group 1: COLA Details - The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the previous year to the third quarter of the current year [9] - For example, a retiree currently receiving $1,900 will see their monthly benefit increase to approximately $1,953.20, reflecting a $53.20 increase [4] Group 2: Managing Benefits - Social Security benefits account for about 31% of income for individuals over 65, with nearly 90% of Americans in this age group receiving benefits [5] - Retirees can enhance their income by parking Social Security payments in high-yield savings accounts, which currently offer rates of 4% to 5% [7] - Other options include certificates of deposit (CDs) and money market accounts, which can provide better interest rates while allowing varying levels of access to funds [8] Group 3: Account Setup - Setting up a My Social Security account is straightforward and allows beneficiaries to manage their benefits and estimate future payments [10][12] - Beneficiaries must provide an email address and additional authentication to verify their identity during account setup [11]