Starting in January 2025, the maximum monthly federal Supplemental Security Income (SSI) payment for eligible individuals will increase to $967. This adjustment marks a significant change for nearly 8 million Americans relying on federal assistance to cover essential living expenses, including housing, food, and healthcare. The increase, announced by the Social Security Administration (SSA), reflects...

More than three million two hundred thousand retirees across the United States are set to receive significant retroactive lump-sum payments following the recent repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These changes, enacted through legislative reforms, aim to rectify longstanding discrepancies in Social Security benefits for public-sector workers and retirees....

Retirees and Social Security beneficiaries can expect a modest increase in benefits starting in 2025, with the Social Security Administration (SSA) announcing a projected minimum boost of $49 per month. This adjustment hinges on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which determines annual cost-of-living adjustments (COLA). While the exact...

Tax reporting requirements for gig economy workers and independent contractors have undergone significant changes recently, affecting how individuals manage their side income. The IRS now emphasizes reporting on 1099-K forms only when a taxpayer exceeds specific payment thresholds, primarily over $20,000 in gross payments and more than 200 transactions annually. This shift aims to reduce...

Homeowners and renewable energy advocates are closely monitoring upcoming changes to federal tax incentives, as many green energy credits are set to expire in 2025. These credits have historically played a significant role in making sustainable home improvements more affordable, from installing solar panels to upgrading insulation. With the expiration date looming, property owners considering...

As global markets surged amid geopolitical shifts and shifting economic policies, recent data indicates that former President Donald Trump’s international investments have reached a staggering $17 trillion. This figure has ignited fierce debate among economists and policymakers, with some asserting it signifies a successful expansion of American influence abroad, while others warn of potential risks...

U.S. consumers are facing increased financial pressures as recent inflation data reveals a rise in the core Consumer Price Index (CPI) to 3.1% in the latest report. This uptick effectively erodes the $49 monthly increase many Social Security beneficiaries anticipated this year, highlighting the persistent challenge of inflation on fixed incomes. While Social Security adjustments...

Federal lawmakers are raising alarms over the proposed legislation dubbed the “One Big Beautiful Bill”, which critics warn could dramatically swell the national deficit by approximately $3.4 trillion. The bill, aimed at comprehensive reforms on taxation, healthcare, and social programs, has garnered support from some policymakers eager to streamline government operations. However, financial analysts and...

Workers who earn overtime pay in 2025 may have an unexpected opportunity to reduce their taxable income through strategic tax deductions. The IRS allows eligible taxpayers to claim deductions on up to $25,000 of overtime earnings, potentially leading to significant savings come tax season. This provision aims to alleviate some financial burden for employees who...

Low-income families across the United States are facing significant financial challenges following recent policy adjustments that could lead to income reductions of up to $1,650 annually per household. The changes, enacted by federal and state agencies to tighten eligibility criteria for various assistance programs, aim to improve fiscal responsibility but risk placing additional economic strain...