The Social Security Administration (SSA) announced that starting January 2025, the maximum monthly federal Supplemental Security Income (SSI) payment will increase to $967 for individuals. This adjustment reflects the annual cost-of-living increase tied to inflation, ensuring beneficiaries can better cope with rising living expenses. The increase marks a significant change from the current maximum of...

Retired Americans who have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) are now eligible for significant retroactive payments following legislative changes that effectively repeal these provisions. These reforms, enacted earlier this year, aim to correct longstanding issues that have diminished retirement benefits for many public sector workers and their...

Retirement benefits for millions of Americans are poised for a notable increase in 2025, with the Social Security Administration (SSA) announcing that beneficiaries will see a minimum monthly boost of $49. This adjustment, rooted in the annual cost-of-living adjustment (COLA) calculation, aims to offset inflation and preserve the purchasing power of retirees and disabled individuals...

For many Americans exploring side gigs or freelance opportunities, understanding when the IRS requires reporting income is crucial. A recent change in tax policy clarifies that 1099-K forms—used by payment processors to report income—are only issued when a taxpayer’s gross earnings surpass $20,000 in a calendar year, provided they have at least 200 transactions. This...

Homeowners investing in green energy solutions should pay close attention to upcoming changes in federal tax benefits. Many existing green energy credits, including those for solar, wind, and other renewable installations, are set to expire at the end of 2025. This potential phase-out could significantly impact the financial incentives available for residential renewable energy projects....

Amid ongoing debates over the impact of U.S. President Donald Trump’s economic policies, recent figures suggest a record-breaking surge in **global investment** under his administration, totaling approximately $17 trillion over his four-year term. This figure, which encompasses foreign direct investment (FDI) and international capital flows, has ignited fierce discussions among economists and policy analysts. Supporters...

U.S. consumers are feeling the pinch as recent data show the Core Consumer Price Index (CPI) rising by 3.1% over the past year, marking a notable acceleration in inflationary pressures. This increase effectively neutralizes the $49 monthly boost many Social Security recipients anticipated this year, highlighting how ongoing inflation can erode the purchasing power of...

The proposed legislation dubbed the “One Big Beautiful Bill” has ignited concerns across economic and political circles for its projected impact on the federal deficit. Analysts warn that if enacted as currently drafted, the bill could inflate the national debt by approximately $3.4 trillion over the next decade. The proposal, which aims to overhaul various...

As the 2025 tax season approaches, many American workers may not realize that a significant portion of their overtime earnings could be eligible for substantial tax deductions. The IRS has clarified that employees can claim deductions on up to $25,000 of their overtime pay, provided certain criteria are met. This development offers an opportunity for...

Thousands of low-income households across the United States could face reductions in monthly income totaling up to $1,650 as a result of recent policy changes announced by federal and state agencies. The adjustments, which involve alterations to benefit programs such as the Supplemental Nutrition Assistance Program (SNAP), housing subsidies, and energy assistance, are projected to...