Social Security Updates 2024: Trump Administration Confirms Payment Dates and Policy Changes
As a senior financial correspondent reporting from Washington, D.C., I bring you the latest updates on Social Security payments and policies that will affect millions of American retirees.
Donald Trump’s return to the White House is already making waves in the Social Security Administration (SSA). The newly elected president’s team has confirmed crucial payment dates for November 2024 and proposed significant changes to the taxation of retirement benefits.
Let’s break down the key updates that matter to you:
November 2024 Payment Schedule:
- November 13: Payments for those born from the 1st to the 10th.
- November 20: Payments for those born from the 11th to 20th
- November 27: Payments for those born from the 21st to the 31st
Good news for SSI recipients: you’ll get an extra payment this month. Since December 1st falls on a Sunday, the SSI payment will move to November 29th, giving these beneficiaries two payments in November.
Big Changes on the Horizon
The Trump administration is pushing for major changes that could put more money in retirees’ pockets. The biggest proposal? Eliminating taxes on Social Security benefits. Right now, about 40% of retirees pay federal taxes on their benefits. This change would help roughly 72 million Americans who receive Social Security payments.
However, financial experts raise some concerns. Michael Foguth, a retirement planning expert, explains that while removing these taxes would help seniors right now, it might create challenges down the road. The Tax Foundation warns this could speed up the depletion of Social Security funds from 2035 to 2033.
Other key policy proposals:
- Lower interest rates on credit cards (capped at 10%)
- Extension of the 2017 tax cuts
- There should be no reduction in the funding for Social Security and Medicare.
- Changes to retirement and healthcare programs
What This Means for You
If you’re one of the millions of Americans receiving Social Security benefits, these changes could affect your monthly budget. The removal of benefit taxes would mean more money in your pocket each month. For example, if you’re currently paying taxes on 85% of your benefits, you could see a significant increase in your take-home amount.
Grant Cardone, CEO of Cardone Capital, says, “This isn’t just about giving money back to retirees—it’s about fixing how we handle retirement funds in America.” He believes these changes could help retirees better manage their living expenses.
Looking Ahead
The SSA continues to adapt to changing times. While we confirm these payment dates and policy proposals, keep in mind that laws and policies are subject to change. It’s smart to:
- Mark your payment dates on your calendar.
- Keep track of any policy changes that might affect your benefits.
- Stay informed about Social Security updates.
- Talk to a financial advisor about how these changes might affect your retirement planning.
As your reporter on the ground, I’ll keep watching these developments and bring you updates as they happen. Check back for the latest news on Social Security and retirement benefits.