NMDOJ launches website for New Mexicans to report federal program disruptions
NEW MEXICO (KRQE) – The New Mexico Department of Justice has a new webpage up to help people who are affected by federal disruptions coming out of Washington D.C. New Mexicans can fill out a form about disruptions related to Social Security, federal funding freezes, mass layoffs, and other federal-related issues.
New Mexico health experts warn against buying kids baby ducks or chicks for Easter
The NMDOJ will track these issues and report them to the public through the site.
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Yahoo
an hour ago
- Yahoo
Social Security Benefits Are an Estimated 8 Years Away From Being Slashed -- and the Cuts Are Even Bigger Than Initially Forecast
Most retirees rely on their Social Security income, to some varied degree, to make ends meet. The 2025 Social Security Board of Trustees Report is calling for an even steeper reduction to retired-worker and survivor benefits come 2033 than was forecast last year. Ongoing demographic shifts are (mostly) responsible for Social Security's financial woes. However, the longer Congress waits to implement reforms, the costlier it'll be on working Americans. The $23,760 Social Security bonus most retirees completely overlook › Social Security represents more than just a monthly check for most retirees. To many, it's a financial lifeline that surveys and studies have shown they'd struggle to make do without. For 23 consecutive years, national pollster Gallup surveyed retirees to determine how important their Social Security income was to covering their expenses. Every year, no fewer than 80% of respondents noted it was necessary, in some capacity, to cover their costs. A separate analysis from the Center on Budget and Policy Priorities found that Social Security pulled 22 million people above the federal poverty line in 2023, including 16.3 million adults aged 65 and above. If the Social Security program didn't exist, the poverty rate for this group would be nearly four times higher (37.3%, estimated) than it was in 2023 (10.1%). For lawmakers, ensuring the financial health of Social Security should be of paramount importance. But based on the latest Social Security Board of Trustees Report, America's leading retirement program is on anything but stable ground. In January 1940, the Social Security program doled out its very first retired-worker benefit. Since then, the Social Security Board of Trustees has published an annual report intricately detailing how the program generates income, as well as where every dollar in outlays ends up. But what tends to garner even more attention is the Trustees' forecasts of what's to come for Social Security. Specifically, the short- (10-year) and long-term (75-year) projections, which are regularly updated to reflect fiscal policy changes, monetary policy shifts, and an assortment of demographic adjustments. Last week, the 2025 Social Security Board of Trustees Report was released -- and it contained some rather chilling news for current and future retirees. To begin with, the program's long-term unfunded obligation continues to widen. Every annual report since 1985 has pointed to a 75-year funding deficit between projected income to be collected and forecast outlays, which includes annual cost-of-living adjustments (COLAs). In present-day dollars, discounted to Jan. 1, 2025, this 75-year deficit stood at a staggering $25.1 trillion. However, the more worrisome news is the short-term forecast for the Old-Age and Survivors Insurance trust fund (OASI). This is the fund responsible for doling out monthly benefits to retired workers and survivors of deceased beneficiaries. Beginning in 2021, the OASI began outlaying more in benefits than was being collected in income. This outflow from the OASI's asset reserves is expected to grow with each passing year. By 2033, the OASI's asset reserves are projected to be completely exhausted. Before going any further, let's make clear that the OASI doesn't need a penny in asset reserves to remain solvent and continue to pay benefits to eligible recipients. With the lion's share of Social Security income collected from the 12.4% payroll tax on wages and salary, there will always be income to disburse to qualified beneficiaries. But if the OASI's asset reserves are depleted in eight years, as the latest Trustees Report predicts, the current payout schedule, inclusive of COLAs, won't be sustainable. The Trustees are forecasting a 23% cut to payouts may be necessary for retired workers and survivor beneficiaries by 2033 -- this is up from an estimated 21% cut outlined in the 2024 Trustees Report -- to sustain monthly benefits without the need for any further reductions through 2099. With Social Security providing a financial foundation to retirees for more than eight decades, the obvious question for current and future retirees is simple: How did Social Security get into this mess? What can be said with certainty is that "congressional theft" and "undocumented migrants receiving traditional Social Security benefits," which are two common myths/scapegoats mentioned by some people online, are the wrong answers. Rather, Social Security's worsening financial outlook is a function of numerous ongoing demographic shifts, as well as inaction on Capitol Hill. Some of these shifts are well-documented and understood by the public. For example, baby boomers reaching retirement age and leaving the workforce in larger numbers are weighing down the worker-to-beneficiary ratio. Likewise, people are living longer today than they were when Social Security initially began paying retired-worker benefits in 1940. To be somewhat blunt, the program wasn't designed to dish out payments to retirees for two or more decades, as is somewhat commonplace today. But a number of these demographic shifts aren't nearly as visible -- nevertheless, they're playing a key role in weakening the program. For starters, the U.S. fertility rate (i.e., hypothetical lifetime births per woman) hit an all-time low in 2023. A laundry list of factors, ranging from people waiting longer to get married and have children, to concerns about the health of the U.S. economy, have reduced the number of children being born and will, eventually, weigh down the worker-to-beneficiary ratio. Rising income inequality is another issue for Social Security. Based on data from the Social Security Administration, approximately 90% of all earned income (wages and salary, but not investment income) was subject to the 12.4% payroll tax in 1983. By 2023, only 83% of earned income was subject to this program-funding tax. In simple terms, the wages and salaries for high earners have been increasing at a faster pace than the National Average Wage Index, which determines the upper range of earned income exposed to the payroll tax. In short, more earned income is escaping the payroll tax as time passes. Insufficient net migration into the U.S. has been problematic, too. Social Security relies on younger people migrating to the U.S. and contributing to the program for decades via the payroll tax before earning a retirement benefit for themselves one day. Since 1997, the net migration rate into the U.S. has dropped off dramatically. The final culprit is the aforementioned lack of action by lawmakers in Washington, D.C. Although plenty of bills have been proposed, the cavernous ideological gap between Democrats and Republicans on Capitol Hill as to how best to strengthen Social Security has led to an ongoing stalemate. If there's a silver lining here, it's that lawmakers do have a knack for coming to Social Security's rescue in the 11th hour. But the longer Congress waits to tackle this issue, the costlier it's going to be on working Americans to fix. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Social Security Benefits Are an Estimated 8 Years Away From Being Slashed -- and the Cuts Are Even Bigger Than Initially Forecast was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
2 hours ago
- Newsweek
Social Security Payments of up to $5,108 Being Sent This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Millions of Social Security benefit payments are being sent out this week. Why It Matters More than 70 million Americans nationwide collect Social Security, whether as retirement, spousal, survivor or disability benefits. Because of the large number of beneficiaries, not all claimants receive their payments on the same day each month. What To Know Retirement, spousal and survivor benefits are typically distributed at different times throughout the month based on the recipient's birth date and whether they receive additional payments, such as Supplemental Security Income (SSI). This week, benefits are set to be paid on June 25 to claimants born between the 21st and 31st of any calendar month. The Social Security Administration (SSA) advises waiting three working days before contacting the agency if an expected payment has not arrived as scheduled. Saturdays, Sundays and public holidays are not working days. How Much Is Social Security? According to data provided by the SSA, the average retired worker benefit in May was $2,002.39, the first time it has breached the $2,000 mark. "The average Social Security benefit amount changes monthly," a spokesperson for the SSA told Newsweek. "Social Security benefits are based on a worker's highest 35 years of earnings. As wages tend to rise over time, each new group of retirees raises the average benefit amount, since their benefit calculations typically reflect higher earnings." A stock image of a Social Security card with U.S. dollars. A stock image of a Social Security card with U.S. dollars. GETTY However, how much a beneficiary receives may be more or less than this depending on factors such as their lifetime income and the age they choose to begin collecting benefits. Those who retire at age 62 can receive up to $2,831 per month, while waiting until 67—the full retirement age—increases the maximum benefit to $4,018. For those who delay claiming until age 70, the monthly benefit rises to a maximum of $5,108. SSI payments, which are made to blind and disabled Americans, averaged $718.30 for its 7.4 million recipients in May. When Is Social Security Paid in July? In July, benefits are scheduled to be paid on the following dates: Tuesday, July 1 : SSI payments : SSI payments Thursday, July 3 : Retirement benefits for those who have been collecting checks since before May 1997 and retirees who also collect SSI benefits : Retirement benefits for those who have been collecting checks since before May 1997 and retirees who also collect SSI benefits Wednesday, July 9 : Retirement, spousal and survivor benefits for those born between the 1st and 10th of any calendar month : Retirement, spousal and survivor benefits for those born between the 1st and 10th of any calendar month Wednesday, July 16 : Benefits for those born between the 11th and 20th : Benefits for those born between the 11th and 20th Wednesday, July 23: Benefits for those born between the 21st and 31st Higher Benefits for 2026 The annual cost-of-living adjustment (COLA) helps benefit payments keep pace with inflation and maintain their purchasing power over time. Social Security recipients may see a 2.5 percent boost to benefits beginning next year, according to new estimates from independent Social Security and Medicare policy analyst Mary Johnson and the Senior Citizens League. The SSA is set to officially announce the 2026 COLA in October.
Black America Web
6 hours ago
- Black America Web
Social Security Projected To 'Go-Broke' Earlier Than Expected
Source: filo / Getty I'm 32, and for as long as I can remember, I've heard about how Social Security was on its way to being depleted. It's been a known issue, yet there's been no meaningful legislation to address it. As a result, rising health costs and recent legislation have led to the projected 'go-broke' date moving up for both Social Security and Medicare. According to AP, an annual report released on Wednesday projects the go-broke date for the Social Security trust will occur in 2034, a year up from last year's projection of 2035. For Medicare, the new date was a bit more drastic, going up from 2036 to 2033. Now, to be clear, the go-broke date doesn't mean benefits will be stopped outright. It simply means payouts will be given at a reduced rate. For Social Security, it's estimated that benefit payouts would be capped at 81 percent, and for Medicare, the government provided health insurance that covers people age 65 and older, it's estimated that payments would only cover 89 percent of costs for patients' hospital visits, hospice care, and nursing home stays. This reduction would significantly affect the 68 million Americans currently enrolled in Medicare, The Social Security and Medicare trust funds are overseen by four trustees. The Treasury Secretary serves as managing trustee, with the Secretaries of Labor, Health and Human Services, and the Commissioner of Social Security being the other three. The trustee board technically has two other presidentially-appointed and Senate-confirmed trustees who serve as public representatives, but those roles have been empty for over a decade. 'Current-law projections indicate that Medicare still faces a substantial financial shortfall that needs to be addressed with further legislation. Such legislation should be enacted sooner rather than later to minimize the impact on beneficiaries, providers, and taxpayers,' the trustees state in the report. The go-broke date for Social Security has fluctuated quite a bit in recent years, with annual reports from recent years projecting 'go-broke' dates in 2026, 2028, and 2031, respectively. A poll conducted by AP last month revealed that 3 in 10 Americans over 60 are not confident that Social Security benefits would be there for them if they needed them. Clearly, this news won't do much to increase their confidence. Social Security Administration Commissioner Frank Bisignano, who was only sworn into his role last month, released a statement saying that 'the financial status of the trust funds remains a top priority for the Trump Administration.' This seems like another instance of the Trump administration being all talk, little action, as there seems to be very little meaningful legislation to address the issue. In fact, Trump's 'Big, Beautiful' budget bill has very little in the way of relief for Social Security and Medicare. As a millennial with very little faith in America's ability to improve upon itself, I would very much like it if I could opt out of paying Social Security because while I'm not over 60, I have very little faith that the benefits are going to be there for me by the time I can use them. Heck, at the rate we're going, I'd honestly just be happy if we even have a functional democracy at that point. SEE ALSO: Trump's 'Big, Beautiful Bill' Will Destroy Medicare, Food Stamps Student Loan Collections Make American Credit Scores Plummet SEE ALSO Social Security Projected To 'Go-Broke' Earlier Than Expected was originally published on Black America Web Featured Video CLOSE
