Social Security COLA 2026: Inflation, Gains, and Rising Costs
#social_security #cola #inflation #retirement #benefits
COLA for 2026 rises 2.8% to aid retirees, but higher Medicare premiums may erode gains amid rising costs.
The Social Security Administration (SSA) is an independent U.S. federal agency established in 1935 under the Social Security Act to administer the nation's Social Security program. Its core responsibilities include managing retirement, disability, and survivors insurance programs, as well as assigning Social Security numbers to U.S. residents[1][2][3]. The SSA also runs the Supplemental Security Income program, which provides financial assistance to people who are elderly, blind, or disabled with limited income[2]. SSA is one of the largest federal agencies in terms of financial scope. In fiscal year 2024, it accounted for 22.4% of all federal spending, distributing over $1.52 trillion in benefits to nearly 68 million people monthly[1][3]. These benefits support retired workers, disabled individuals, survivors of deceased workers, and their dependents, making SSA a fundamental social safety net and one of the most successful anti-poverty programs in U.S. history[4][6]. The agency has evolved to emphasize customer service and security, offering multiple online services such as benefit applications and status checks. It strives to improve accessibility and equity in delivering benefits, continually modernizing its systems to protect personal information and financial contributions with state-of-the-art technology[3][6]. SSA operates local offices, contact stations, and a toll-free number to facilitate access to its services nationwide, including home visits for those unable to travel[5]. Notably, SSA manages a pay-as-you-go system where current workers' taxes fund benefits for present beneficiaries, with surplus funds held in trust funds rather than individual accounts[4]. Its programs collectively provide financial protection through various life stages, supporting millions from birth to retirement and beyond[6]. SSA’s balance of large-scale benefit administration with advancing technology and customer service makes it a critical institution in both social policy and government technology infrastructure.
#social_security #cola #inflation #retirement #benefits
COLA for 2026 rises 2.8% to aid retirees, but higher Medicare premiums may erode gains amid rising costs.
#social_security #data_security #whistleblower
A whistleblower complaint has raised concerns about the security of personal information within the Social Security Administration.
#social_security_administration #whistleblower #data_practices
Charles Borges, the chief data officer for the Social Security Administration, has resigned after facing backlash for speaking out about the agency's data practices.
#security #data breach #government
The recent security breach at the Social Security Administration has compromised personal information for over 300 million Americans, highlighting the need for stricter security measures in government agencies.