SSA ANNOUNCEMENT! 3 SOCIAL SECURITY CHANGES SEPTEMBER! O'MALLEY | SSI SSDI Payments | Social Securit

big Social Security changes happening this month the SSA has just announced that there are three social security changes happening in the month of September I'll let you know those three changes how it affects your social security check also take a look at this ending the tax on social security income should be part of a broader reform and we just got the latest from the SSA commissioner a way of um making sure that those that are that are in the lowest earning quintiles of the American public actually uh receive a a better benefit uh than those at the top I'll play the video clip of what Martin Ali has said on public air what he has to say about social security what's going on with your Social Security more importantly and I'll give you some other important updates as well before I dive into the main content if you appreciate these social security updates hit the like button and subscribe to the channel for more social security updates so ending the tax on social on us social security income should be part of a broader reform I think most people would agree if you spend Decades of your life contributing to the economy working really hard paying towards Social Security you shouldn't have to pay taxes on that social security so basically that's what this article is about uh saying that there needs to be uh reducing or eliminating tax on benefits enjoys bipartisan support in Congress and Democrats also have proposed variations on on the idea uh when it comes to Social Security and Medicare so they're saying that this should be uh this should be like a no-brainer that there should not be any tax on social security what are your thoughts on that uh when it comes to big changes so Social Security announces three changes for September concern and confusion over what will happen with SSI I'm going to get into this in a moment but first let's take a listen to what Martin Ali the commissioner of Social Security recently said about your Social Security we heard earlier in the show about how important Social Security is to voters but also how nervous people are that the program will run out of money our next guest runs the Social Security Administration he joins us talk about those issues a new report highlighting a record backlog of open cases his workers are trying to handle and so much more when a welcome Social Security commissioner Martin Ali today marks 89 years since the agency was founded good morning to you hey Andrew how are you thanks a lot for having me we appr appre appreciate you being here 89 years in of course I think the big question or the cloud that hangs over the whole idea of Social Security is 89 years from now whether it'll actually be still here yeah Social Security is a remarkably U ingenious and uh at its core an elegantly simple program it is a pay as youo program and uh As Long As Americans are working Social Security will be able to pay those benefits and while there's been a lot of talk about the so-called you know the depletion event the benefit shortfall in 2035 uh there's another crisis it's already here and that is due to the fact that Congress has reduced Social Security Staffing to a 50-year low Andrew even as the number of customers we serve climbs every day to a new record high so um we're doing a lot of good things on the anniversary of this 89th anniversary but we have huge challenges and um a lot of really good people though tackling them headon so but just speak to this Cliff this this this 2035 I'm calling it a cliff it sounds like you're saying that as long as people are working there's going to be money for this but when you look at the math it doesn't necessarily reflect that yeah the cliff so-called would be a 177% reduction in benefits if Congress doesn't act as they have before in order to make the adjustments to avoid that there was some good news uh that happened just a couple months ago and that is what you call a cliff what I would call a 177% reduction in benefits uh was actually pushed off another year into 2035 from 2034 due to better than expected job uh creation and also wages that are rising not just for the top 6% of Americans but all across the board so that was a little bit of positive news but your point is absolutely true Congress needs to act in order to avoid that shortfall because half of uh seniors living alone live entirely on social security so this is a big policy question that needs to be uh needs to be tackled by the policy makers in the meantime we have a customer service crisis here and now and uh we are tackling that and but Congress needs to do a better job of putting adequate Staffing in place at Social Security I want to talk about the Staffing but I have a larger sort of policy question question and it's about the compact that that social security has with the American public for many years there's been a debate about whether Social Security should be means tested um and whether you could actually uh extend the longevity of Social Security if in fact it was means tested we've had folks like Ken langone uh who uh you know have made an enormous amount of money over the years say you know what I don't need my social security check there are other people who say you know what I put the money in I expect to get the money out what do you think yeah well the uh I I've met Mr Leon and and he should feel free to send his money back and we'll put it in the trust fund one of the things that makes social security in a time of deep Division and polarization in our country so remarkable is that 80% of Americans believe it regardless of their political um affiliation believe that Social Security should be strengthened and should be uh extended and and indeed even you know uh and benefits should be better than they are right now Andrew there is already in the formula uh um a way of um making sure that those that are that are in the lowest earning quintiles of the American public actually uh receive a a better benefit uh than those at the top um and I'm sure that there are policy considerations that people in Congress will have about about those benefits but the the the truth of the matter is that the fix to Social Security and the 177% shortfall can be pretty straightforward if people like Mr legon would continue to pay into Social Security um you know um instead of being done with their social security obligations in the beginning of the year uh that would greatly extend uh the strength of Social Security in other words right now Andrew all of us pay up to $168,600 of of our income uh but after that uh no dollar is ever has to pay anything into Social Security so that means people like Mr lagone or Warren Buffett stop paying into Social Security within the first 30 seconds of the New Year While most of us pay for the entire year so there are proposals out look it's a tax increase no matter how you right put it whether whether you increase the the amount of money they put in in the future or the amount of money that they don't get out in the future it's really a question of how you think about it perhaps well it's also the math and we have great actuaries I mean if you look at you know let's for example if uh you know Ken legun and waren Buffett did not receive a social security benefit that would not have anywhere near the impact in terms of the actual math and the support for the program that uh that actually extending you know their payments into Social Security would for for all of their their income and there are proposals out there to do that the the Actuarial math is there what's not there yet is the political will to tackle a a challenging issue like this um uh but you know everything has its season and everything has its time and I believe from my conversations with lots of people on both sides of the aisle on Capitol Hill is that there's the will to to actually you know examine this and and extend it for many many years to come well let's say I mean on the 89th anniversary of Social Security how would you reimagine this program cuz right now it is structured as a tax so there is no expectation necessarily that a young person today paying into Social Security through their FICA taxes will get that money back or will get all of the money they put into the program back should we look at it more like I don't want to say an investment fund but something like that where there is some sort of understanding that you will get that money back as opposed to paying it in as a tax well when I was when I was in college all of us said it wouldn't be there for us either but it is because because of the way the program is is structured there have been some policy proposals to talk about uh you know uh you know an an Arbitrage and the the policy questions are things that people in Congress will have to to will have to resolve uh from my perspective and looking at the 89e history of this program what makes it so stable is also the thing that makes it so popular that people pay in and that there is a benefit that comes back and that benefit will be there for young people as well uh but Congress needs to make actuary adjustments from time to time because then the last time they did it was 1982 and in hindsight what they did was really to give the wealthiest people a break on what they pay into Social Security and that's honestly what Advanced what you called the cliff what I would call the depletion event that's what Advanced it sooner rather than later but it can be fixed it's a pretty straightforward fix and there are other things like the one you mentioned that some people on Capitol Hill uh are interested in exploring as well what are your thoughts on what Mari has to say do you agree with Mar Mali are you happy with him as the SSA commissioner let me know your thoughts down below let's get into this social security announces three changes for September what are these changes es uh so there is a new household definition which could increase SSI benefits for many by including more people so the new definition could again see the number of beneficiaries and the amounts they receive rise moreover the SSA will not presume that individuals in public assistance households derive support for sub uh subsidence from other members of the household who are eligible for public assistance this change shall ensure that any support offered by members of the household shall not be deemed as income to reduce SSI benefits or exclude people from benefits the SSA is also revising how it assesses in kind support and maintenance so food support from other non-entitlement sources or communities is no longer included in the SSA benefit computation so with these benefit CH or definition changes as well as the ability to get food from other places this could actually increase SSI benefits over time uh next September 2024 payment schedule adjustments could affect your next social security check so this is referring to the cola when it comes to the cola looks like the average monthly benefits at the moment is $1,782 and um it is expected that retired workers will receive an average of $1,919 every month and disabled workers to be paid an average of $1,538 so the latest Cola adjustment is 2.6% maybe we could round it up to 3% but September is the biggest month because in a month in October we are going to see the final colon number which will take effect coming 2025 and that will definitely affect your social security check on a monthly basis uh next changes to Social Security uh programs could make benefits more accessible and support more people so um the recently declared alterations of the Social Security Programs especially SSI signify a drastic departure from prior practices by altering methods of calculating and dispersing benefits the en uh invisage envisioned I don't know how you say that word uh changes are meant to extend coverage boost revenues and make the program easily accessible to many people in America so with these changes happening to Social Security we're going to see what goes on what your social security check may be moving forward if there is going to be a change to your social security check uh regardless of these announcements you won't see it until 2025 so there could be changes now but your check won't increase or decrease until 2025 and that is all the news that I have for you today to hopefully brighten your day a bit here's my daughter Bella's tip of the day oh guys I didn't see you there hi guys this is Bella tip of the day I want to tell it the one thing that you should do when you feel something when you feel something like happy or sad tell someone be exposed show the whole world what you feel sorry I was dreaming so anyway that was all I wanted to say for today bye you could actually lose your benefits if you do one of these four things I talk about those four things in this video and number three will actually surprise you so click that video now to make sure you don't do any of those four things to lose your social security so click that I also go over the latest Bill uh or actually do I no an advertisement talking about how Social Security will be cut uh you're not going to go and miss that so click that video now and I'll see you in that video take care be safe thank you for watching