There Are Some Major Changes to Social Security You Need to Know About in May
The Social Security Administration is moving more operations online and reducing its reliance on field offices. The program's surplus is expected to run out in 2032, potentially reducing benefits to three-quarters of the current amount.
The Social Security Administration is shifting more of its operations online, allowing 90% of calls to be resolved via self-service or callbacks. The agency encourages users to set up a 'my Social Security' account to access benefit estimates and earnings records. Social Security benefits are expected to receive a cost of living adjustment (COLA) in 2027, with estimates ranging from 2.8% to 3.2%. The program's trust funds are projected to run out in 2032, potentially reducing benefits by 25%. The Congressional Budget Office recently revised the depletion date from 2033 to 2032. Social Security will continue to pay benefits as long as workers pay taxes into the system, but Congress must take action to strengthen it.
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