The financial health of Social Security has improved slightly in the past year, with the system expected to exhaust its reserves to pay benefits in 2034, a year later than previously projected, according to the 2015 Social Security Trustees Report, released July 22. At that time, if Congress has taken no action, Social Security will have enough payroll taxes coming in to cover 79 percent of promised benefits for another 56 years, the report said.
Beginning March 16, Social Security field offices across the country will be open an extra hour on Mondays, Tuesdays, Thursdays and Fridays. Hours will be 9 a.m. to 4 p.m.
President Barack Obama will nominate Carolyn Watts Colvin as commissioner of the Social Security Administration, the White House announced June 20. Colvin has experience within the retirement and disability benefit program, as acting commissioner since Michael Astrue, who was nominated by President George W. Bush, left the post in February 2013 and before that as deputy commissioner beginning in January 2011.
For those of you who liked getting your estimated Social Security benefits statements by mail, you're in luck. The Social Security Administration says it's planning to send out paper statements once again, beginning in September.
Happy 78 th birthday, Social Security. Since FDR signed you into law on Aug. 14, 1935, you've survived wars, budget cuts and changing demographics. Today you may be older than most of your beneficiaries, but you're still central to secure retirement.
The Social Security Administration is struggling a bit these days. It has 57 million "customers" but no permanent director. It's absorbed stiff budget cuts in recent years, and the sequester piled on even more. Its computer systems are, relatively speaking, paleolithic.
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