July Social Security boost for teachers, firefighters and more
Before, elementary school teachers spent his/her career educating children and paying into Social Security, but watched those benefits shrink once he/she retired with a state pension. The
Social Security Fairness Act
, which became law in January 2025, fixed that. It repealed two rules, the
Windfall Elimination Provision
(WEP) and
Government Pension Offset
(GPO), that unfairly reduced her benefits.
Explore courses from Top Institutes in
Select a Course Category
Product Management
Data Science
Operations Management
Finance
Data Science
Data Analytics
Design Thinking
Others
CXO
Artificial Intelligence
Leadership
Degree
Digital Marketing
Public Policy
MCA
Cybersecurity
MBA
healthcare
Healthcare
Project Management
PGDM
Management
others
Technology
Skills you'll gain:
Product Strategy & Competitive Advantage Tactics
Product Development Processes & Market Orientations
Product Analytics & Data-Driven Decision Making
Agile Development, Design Thinking, & Product Leadership
Duration:
40 Weeks
IIM Kozhikode
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Product Strategy & Roadmapping
User-Centric Product Design
Agile Product Development
Market Analysis & Product Launch
Duration:
24 Weeks
Indian School of Business
Professional Certificate in Product Management
Starts on
Jun 26, 2024
Get Details
Skills you'll gain:
Creating Effective Product Roadmap
User Research & Translating it to Product Design
Key Metrics via Product Analytics
Hand-On Projects Using Cutting Edge Tools
Duration:
12 Weeks
Indian School of Business
ISB Product Management
Starts on
May 14, 2024
Get Details
Also read:
Paper checks ending! 500,000 seniors must act fast as social security goes digital this fall
Real lives, real boosts
Earlier, firefighters, who retired with a smaller-than-expected income due to GPO, recently saw an extra $700–1,190 per month, enough to ease bills and rebuild savings. Janine, a surviving spouse, now receives the full Social Security benefit she was entitled to, reversing a penalty that wiped out most of her income before.
Live Events
Why this matters
Closing long-standing gaps: About 3 million people had seen their benefits reduced. The reversal aims to correct that, though it has added strain on the Social Security trust fund, which could face earlier shortfalls.
But it's not instant
Some people still haven't seen their full adjustment. The
Social Security Administration
expects to automate simpler cases, delivering benefits quickly, most recipients saw increases by April. Check if your pension was non-covered by Social Security (WEP/GPO rules applied).
Make sure the SSA has your correct banking and mailing info.
Look for two letters from SSA: one for the retroactive 'lump sum,' another for your ongoing higher monthly benefit.
If you haven't received your payment yet, call SSA at 1‑800‑772‑1213 or use your mySocialSecurity account.
Economic Times WhatsApp channel
)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
2 hours ago
- Economic Times
Living off Social Security? New report says you will run out of cash in weeks — every state
ET Online A new 2025 report shows retirees can't survive a full month on Social Security alone in any U.S. state — even in the most affordable places. If you're planning to live only on Social Security checks after you retire — you may want to think again. A new report by GOBankingRates shows that in every U.S. state, people who depend only on Social Security run out of money before the month Social Security Administration has always said these benefits were never meant to be your only source of money after retirement. They are supposed to support you — not fully cover your lifestyle. Now, the latest July 2025 study from GOBankingRates proves that if you're single and relying only on these monthly checks, you'll be in trouble — no matter where you live in the U.S. ALSO READ: Researchers uncover startling new clue in the hunt for Parkinson's cause The team at GOBankingRates: Collected the average Social Security income for single people Looked at each state's average mortgage costs and basic living expenses Calculated how many days your Social Security check could last per month in each state They used data from: U.S. Census (2023 5-year Survey) Missouri Economic and Research Information Center Bureau of Labor Statistics (2023) Zillow Home Index (May 2025) Federal Reserve Economic Data All data was collected as of July 7, 2025. Even in the most affordable states, your Social Security check won't last a full month. But some states are still better than others, as stated in the report by are the top 10 states where Social Security lasts the longest: West Virginia – 21.5 days Monthly mortgage: $989 Total monthly living cost: $2,830Mortgage: $1,107Total: $2,910Mortgage: $1,268Total: $2,986Mortgage: $1,226Total: $2,999Mortgage: $1,264Total: $3,069Mortgage: $1,351Total: $3,122Mortgage: $1,294Total: $3,175Mortgage: $1,358Total: $3,185Mortgage: $1,393Total: $3,192Mortgage: $1,416Total: $3,262Even in West Virginia — the most affordable — you'll still fall short by 9-10 days each month if you rely only on Social the flip side, here are the top 10 most expensive states — where your Social Security check runs out the fastest, as mentioned in the report by GoBankingRates. Mortgage: $5,675Total cost: $8,357Mortgage: $4,698Total: $7,003Mortgage: $3,950Total: $6,277Mortgage: $3,626Total: $5,750 ALSO READ: 9 guilt-free midnight snacks that will satisfy your cravings and still let you sleep Mortgage: $3,382Total: $5,387Mortgage: $3,296Total: $5,179 New Hampshire – 12.0 days Mortgage: $3,042Total: $5,057Mortgage: $2,987Total: $5,020Mortgage: $2,918Total: $5,006Mortgage: $3,155Total: $4,996Clearly, high living costs and expensive housing make it nearly impossible to live on just Social Security in these states fall in the middle — not the cheapest, but not the worst either. Here's how they compare: Georgia – 15.9 days | $3,829/month Texas – 16.8 days | $3,628/month North Carolina – 15.8 days | $3,864/month Florida – 14.2 days | $4,281/month Wisconsin – 15.9 days | $3,835/month No matter where you live — you will fall short. The study proves that Social Security doesn't stretch far enough. Even in cheaper states, you're missing 7 to 10 days of income each month. In expensive states, you might fall short by 15 to 20 days, as per the GoBankingRates reports. This means you must have extra money saved, or other sources of income like: Retirement savings (401k, IRA) Pension Investments Part-time work Help from family This isn't a surprise. The Social Security Administration has said for years that the program is not enough to fully support a retired person — especially with today's inflation and housing study just puts real numbers and days to the warning. If you're hoping to rely only on your Social Security checks — don't count on it. You'll run out of money in every U.S. state in less than a month. You must plan ahead, save more, and understand the true cost of living in retirement, as per the report by GoBankingRates. This report is a wake-up call for every future retiree — especially if you're single and living on a tight budget.Q1. How long can I live on Social Security in the U.S.? In every U.S. state, Social Security lasts less than a month for single retirees, according to a 2025 GOBankingRates report. Q2. Which state is the cheapest to live in on Social Security? West Virginia is the cheapest, where Social Security lasts about 21.5 days each month for one person.
Time of India
2 hours ago
- Time of India
New York State $400 Inflation Refund Checks: How and when to get refunds? Here's who is eligible and what is required to get checks
New York State is issuing one-time inflation refund checks to its residents. These payments are part of the 2025-2026 state budget and aim to help people deal with the effects of rising sales taxes due to inflation. Eligible individuals do not need to apply, as the checks will be mailed automatically. Why will Some Residents Get Inflation Refund Checks? The refund checks are part of New York's 2025-2026 state budget. This is the first time New York is offering this type of payment. The refund is meant to ease the burden of increased sales taxes caused by inflation. The New York State Department of Taxation will mail the checks over several weeks. Distribution begins in mid-October 2025 and continues through the fall. Over 8 million people are expected to receive the checks. Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Product Management Data Analytics Degree Operations Management Artificial Intelligence Digital Marketing Project Management Data Science MBA Leadership CXO others Finance healthcare Technology Data Science Healthcare PGDM Cybersecurity MCA Design Thinking Management Others Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details Who is Eligible and How to Get Inflation Refund Checks? To qualify for a refund check, individuals must meet specific conditions: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mountain Gear for Extreme Conditions Trek Kit India Learn More Undo They must have filed Form IT-201 for the 2023 tax year. Their income must fall within certain limits. They must not have been listed as dependent on another taxpayer's return. Eligibility is determined automatically. Residents do not need to take any action to receive the refund. Also Read: Will Bryan Johnson never die? Here's all about tech entrepreneur's tall claim, Bryan AI and Project Blueprint How Much Will be Refund? The payment amounts depend on the filer's adjusted gross income and filing status for the 2023 tax year. Live Events For single filers $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For married couples filing jointly $150,000 or less: $400 refund Over $150,000 up to $300,000: $300 refund For married individuals filing separately $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For head of household $75,000 or less: $200 refund Over $75,000 up to $150,000: $150 refund For qualified surviving spouse $150,000 or less: $400 refund Over $150,000 up to $300,000: $300 refund When Will Inflation Refund Checks Arrive? Checks will begin mailing in mid-October 2025. The distribution will occur over several weeks due to the high number of eligible taxpayers. Mailings are not based on region or zip code. Some residents may receive their checks earlier or later than others. The state has not released a delivery schedule. Also Read: Netflix August 2025 Releases: Here's complete list of movies, originals, series and documentaries Separate Relief for Childcare Expenses Another federal program may also help certain families. The Child and Dependent Care Credit allows families to claim summer camp costs. This credit applies to children under the age of 13. What is Required to Get Inflation Refund Checks? Be employed or full-time students Have a child using summer day care or a summer camp Have a valid SSN or FIN The credit is intended for people who work or are seeking work. It only covers day programs. FAQs Who qualifies for New York's inflation refund check? Anyone who filed a 2023 Form IT-201, met income limits, and was not listed as a dependent will automatically receive a refund. Can parents claim summer camp under the child care credit? Yes, if the child is under 13 and the camp allows the parent to work or look for work, expenses may qualify.
Time of India
2 hours ago
- Time of India
ECB holds rates with US tariffs decision on horizon
The European Central Bank held interest rates steady Thursday as policymakers waited to see whether the eurozone would be hit by higher US tariffs threatened by President Donald Trump . The pause brought to an end a streak of consecutive cuts stretching back to September 2024 that has seen the ECB slash its benchmark deposit rate to two percent. Explore courses from Top Institutes in Please select course: Select a Course Category Digital Marketing Cybersecurity Degree Others Product Management Finance Technology others Artificial Intelligence MBA Leadership PGDM Data Science Public Policy Data Analytics MCA Design Thinking Management CXO Healthcare Data Science Project Management Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategies Customer Journey Mapping Paid Advertising Campaign Management Emerging Technologies in Digital Marketing Duration: 12 Weeks Indian School of Business Digital Marketing and Analytics Starts on May 14, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details Skills you'll gain: Digital Marketing Strategy Search Engine Optimization (SEO) & Content Marketing Social Media Marketing & Advertising Data Analytics & Measurement Duration: 24 Weeks Indian School of Business Professional Certificate Programme in Digital Marketing Starts on Jun 26, 2024 Get Details The swift reduction in borrowing costs for businesses and households in the 20 members of the single-currency bloc has come as inflation has fallen back from the double-digit peaks seen at the end of 2022. Consumer prices in the eurozone rose at a pace of two percent in June, exactly in line with the ECB's target for inflation. The moderate inflation read and encouraging signs of growth meant the ECB was in a "good place", ECB President Christine Lagarde said at a press conference following the rates announcement. Live Events The outlook however remained "exceptionally uncertain, especially because of trade disputes", the central bank warned. A further escalation in trade tensions could deliver a fresh blow to the eurozone economy , with Trump having set a deadline of August 1 to impose a basic tariff rate of 30 percent on the European Union. But negotiations between Washington and Brussels to find a compromise have meanwhile progressed, raising hopes of a deal. - Trade negotiations - Lagarde declined to speculate on the outcome of the negotiations but said that a resolution and reduction in trade-related uncertainty would be "welcomed by any economic actors including ourselves". Higher tariffs -- wherever their final resting place -- could "bring inflation down further than expected" if trade tensions fuelled the euro's strength against the dollar, she said. A stronger euro would make imports cheaper and further suppress inflation. The ECB is already predicting the indicator to dip to 1.6 percent in 2026 before returning to target in 2027. The euro has surged almost 14 percent against the dollar since the start of the year, although the single currency has fallen from recent peaks. Lagarde said the ECB was monitoring the impact of euro exchange rates on inflation but added the bank was not targeting a particular exchange rate. Inflation could also be driven lower if a higher rate of tariffs reduced demand for European exports and prompted "countries with overcapacity to re-route exports to the euro area", she said. - 'On hold' - By contrast, a breakdown in global trade and supply chains could fuel a new surge in prices. And a resolution to trade tensions could "lift sentiment and spur activity", Lagarde said, potentially taking the pressure off prices. In the face of this dilemma, ECB policymakers kept rates steady, in effect bringing an end to the process of steadily lowering interest rates that started over a year ago. "You could argue that we are on hold. We are in this wait-and-watch situation," Lagarde said. "Any monetary policy decision will for the future be decided on the basis of data," she said, adding that the "jury is out as to how quickly the uncertainty will be cleared". Exchange rate fluctuations and the still-pending conclusion to EU-US talks were two reasons for the ECB to "to stay put today and keep the powder dry", ING bank analyst Carsten Brzeski said. While inflation was still around target there was "very little reason for (the ECB) to leave its 'good place'", Brzeski said, echoing Lagarde. Rate-setters could however still choose to give an extra boost to the eurozone with another cut down the line -- especially if trade tensions looked to be having an impact on the economy. If inflation showed signs of weakening and the economic data looked shaky, the central bank could plump for "one final rate cut at the September meeting", Brzeski said.
