A half-dozen changes, concerning everything from Social Security checks to the payroll tax select workers will owe, are now in effect.

The bill repeals two regulations which reduces benefits for many Social Security beneficiaries who earned a pension from work.

Social Security is critical to many millions of retirees, keeping lots of them above the poverty line. Whether it keeps you solvent or just enhances your financial security in retirement, Social Security is likely to be an important source of retirement income.

For recipients who began receiving benefits before May 1997 or who receive both Social Security and Supplemental Security Income (SSI), payments are made on the third of each month. SSI payments are made on the first of each month.

Those who receive Social Security payments will see a bit of a change to their regularly scheduled payments for the first couple months of 2025. In particular, those receiving Supplemental Security Income (SSI) will receive their first payment of 2025 this Tuesday, the final day of 2024.

Social Security faces a potential funding shortfall by 2033-2035, with one key factor being the $168,000 payroll tax cap that hasn't kept pace with rising high-end incomes. Removing this cap could address 70% of the projected deficit,