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What to Know for Friday, May 1st, 2026: |
1: SSA major warning: Scammers creating fake social media profiles using real employee names and photos |
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(Image Credit: Shutterstock) |
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"Significant increase" in impostor scams using actual SSA employee identities: Scammers are now setting up fraudulent social media profiles impersonating real Social Security Administration and Office of Inspector General employees — they use actual employee names along with fake badges or credentials to "appear legitimate" and "build trust with potential victims." FBI reports government impersonation in top 5 fraud types: These scams have continued to increase and now rank among the top five fraud schemes both by numbers and dollar losses — scammers are using artificial intelligence to make the impersonation more convincing, doctoring images of credentials and spoofing phone numbers. Four warning signs to protect yourself: Scammers commonly claim there's a problem with your Social Security number or benefits, apply pressure to act immediately, demand payment by gift cards/gold bars/cryptocurrency/wire transfers (hard to track), and ask you to "verify information" to trick you into providing account numbers or identifying details.
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➜ Read the full article from Fedweek here. |
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2: Social Security's "hidden penalty" for working retirees — most don't know withheld benefits come back later |
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(Image Credit: Getty Images) |
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Earn over $24,480 and lose $1 benefit for every $2: If you claim before full retirement age (66-67) and continue working, SSA withholds $1 in benefits for every $2 earned above $24,480 annually ($65,160 in the year you reach FRA, with $1 deducted for every $3 earned) — but almost nobody knows what happens next. You get the money back after full retirement age: Once you reach FRA, Social Security recalculates your monthly payment to credit the months when benefits were withheld — over time, the higher monthly amount is "intended to repay what was lost," but people with shorter life expectancies may not fully recover withheld benefits. GOP bill would eliminate the penalty but could drain trust funds faster: Sen. Rick Scott's Senior Citizens' Freedom to Work Act would let you earn unlimited income without reductions, potentially bringing 200,000-800,000 more seniors into the workforce — but repealing the test would require paying more benefits immediately, which could accelerate Social Security's 2035 funding shortfall.
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➜ Read the full article from Market Watch here. |
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3: Former Arkansas governor: Time running out for bipartisan commission to save Social Security |
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(Image Credit: iStock) |
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24% benefit cut in 2032 means losing $18,400/year: If Congress fails to act before insolvency in less than 7 years, the mandatory across-the-board benefit cut would cost a typical newly retired couple $18,400 annually — just in Arkansas alone, over 500,000 retired families would be devastated. Senators you elect in 2026 must solve this during their term: Social Security insolvency is projected to occur in 2032, the final year of the term for senators elected this fall — so this is "no longer a problem that future leaders will have to deal with, but rather one that current candidates will have to face," making it critical to know where candidates stand. Waiting makes cuts worse — act now like we did in the 1980s: Delaying until 2032 will require benefit cuts and/or tax hikes roughly one-sixth larger than today, whereas prompt action through a bipartisan commission (like the one that worked in the 1980s) would allow changes to be phased in gradually, giving you more time to adjust.
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➜ Read the full article from the Washington Post here. |
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Here’s What You Missed on YouTube: |
Check out our new YouTube videos for Friday, May 1st. |
Why Your Social Security Check Looks Different This Month — Every Reason Explained |
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Why Your Social Security Check Looks Different This Month — Every Reason Explained |
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NEW: The Retirement Navigator Podcast |
🎙️ Episode #7: The Senior Living Myths That Are Costing Your Family Time, Money, and Peace of Mind featuring Michelle from Asbury Communities |
What Senior Living Actually Looks Like in 2026 — And Why Most Families Have It All Wrong |
Most people hear "senior living" and picture a nursing home. They assume they can't afford it. They assume Mom or Dad will lose their independence. And so they wait — until a crisis forces their hand and their options shrink. |
In the latest episode of Retirement Navigator, Kwame sits down with Michelle, a senior living executive with over a decade of experience guiding older adults and their families through one of retirement's most important decisions. |
From the hidden costs of aging in place, to rental options most people don't know exist, to a brain health program that's changing what senior living can actually do — Michelle brings the kind of honest, practical insight that most families wish they'd had years earlier. |
If you're 55+ and thinking about the next chapter — or you have a parent who is — this conversation will completely shift how you see your options. |
👇 Hit play now & be sure to subscribe: https://www.youtube.com/@TheRetirementNavigator |
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Episode 8: The Senior Living Myths That Are Costing Your Family Time, Money, and Peace of Mind |
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The Daily 3 Deal List—Week of April 27th |
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This newsletter is for information only. Always confirm your options directly with Social Security, Medicare, Medicaid, or a qualified advisor before making big decisions about your benefits. |
*View our Advertising Disclosure |
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