What to Know for Tuesday, November 3rd, 2026: |
1: Social Security’s main trust fund runs out in late 2032, which could cut retirement benefits by about 22% unless Congress acts |
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The deadline falls on the next Senate class: The Social Security trustees project that the retirement trust fund will run out in the fourth quarter of 2032 and that benefits would then be cut by 22%. The Congressional Budget Office sees an earlier date, mid-2032, with a 26% cut. Senators elected this November will be in office when the deadline arrives. The average loss could be about $500 a month: The Committee for a Responsible Federal Budget estimates a 24% reduction would cost the average retiree about $500 a month, and that losses would be larger in 29 states. If Congress combines the retirement and disability trust funds, the depletion date moves to the third quarter of 2034, and the cut would be 17%. Congress has several options, but none has passed: Lawmakers could raise the payroll tax rate, which is 6.2% on both workers and employers, or lift the earnings cap, which is $184,500 in 2026. Some Democratic candidates favor raising or removing the cap. Tax experts say increases are unlikely until closer to 2032, and delay would widen the shortfall, according to the Bipartisan Policy Center.
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➜ Read the full article from CNBC here. |
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2: Insurers are dropping Medicare Advantage plans for 2027, and millions of seniors must choose new coverage by December 7th |
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Forced plan changes are rising sharply: An estimated 3.2 million Medicare Advantage enrollees, about 11% of the program, will have to shop for new coverage in 2027, according to Medicare Market Insights. That’s up from the roughly 10% forced to change plans in 2026, which Johns Hopkins estimated at 2.9 million people. Humana alone is exiting plans that cover about 600,000 members, and UnitedHealth, Aetna, and several Blue Cross plans are also cutting plans or regions. Your coverage changes if your plan leaves, but you aren’t uncovered: If your plan is dropped, you automatically return to Original Medicare (Parts A and B). You’ll likely need a standalone Part D drug plan and may want Medigap for deductibles and coinsurance, and dental and vision benefits won’t carry over. You can also choose a new Medicare Advantage plan during open enrollment, which runs October 15th to December 7th, or use a Special Enrollment Period, which typically lasts about 60 days after you’re disenrolled. Check your doctors and drugs before you switch, and get free help if you need it: Confirm that your doctors and specialists are in the new plan’s network, and check that your medications appear on its formulary using Medicare’s Plan Finder. For free counseling in your state, visit shiphelp.org, call 1-800-MEDICARE or call Chapter Medicare. Keep an eye on your mail, since insurers must notify you before exiting your area.
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3: Early Social Security claims spiked in 2024 and 2025, and the trend is now reversing |
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A surge in early claims locked in lower checks: Early claims rose 13%, or 267,000, from October 2024 to April 2025, compared with the prior year. Urban Institute and Boston College researchers link the jump to turmoil at the Social Security Administration, including staff cuts and political debate over the program’s solvency. Claiming before full retirement age (67 for anyone born in 1960 or later) permanently reduces your monthly benefit. Claims have since dropped, but uncertainty remains: From October 2025 to April 2026, new claims fell 235,000, or 10%. Still, experts say headlines about the 2032 funding shortfall can push people to claim earlier. A Boston College experiment found that more alarming language led people to say they would claim about a year sooner. Waiting can increase your monthly check, but reverse mortgages carry costs: Benefits rise for each month you delay past full retirement age, reaching up to 124% at 70. Some people consider reverse mortgages to bridge the gap, but the Consumer Financial Protection Bureau has found that their costs generally exceed the extra benefit from delaying claims. Before you claim early or borrow against your home, compare the options with a financial planner or SSA’s online calculators.
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➜ Read the full article from Housing Wire here. |
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Here’s What You Missed on YouTube: |
Check out our new YouTube videos for Tuesday, November 3rd. |
BREAKING: Congress Just Passed a Social Security Bill — Here's What Changes for Millions |
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10 Medicare Questions to Ask Before December 7 — Or You Could Pay More in 2027 |
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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. |
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