Social Security recipients are due to receive the largest increase in benefits in seven years. For many recipients, however, the increase in payments will go towards higher Medicare costs. As of September 2018, over 67.6 million Americans currently receive Social Security benefit payments. More than one in four of the adult population in the U.S....

The Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to access a $3 trillion trust fund to cover future benefits. Social Security is funded by two trust funds, one for retiree benefits and another for disability benefits. The latest annual report issued by the...