Analysis: Trump Campaign Plans & Social Security

The Committee for a Responsible Federal Budget (CRFB) notes a typical couple retiring just before Social Security hits insolvency in 2034 faces a $16,500 cut, and neither presidential candidate, despite them both saying they will “protect” the program, has presented plans…

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How the next U.S. president may address Social Security running dry

The problem has been known for a decade or more– that the Social Security Trust fund (also referred to as reserves or surpluses) will be depleted by 2034. Benefits will then be reduced 20% or more for all across the…

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Workers are tapping into their retirement accounts

A recent report by TransAmerica Center for Retirement Studies found that retirement savers are taking a loan from their 401(k), IRA, or other similar plans while still working. The report did say, “Seventeen percent have taken a loan and paid…

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Don’t make these retirement planning mistakes

Planning for your retirement can be stressful and overwhelming, but you should not put it off. Although it may seem like light years away, retirement will come sooner than later. How do you ensure that your retirement is the one…

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COLA comes with bad news for retirees

The Social Security Administration announced on October 10th that the 2025 cost-of-living adjustment (COLA) will be 2.5 percent, which is lower than the 10-year average of 2.8 percent.  Inflation has fallen; however, the prices of goods and services are still…

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“Ask Rusty – About Taxation of Social Security Benefits”

Dear Rusty: I am past my Social Security full retirement age, and I am still working. I am married and we file our income tax jointly. My husband is 64 and is not working now, but he may, or may…

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