Headlines
Saving Social Security: Expanding Benefits and Demanding the Wealthy Pay Their Fair Share or Cutting Benefits and Increasing Retirement Anxiety
(SOURCE: www.budget.senate.gov) Agenda There will be a Hearing of the Committee on the Budget On: Thursday, June 9, 2022, 11:00 AM In: Room SH-216. Members of the Committee may participate in person or by video conference technology. To consider: Saving Social Security: Expanding Benefits and Demanding…
Looking at the Social Security Solvency Dilemma Realistically
As you’ve likely read in a variety of news reports (including posts on this site), the Social Security Trustees Report issued last week offered what some quarters consider a bright spot in Social Security’s dismal financial landscape. The Trustees reset…
Biden: “Improvements” in Social Security Outlook. Really?
The 2022 Social Security Trustees Report published last week spotlighted the additional year added to the timeline for trust fund insolvency, while the Medicare Trustees Report noted a two-year improvement in the projection for insolvency of the Health Insurance trust…
Taxing Your Benefits: Another Inflation Driver for Seniors
It often comes as a nasty surprise for those new to Social Security…the fact that the monthly benefit they earned through a lifetime of work and paying FICA taxes is now subject to another level of tax: Federal Income Tax.…
Social Security 2022 Trustees Report
The Social Security Board of Trustees released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected…
Is inflation causing you to delay your retirement?
The BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. A recent survey found that one-quarter of Americans will delay their retirement due to inflation. Also,…
Avoid becoming a victim of identity theft
The Federal Trade Commission’s Consumer Sentinel Network took in over 1.4 million reports of identity theft in 2021. Is there a way to evade becoming a victim of identity theft? No. According to cybercrime expert John Wilson, there are no…
Calculating tax on Social Security
Many Social Security recipients are surprised and angry every April when they find out they owe taxes on their Social Security benefits. Why? According to current tax law, up to 85 percent of Social Security benefits are included in taxable…
Memorial Day – A Day to Remember
Memorial Day 2022 is set to see more picnics, barbeques, and social gatherings. But let’s not forget the day is set aside to remember the many Americans who have lost their lives in military service to our country. Throughout our nation’s history,…
Pandering on Social Security Unhelpful to its Financial Problems
Proposals by Democrats are aplenty each congressional session promising enhanced Social Security benefits, whether as cost of living adjustments, one-time payments, or permanent minimum benefit increases. The problem with nearly all, which are intentionally written to be enticing to the…