Headlines
Social Security is in big trouble. Will a commission help?
It’s hardly a new idea– set up a blue ribbon panel of experts to tell us what we already know and propose a mix of the only three possibilities to help a program in financial distress– raise taxes, cut benefits,…
Budget Committee’s Arrington on Social Security & Medicare Solvency: “Let’s Get to Work!”
Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) opened the hearing formally titled “Medicare and Social Security: Examining Solvency and Impacts to the Federal Budget” with a statement stressing that “retirement security and health care security have 60+ million people…
A Different View on the Importance of Social Security’s Solvency Issue
RealClearMarkets’ editor John Tamny, in a post on their website, offers an opinion on the urgency of Social Security’s insolvency problem that differs substantially from many seen in financial media. In his post, he observes that the absence of demonstrated…
CRR Weighs In on Social Security Solvency
A recent post on 401kspecialistmag.com by Editor-in-Chief Brian Anderson analyzes comments from Center for Retirement Research at Boston College Director Alicia H. Munnell concerning the urgent need for corrective attention to address the looming Social Security solvency problem. Referring to…
Social Security Insolvency and the Need for Public Awareness
Social Security’s revenue from payroll taxes (i.e., FICA tax) has not been able to completely cover benefits paid since 2010 and, since 2021, all sources of revenue coming into the program have been insufficient to make scheduled benefit payments. Consequently,…
The Social Security Earnings Test—Why Does it Exist?
Claiming Social Security retirement benefits early—that is, before full retirement age (FRA)—is still a popular option in retirement finance planning. For some, it offers the opportunity to step out of a difficult work environment and into different, less stressful work.…
Regarding Portions of the 6/6/2024 Social Security Subcommittee Hearing on Trust Funds
We all know that Social Security is on a path to trust fund insolvency by 2035. The hearing points out that the Biden Administration’s new budget will make things worse. Nothing is being done right now to correct the situation.…
Will your Social Security Benefits be Enough to get by ?
Social Security benefits vary greatly depending on your career earnings. Will even those being paid the highest benefits have enough? Since Social Security is designed to replace approximately 40% of your income, probably not. Read this article by Christy Bieber…
Will your Retirement Budget Meet your Needs?
Financial Planning for retirement is challenging. Some parts of the equation are known and some need to be analyzed and estimated. It’s best to look at different scenarios. This article by Mark Henricks for smartasset published on June 5, 2024…
What Causes Occasional Double Social Security Payments in one Month?
In May 2024 SSI recipients received two payments, one on May 1st and one on May 31st. This occurred because the first of June fell on a weekend. Social Security’s payout calendar causes this to happen sometimes. As a result…