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State of retirement in America and how this can help your retirement plans
We all dream of that picture-perfect retirement, sailing around the world, hiking up mountains, or spending it with our loved ones, but it takes more than just dreaming; it takes planning. Planning and staying focused on saving money are among…
Happy 4th of July Weekend!
We at Social Security Report have a little historical trivia here for July 2-4. First, read this letter from John Adams of Massachusetts to his wife Abigail, written July 2nd (yes 2nd), after The Second Continental Congress voted to approve a…
Supplement Social Security Benefits with an HSA
Social Security only pays an average monthly benefit of $1,543, not nearly enough to live on. Retirees who have it as their only source of income struggle to manage their bills. Thus there is an urgent need for seniors to augment…
A Tax Shock That Could Save Social Security?
Brent Arends, a financial writer at MarketWatch, has an op-ed here that explains the key findings from ProPublica, a nonprofit investigative public interest website, with regard to the nation’s richest and taxes. Arends reminds readers that our income tax system…
Social Security’s Solvency & Unemployment Bonuses: The Link
All Republican governors have already cut off residents of their states from the so-called “Biden bonus” that pays people an extra $300 per week not to work through early September. The scheme passed in the last stimulus bill of March 2021 with Democrat…
Know Your Social Security
It’s back, and it’s called the Know Your Social Security Act. This is a bipartisan bill that has been introduced in Congress before. Currently the Social Security Administration only sends mailed annual statements to people ages 60+ not yet collecting benefits and who…
The Biggest Problems Facing Social Security
John Csiszar has written five books and thousands of articles about financial services and personal financial planning. Here he explains in simple terms the structural problems and economic reasons why Social Security is facing insolvency in the near future. These are the…
The lack of knowledge about Social Security
Social Security is a cornerstone of retirement. And for some, Social Security will be, or is, their primary source of income in retirement, according to the just-released 2021 US Retirement Survey. The study confirms that many Americans find Social Security…
The power of retirement planning
In the latest study from Fidelity’s State of Retirement Planning, many Americans who thought their retirement planning was on track before the pandemic now find their plans detoured or even derailed. The study found “most Americans (69 percent) describe themselves…
Unlike nearly 40 years ago, saving Social Security will be far harder
About 65 million people collect Social Security benefits each month, and they account for about one in five people in the United States. America’s largest government program is in trouble with the projected depletion of the trust fund around 2030.…