Headlines
Most Americans agree that they can keep their original retirement plans
When the stock market crashed in March, many older workers worried that their retirement plans had crashed as well. Now, there’s a different sentiment. According to a recent survey by CNBC and Acorns, it found 67 percent of Americans now…
Do you need a Social Security representative payee?
A power of attorney (POA) document allows an appointed person to make financial, legal and property decisions on another individual’s behalf but can they talk to Social Security or Medicare? The answer is no, although financial power of attorney (POA)…
Want a higher paycheck from Social Security?
Social Security is a major source of income for most of the elderly. About 21 percent of married elderly couples and about 45 percent of unmarried persons rely on Social Security for 90 percent or more of their income. So it…
Will adopting CPI-E make a big difference in your Social Security check?
One of the key issues in this election is Social Security. Many retirees feel the program hasn’t kept up with inflation as Social Security benefits have lost about one third of their buying power since 2000. Why? Well, one suggestion…
The Solvency Dilemma: Should Social Security Become a Borrower?
Bloomberg Businessweek’s Peter Coy, in a post today on www.bloomberg.com, advances an interesting theory: What if the Social Security Administration (SSA) reversed the previous financing approach in which the program invested its surplus in U.S. Treasury special interest bonds, instead issuing its own bonds and in…
The Argument for Keeping WEP and GPO
The push to eliminate Social Security’s Windfall Elimination Provision (WEP) is an occasional hot topic in governmental and financial circles. In fact, legislation has been introduced often to take this provision off the books, as in the case of H.R. 3934 (Equal Treatment…
The Social Security “Earnings Test”–Unraveling Persistent Misconceptions
One of the most misunderstood of Social Security’s hundreds of filing rules involves the “Earning Test” provision (some would label it the dreaded or annoying Earnings Test). This provision is that part of the rulebook that potentially reduces retirement benefits for…
Chief Actuary Weighs In on Impact of Payroll Tax Elimination
In a letter issued yesterday, Social Security Chief Actuary Stephen C. Goss projected that the “OASI Trust Fund reserves would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter.” The projections by Social Security’s…
Claiming Age: A Really Big Factor in Making the Correct Social Security Decision
Approaching Social Security can be a daunting task for many folks. Should I claim benefits as soon as possible, should I wait until my full retirement age, or should I wait as long as possible? In fact, the general question…
Social Security is on voters’ minds: they do not want cuts
Perhaps it was recent news about President Trump seeking to defer payroll taxes for employers. Whatever it is, Social Security is definitely on the minds of voters as it has not been in recent elections. Lorie Konish of CNBC explores the…