Headlines
Will Social Security’s Trust Fund be Depleted Sooner?
We’ve been reporting for years that, lacking Congressional action to resolve the issue, the reserves held in Social Security’s Trust Fund will be depleted somewhere in the 2034 to 2035 time frame. We get that estimate each year from a report…
Many seniors lose a chunk of their benefits to the tax man
For millions of seniors today, Social Security serves as an important source of income with the average recipient collecting a little over $1,500 a month, or a little more than $18,000 a year. However, according to a new survey by…
Communication is key for married couples when planning for retirement
As a married couple you likely have spoken about what your retirement will look like. House on the beach, travel, spending more time with friends and family; but no matter what you envision your retirement years, it is important for…
Why $144,000 won’t cut it in retirement
Although baby boomers have more money socked away for retirement than millennials and GenXers combined, they still have work to do. According to a recent Transamerica survey, it found the median retirement savings balance among baby boomers is $144,000; which…
Social Security: Thoughts on Planning Around the Unknowns
The well-publicized solvency issue facing Social Security is taking on new prominence as time passes and as the U.S. economy continues to reel in the wake of the COVID-19 pandemic. In the midst of all this are those who look…
Two ways to fix the impending Social Security funding crisis
While Social Security will never go completely broke, it does run the risk of insolvency. If Social Security does reach insolvency in 2035 as the most recent projection shows, benefits would be cut by around 21 percent. Keeping Social Security funded…
Is Means-testing the cure for what ails Social Security?
Whether folks know it or not, the Social Security and Medicare programs already have progressivity built into their systems. Thus they are means-tested, but only to a degree. Maurie Backman defines means-testing as “the concept of assessing Social Security beneficiaries’ annual…
Millennials won’t rely on Social Security. That’s probably a good thing.
Megan Leonhardt of CNBC reports the findings of recent studies showing that Millennials (born between 1981 and 1997) are not planning to rely on Social Security to fund their retirements. If only all generations thought that way. Social Security is an…
Pandemic reinforces need for savings & AMAC’s Social Security PLUS plan
If anything was laid bare by the Covid-19 mandatory closures, it was the savings Americans should have had in the bank but did not. Financial experts have been near unanimous for decades that everyone needs six months of income readily…
Social Security Cuts Are on the Table
Anyone who tries to convince you that Social Security is just fine and thus must be left alone is not telling the truth or has no idea how bad things are. Cuts are on the table. But like any buffet,…