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Not understanding this aspect of Social Security could be a mistake
According to the recent survey by the American Advisors Group, approximately half of baby boomers expect Social Security benefits to be their primary source of income in retirement. So, if you are expecting your Social Security to play a significant…
Are you sabotaging your Social Security benefits?
The Social Security Administration reports that approximately half of married couples rely on Social Security benefits for at least 50 percent of their income in retirement and close to one-quarter depend on their monthly checks for 90 percent or more…
Married couples have the most flexibility when it comes to collecting Social Security benefits
When it comes to collecting Social Security benefits, married couples have the most flexibility. The best strategies depend on the relative ages and individual earning histories of the spouses but in most cases, it makes sense for the higher-earning spouse…
“Lifestyle creep” can derail retirements
Catherine Brock reports on the newest trend keeping people from having adequate savings in retirement. It’s called “Lifestyle Creep.” In short it involves spending more money as you make more money. Doing that prevents people from getting ahead as they forgo saving…
Are There Cuts to Social Security & Medicare in Trump’s Budget or Not?
When Democrats proposed cuts in the growth of future Medicare spending in the era of Obamacare, they were criticized by the GOP for hurting the program and seniors. The rhetoric is now reversed. Who’s right? On Medicare, clearly reducing the growth in spending is in…
Does Bloomberg Really Want to Cut Social Security?
Yesterday we posted an article suggesting Mike Bloomberg was being timid on Social Security, dodging the structural reforms necessary in favor of the same, politically palatable benefit increases that most other Democrat candidates also suggest. But, now The Extreme Left has him in…
What Mike Bloomberg Wants to Do to Your Social Security
The former mayor of New York has certainly created quite a stir in the Democrat primaries, but what would Mike Bloomberg do to rescue Social Security, a program headed for insolvency in just over a decade? Answer–not very much. While…
Happy Washington’s Birthday from The Social Security Report
Today is a federal holiday celebrated every third Monday of February in honor of George Washington, the first President of the United States, born on February 22, 1732. The Uniform Federal Holidays Act of 1971 set its observance from February 15 to 21, inclusive. The day…
Bernie and the “Donut Hole”
Presidential candidate Bernie Sanders, like some of the competitors in the 2020 race for the Democratic nomination, has a plan for addressing Social Security’s long-term financial woes. His approach would create the “taxable wage donut hole,” in which earnings between…
A Call for Attention to Social Security’s Problems
That Social Security is facing dire circumstances in the not-too-distant future is a well-known fact. That the options to fix the problem grow more severe with each passing month is also a well-known fact. And yet, the political realities and…