Headlines
A Quick Update for Those Approaching Social Security Eligibility
For anyone on the cusp of Social Security eligibility, there are several basic program characteristics that need to be understood. Having a clear perspective on these program fundamentals will help prepare new beneficiaries for the road ahead, from an understanding of…
“Fixing” Social Security–Understanding the “Raise the Cap” Approach
You’ve heard it before, and you’ll hear it again: “Just eliminate the Social Security payroll tax cap and the solvency problem goes away.” In fact, you’re hearing it right now via deliberations on HR-860, “The Social Security 2100 Act” now…
Holding off on filing for Social Security benefits isn’t always a good idea.
The less money you have saved for retirement, the more likely you are to rely on Social Security. For the average earner, Social Security benefits will replace about 40 percent of their former salary. We often hear from experts that…
Is a new metric needed that’s more closely tied to retiree costs?
According to a recent data from the Bureau of Labor Statistics, health insurance surged 18.6 percent from August 2018 to August 2019, which is second only to intercity bus fare. The data come from the Bureau of Labor Statistics’ Consumer…
Women lag behind men in retirement savings
According to Bank of America’s 2019 Workplace Benefits Report, men have a median retirement savings balance of $100,000, whereas women have a median balance of just $30,000. Because women tend to earn less than men, there are only saving a…
Misjudging this factor could make for a challenging retirement
A recent survey from TD Ameritrade found approximately 58 percent of Americans say they think $1 million will be enough to last through retirement. The truth is, however, those golden years are becoming more expensive, and the harsh reality is…
Are you “guesstimating” your retirement budget?
derestimating your retirement expenses is a more common issue than you think. A recent survey by Transamerica found that most workers estimated they’ll need $400,000 to $500,000 to cover their retirement expenses, while the true costs are likely to exceed $1…
Expect a very low Social Security cost of living adjustment in 2020
Social Security’s cost-of-living adjustment (COLA) will be announced in mid-October, but projections are for only a 1.6% COLA for 2020, down from 2.8% in 2019. A 1.6% adjustment would equate to an added $23 per month for someone receiving the average retirement benefit of $1,460. COLAs have…
Is Sen. Warren trying to turn an earned benefit into a welfare program?
John Cogan, senior fellow at Stanford University’s Hoover Institution and author of “The High Cost of Good Intentions: A History of Federal Entitlement Programs,” pens this op-ed in The Wall Street Journal highly critical of Sen. Elizabeth Warren’s plans for Social…
How Social Security could change under three Democratic presidential candidates
Lorie Konish of CNBC profiles what Sen. Elizabeth Warren, Sen. Bernie Sanders, and former Vice President Joe Biden have in mind for Social Security. Each seeks to expand Social Security benefits, and each raises taxes on the wealthy to pay…