Headlines
Expanding Social Security benefits – A pipe dream?
With great fanfare in the opening weeks of the 116th Congress, the Social Security 2100 Act was introduced, promising expanded benefits through higher taxes to resolve the program’s financial woes. According to projections, Social Security is slated to pay out…
Social Security alone won’t cut it
According to a 2018 Northwestern Mutual study, 21 percent of Americans have no retirement savings and according to GOBankingRates, 42 percent have less than $10,000 socked away for the future. Everyone is certainly aware that if you don’t build any…
Effective ways to save for retirement
As the workforce continues to move away from pensions and toward defined-contribution plans, including 401(k) and 403(b) plans, Americans are responsible for funding their own retirement. It is estimated by 2035, nearly 20 million retirees will be living in or…
Planning for health-related expenses before retirement
Retirement should be an exciting stage in your life, but it can also come with some anxiety. Planning for healthcare as we age can be especially worrisome, since it is impossible to be certain how much and what kind of…
The Social Security Earnings Test and how it could leave you strapped for cash
It may sound like a good way to boost your income: working and taking Social Security at the same time; however, this strategy can have unexpected costs. If you are under your full retirement age (FRA), the government may reduce…
What are the expenses affecting your ability to save for your retirement?
Sometimes life gets in the way preventing us from saving as much as we’d hope for retirement. A recent survey posted by Charles Schwab identifies five major expenses that thwart our best efforts to contribute to 401(k) accounts. The attached…
Rising Inequality & Social Security’s Shortfall: The link
In this interesting piece Sean Williams of The Motley Fool suggests lawmakers will have to tackle rising income inequality in order to address the solvency of the Social Security program for future generations. How are the two linked? Williams notes wealthier people…
The Unnoticed Trillion Dollar Budget Gap
In the 1980s critics of overspending pointed to record deficits (averaging $167 billion a year then) and were often met with replies from supply-siders—“Don’t worry about federal deficits. They’re big enough of take care of themselves.” President Reagan even uttered…
Retirement Reforms Could be a Reality in This Congress
The House Ways and Means Committee under the chairmanship of Richard Neal (D-MA) seems poised to tackle issues like Social Security solvency and other retirement issues this session. Indeed, one hearing on the topic has already been held this month. …
What to do if you claimed Social Security too early
People generally are aware that waiting to collect Social Security past age 62 raises one’s monthly checks permanently. Yet most people elect to begin receiving checks at or close to age 62. But what if you decide that you made…