Headlines
Social Security: The insolvency problem & a balanced solution to it
What’s all this talk about Social Security’s problems all of a sudden? Why not just leave the program alone? Is Social Security going bankrupt? So what can be done? Are there pros and cons to each? Why not just raise…
Christmas Greetings from the Social Security Report Editorial Staff!
On behalf of the Association of Mature American Citizens and the AMAC Foundation, the Social Security Report’s editorial staff extends to all of its readers a sincere wish for peace, comfort, and joy during this Holiday Season.
Average Social Security Benefits at Various Ages & The Optimal Claim Age
Sean Williams provides some exhaustive analysis and research here. Williams notes the four criteria that go into calculating benefit amounts, and he lists average benefits for people aged 62, 67, and 70. One comprehensive study shows that, statistically, one claiming…
WEP and GPO Repealed Pending Biden’s Signature
The Social Security Fairness Act passed the Senate 76-20 over the weekend. The GOP was split evenly 20 for and 20 against the bill. It repeals two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset…
WEP-GPO Bill Set for Final Vote Today
Via Unanimous Consent Agreement, the Senate voted yesterday to move H.R. 82 (Social Security Fairness Act of 2023) to a final vote today. The agreement overcame intense discussions on the lack of offsets to the bill’s nearly $200 billion price…
Life Expectancy, A Critical Piece of the Social Security Solvency Puzzle, Rising Again
Yesterday, the Centers for Disease Control and Prevention (CDC) released statistics indicating nearly a year of growth in Americans’ expected lifespan. Longevity, of course, is a major factor in the long-term financing of Social Security, presenting a challenge to ensure…
WEP-GPO Debate Enters a New Stage as the Clock Winds Down
As noted in yesterday’s headline post on this website, the rush to obtain a Senate vote on the bill to repeal Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is hitting some roadblocks. The latest, as explained…
WEP-GPO Repeal Effort–Hitting Some Rough Waters?
As the countdown continues toward the end of the 118th Congress and the potential vote on S.597 (Social Security Fairness Act), it appears some opposing views are surfacing. The most recent to hit the internet is an analysis by a…
A Deeper Dive Into the Idea of Eliminating Seniors’ Tax on Social Security Benefits
It often comes as a tax season surprise for new Social Security beneficiaries. For current beneficiaries, it’s an annual annoyance. No matter how it surfaces in your financial management process, it’s something you notice, and typically not in a favorable…
Only 4% claim Social Security at 70
You can start receiving your Social Security retirement benefits as early as age 62 but at a reduced amount. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits…