Headlines
AI and Social Security, Retirement Planning: Cool, but be Careful!
Artificial Intelligence (AI) is here, and has been for some time. It’s not new, but the concept and its tools are hitting us at an exponential rate as more innovators push for more ways to incorporate AI technologies into business…
Assessing the “Sovereign Wealth Fund” Insolvency Solution
A recent Senate Budget Committee hearing provided a forum for Senator Bill Cassidy (R-LA) to showcase a bipartisan proposal he and Sen. Tim Kaine (D-VA) have advanced for consideration to address Social Security’s looming financial disaster. The Cassidy/Kaine proposal, dubbed…
SSA Announces Change in Direct Express® Program Operations
The Social Security Administration today announced that Fifth Third Bank is the new financial agent for the Direct Express® program, replacing Comerica Bank. The announcement from SSA Chief Communications Officer Nick Perrine notes that “New enrollments with Fifth Third Bank…
Will “Means Testing” Drive a Solution to Social Security’s Insolvency Dilemma?
As we await publication of this year’s annual Social Security trustees report, we’re seeing a fairly consistent assumption that the trust fund depletion date will be “officially” advanced to 2032. Some pundits also hint at 2031 as a more realistic…
How a bank levy could affect your Social Security benefits
U.S. Census researchers have found that about 14 percent of Americans 65 and older rely on Social Security for 90 percent or more of their income. Given the importance of these funds, private debt collectors cannot garnish them; however, there…
Old beneficiary forms can override your final wishes
Many Americans assume that their wills or trusts control all aspects of their financial legacy; however, an outdated beneficiary form can override those instructions. Under federal law governing employer-sponsored plans (ERISA), beneficiary designations operate under contract law, which means the…
The latest 2027 COLA estimates
Social Security’s Cost of Living Adjustment (COLA) is a snapshot comparison of Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) measurements from the previous year’s third quarter to the same period in the current year. Since the…
Break-even is not the only factor you should consider
You can apply for Social Security benefits as early as age 62. However, you will receive full benefits only when you file for your benefit at your full retirement age. If you delay taking your benefits until age 70, your…
Social Security’s Full Retirement Age (FRA)
Once upon a time, there was no mystery about Social Security’s full retirement age – everyone received their full benefit if they claimed at 65 years of age, the age set when the program was first enacted in 1935. But way back in…
The Role of Life Expectancy in Retirement Decisions
Right now is a good time to focus on an important question which affects your future – When should I take my Social Security benefits? While there are a number of factors to consider when making that decision, don’t overlook…