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What if Congress doesnt fix Social Security, what can future retirees do?
According to a recent survey by Employee Benefit Research Institute (EBI), only seven percent of American workers are very confident that Social Security will pay them benefits in retirement equal to the benefits being paid to current Social Security recipients. Yet…
Building a realistic retirement strategy
Working Americans are primarily on their own when it comes to retirement planning. According to a recent survey, 65 percent say they’re confident in their financial future but just half have a long-term financial plan. The survey also found, among…
Next tax reform may address retirement accounts
In the United States, basically there are 15 general types of retirement plans, and many of these plans have their own sets of rules on contribution limits, tax deduction limits, and guidelines when savers can contribute and withdraw their funds.…
Separating Fact from Fiction: 7 Common Misconceptions on Social Security
The Social Security Administration reports 63 million Americans will receive benefits in 2018. This article by U.S. News contributor Rachel Hartman addresses issues like, will my benefit be enough to live on? Should I take my benefit as early as possible? …
Social Security benefits are becoming a favorite target of identity thieves
Social Security benefits are becoming a favorite target of identity thieves. You are a potential victim whether or not you’re already receiving benefits. The Inspector General’s report in 2015 sampled data from 2013 and found that about $20 million in…
How your Social Security claiming decision affects your payout
Today, the Social Security program provides more than three out of five seniors at least half of their income, and 34 percent of retired workers essentially rely on Social Security for all of their monthly income. Because of its importance, deciding…
Fichtner on Social Security: Crisis is at our Doorstep
The Mercatus Center’s Jason Fichtner, a fellow at the Bipartisan Policy Center and senior lecturer at the Johns Hopkins University School of Advanced International Studies, today sounded the alarm for corrective action to address Social Security’s solvency problem, noting that…
Social Security Strategies: Understanding the “Break-Even” Analysis
The question of when to file for Social Security benefits is one of the most daunting decision points folks aging into Social Security face, and it’s predominantly a personal one based on individual factors. For example, when do you need…
Social Security Taxation and Tax Reform–A Missed Opportunity?
Tax reform enacted late last year brought with it a number of well-received economic incentives, but one thing it didn’t do was address the issue of taxation of Social Security benefits. In an article posted today on www.fool.com, The Motley…
Fixing Social Security: Agreements and Disagreements
It’s apparent that there is fairly universal agreement on the need to “fix” Social Security. This point was driven home once again by the program’s 2018 Trustees Report, with its repeated warning to Congress that “time is running out.” Ctnewsjunkie…