Headlines
Here We Go Again: Government Shutdowns & Social Security
No. Social Security benefits will not cease if the federal government shuts down. Vince Cariaga explains the rationale and the funding mechanism for Social Security in this piece. But if a shutdown drags on for a while, there could still…
Op-ed: Social Security’s financing challenges are double that of 1983
Authors Louise Sheiner and Georgia Nabors spend most of this article recapping the 1983 Social Security rescue that took place days before the program would hit insolvency. They explain the term “insolvency” and note the 1983 reform was intended to get the…
Social Security Claws Back Money, Leaving Recipients Baffled
In this long, comprehensive piece, authors David Hilzenrath and Jodie Fleischer explain how the Social Security Administration (SSA) can overpay recipients followed by the long, complex process that ensues thereafter. The SSA is trying to reclaim billions of dollars from many of…
Biden & Social Security Reform: Numbers Don’t Add Up
Sean Williams highlights the Social Security Board of Trustees Report of 2023 detailing a $22.4 trillion funding obligation shortfall through 2097. This means, in plain English, there isn’t enough revenue to be collected over the long-term to sufficiently cover benefit…
Another Viewpoint on the Primary Cause of Social Security’s Solvency Problem
Speaking virtually at the 2023 Harkin Retirement Security Symposium earlier this week, Social Security Administration chief actuary Stephen Goss presented a counterargument to the premise that declining birth rates are the primary driver of the program’s looming insolvency. Noting that…
Social Security’s Future–A Clear and Concise Synopsis
Media accounts of Social Security’s long-term viability frequently set forth a dismal picture, often using terms like “bankrupt” that generate either alarm or despair depending on one’s age and proximity to benefit eligibility. Those who follow this subject closely, of…
Maximizing Benefits via a Bridging Strategy
Many folks looking ahead to the decision on when to begin drawing Social Security benefits often seek ways to make their eventual monthly payment as high as possible, and most financial advisors tell them it’s simple: wait until age 70.…
Raise the Retirement Age or Lower It? Gen Z and Millennials Weigh In
Many proposals to address the Social Security program’s evaporating financial reserves include a recommendation to add a few years to the full retirement age (FRA) provision, perhaps extending it as far as age 70 from its current age 67. Advocates…
Americans Losing Faith in Government’s Ability to Resolve Social Security Dilemma?
The Nationwide Retirement Institute 2023 Social Security Survey results indicate a continuing disbelief that government will “do the right” thing to shore up our ailing Social Security system in time to prevent an erosion of retirement security. Specifically, while survey…
2024 Cost of Living Adjustment – Temper your Expectations
On the heels of a big 8.7% Cost of Living Adjustment (COLA) for 2023, many Social Security recipients are wondering if a similar raise is in the cards for next year. The answer to that question is “No,” but a…