Headlines
FRA Setbacks, Means Testing, and the Inevitability of Tax Increases–One Viewpoint
In a follow-on to last week’s GOP Presidential Candidate Debate, and after considering suggestions put forth by candidates Nikki Haley and Chris Christie regarding adjustments to the full retirement age and incorporating additional means testing into the benefit formulas, financial writer…
Understanding Your Return on Investment in Social Security and Medicare
Many folks who have spent decades in the workforce, paying the Federal Income Contributions Tax (FICA) all those years, wonder if they’ll live long enough to fully recoup those dollars paid into the system. It’s a concern we hear often…
Long-Term Debt and Social Security Reform: Yes, There is a Relationship.
The mind-boggling gap between federal revenue and federal spending–pegged at $1.7 trillion for 2023–and the resultant nearly doubling of the year-over-year federal budget deficit is the subject of an analysis by University of Maryland professor Melissa Kearney and former U.S.…
Means Testing for Social Security…Where do the Republican Candidates Stand?
By now, anyone who’s been paying attention to Social Security’s steadily deteriorating financial position is keenly aware of the long-term implications of Congress taking no corrective action. Many suggestions for program restructuring have been put forth by a number of…
The clock is ticking for Congress
According to American writer Jack Kornfield, “The trouble is you think you have time.” The reality is we do not. Congress has until 2033 to come to a bipartisan agreement about Social Security, or there will be an automatic cut…
What the five GOP candidates said about raising the retirement age
During the 3rd Republican candidates’ debate, the third rail of American politics – Social Security- was discussed. The difference in the approach of the five attending candidates in solving the Social Security and Medicare insolvency issue was on display. The…
There’s more to consider when deciding to begin your Social Security benefits
Social Security is a primary income source for most people aged 65 and older. Without Social Security benefits, 37.7 percent of older adults would have incomes below the poverty line. Social Security is the cornerstone of many retirees’ income, so…
Women and retirement savings
“Women are more likely to live in poverty in retirement than are men,” according to the Women’s Bureau of the Department of Labor. Statistically, “11.6 percent of women aged 65 or more years live in poverty, compared with 8.8 percent…
Social Security may not be as reliable as it seems.
According to the data from the Social Security Administration, among Social Security beneficiaries age 65 and older, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. According to…
Social Security, AGI, and income taxes
Do I pay taxes on my Social Security income? You will pay federal income tax if your adjusted gross income is at certain thresholds. The IRS defines Adjusted Gross Income (AGI) as gross income minus adjustments to income. Gross income…