Headlines
Older Voters & Social Security: New poll results
Lorie Konish of CNBC explains the looming insolvency of Social Security and then notes it is an “up for grabs” issue for both parties in the 2024 election. Support on this issue is essentially tied between Democrats and Republicans. Konish…
The $600 Payment & COLA Scams Gain Traction. Experts Warn Watch Out.
Social Security scams are hardly new, though the level of sophistication is increasing. Jason Collins reports that the Social Security Administration (SSA) is coming out swinging on the latest one time $600 payment scheme. He notes the agency was receiving…
Yes. Social Security Retirement Age Should Be Raised
Rachel Greszler, a Senior Research Fellow at The Roe Institute, makes the case for raising Social Security’s full retirement age to 69 or 70 as a way to stave off insolvency. When the program was enacted, life expectancy at birth was 61…
Actuaries state Social Security cut will be $325/mo starting in 2033 without changes
That’s right, for the average Social Security recipient, benefit cuts of $325 per month begin in 2033 absent reform, according to the head actuaries for Social Security and Medicare, who testified before a House panel last week on the two safety net…
Social Security is in big trouble. Will a commission help?
It’s hardly a new idea– set up a blue ribbon panel of experts to tell us what we already know and propose a mix of the only three possibilities to help a program in financial distress– raise taxes, cut benefits,…
Budget Committee’s Arrington on Social Security & Medicare Solvency: “Let’s Get to Work!”
Yesterday, House Budget Committee Chairman Jodey Arrington (R-TX) opened the hearing formally titled “Medicare and Social Security: Examining Solvency and Impacts to the Federal Budget” with a statement stressing that “retirement security and health care security have 60+ million people…
A Different View on the Importance of Social Security’s Solvency Issue
RealClearMarkets’ editor John Tamny, in a post on their website, offers an opinion on the urgency of Social Security’s insolvency problem that differs substantially from many seen in financial media. In his post, he observes that the absence of demonstrated…
CRR Weighs In on Social Security Solvency
A recent post on 401kspecialistmag.com by Editor-in-Chief Brian Anderson analyzes comments from Center for Retirement Research at Boston College Director Alicia H. Munnell concerning the urgent need for corrective attention to address the looming Social Security solvency problem. Referring to…
Social Security Insolvency and the Need for Public Awareness
Social Security’s revenue from payroll taxes (i.e., FICA tax) has not been able to completely cover benefits paid since 2010 and, since 2021, all sources of revenue coming into the program have been insufficient to make scheduled benefit payments. Consequently,…
The Social Security Earnings Test—Why Does it Exist?
Claiming Social Security retirement benefits early—that is, before full retirement age (FRA)—is still a popular option in retirement finance planning. For some, it offers the opportunity to step out of a difficult work environment and into different, less stressful work.…