Headlines
Will there be Social Security reform in 2023?
Social Security will be celebrating its 88th birthday on August 14, 2023. Like most 88-year-old systems, it needs some help. We are all aware the Social Security Trust fund will run dry in 2034, causing cuts to the benefits paid…
What does the average retiree have saved?
The Federal Reserve’s Survey of Consumer Finances states the average retirement savings of $426,000 for those aged 65 to 74 is $426,000, and for those aged 75 and older is $357,000, well below the recommended magic $1 million mark. However,…
Thinking Beyond Social Security: Seniors Need a “resilient” retirement income plan
At a time of high inflation and a down stock market, Richard Eisenberg profiles James Mahaney, a longtime retirement-income and Social Security analyst. Mahaney has new book, “How to Craft a Resilient Retirement Income Plan,” that lays out six financial…
Short-lived break in 2023 for Social Security recipients?
Paul Brandus reviews the 5.9% cost of living adjustment (COLA) for 2022 and upcoming 8.7% increase for 2023 in the context of actual inflation. If current trends continue, and inflation does ease, seniors may finally have a year where they…
Is 2023 the Year Social Security Changes Become Reality?
Sean Williams details four Social Security proposals that President Biden talked about before assuming office. Williams does not think 2023 is the year any of these changes will occur, but he discusses them in depth in this piece, as something…
Political Brinksmanship on Major Retirement Legislation
The lame duck session of Congress has not yet passed the retirement bill dubbed The SECURE Act 2.0. Ben Werschkul reports that, while the bill has no Social Security provisions, it aims to follow up 2019’s SECURE Act, which was the…
The Most Dangerous Social Security Myth
There are a number of persistent myths when it comes to Social Security. “Congress stole the money” and “take it all at 62 or you’ll get nothing one day” are just two. But Maurie Backman states the one most likely…
Customer Service Chaos at Social Security
Talk to anyone who has tried to contact Social Security, and you’ll hear approximately the same story: the wait time on hold to speak with an agent was frustratingly long – often an hour or more – and often the…
Time to Face Facts: Some Social Security Cuts Will Be Necessary!
Here is a sobering reality: unless Congress reforms Social Security soon there will be an across-the-board cut in monthly benefits for everyone – even those already collecting – in about a decade. Here’s some more news: As life expectancy has…
Medicare’s “Guaranteed Issue” Rule for Part B
Medicare can sure be a slippery slope! For those who enroll in Medicare Part B during their Initial Enrollment Period (your “IEP,” which starts 3 months before the month you turn 65 and ends 3 months after the month you…