Headlines
Happy New Year from Social Security Report!
As staff is off this day for the holiday, we wish all who read our important daily updates a Happy New Year. We are back January 3rd to provide congressional offices and staff and laypeople with an interest in all…
Secure 2.0 and the Retirement Financing Gap: Some Positive News
Much has been written about the disconnect between retirement savings goals and the prospects for reaching these goals. In fact, comparing the results of a Northwestern Mutual study question on how much is needed for a comfortable retirement with the average…
Social Security 2023: A Quick Refresher on the Changing Landscape
We’re two days away from a new calendar year and, as happens every year, the flipping of the calendar brings with it a slate of new parameters governing Social Security and affecting those receiving benefits. The GoBankingRates editorial staff has…
More on the Downside of 2023’s COLA
The extraordinary cost-of-living adjustment scheduled to appear in January Social Security benefits is a welcomed influx of cash for the 70 million Americans dealing with the inflationary pressures so prevalent in the U.S. economy. An 8.7% bump will help many…
Taxation of Social Security Benefits: A Stealth Tax Increase
A series of inflation-driven cost-of-living adjustments can be both a positive and a negative for retirees, as many will find out when filing their federal income tax returns in future years. This is simply because the thresholds for federal income…
Thoughts on Social Security Reform Beginning to Draw Attention
In a post several weeks ago on this website, we included an article titled “Did Biden Open the Door to Compromise on Social Security?” in which comments by the President regarding his openness to working with the incoming Congress on…
SECURE 2.0 Passes Senate
The United States Senate passed a $1.7 trillion omnibus package that funds the federal government through September. In that omnibus package was 100 pages of SECURE 2.0, which retains many provisions supported by the American Retirement Association. The retirement package…
CBO latest long-term Social Security projections
The Congressional Budget Office released its latest long-term Social Security projections earlier this week, and the news is not good. The CBO forecasts the Social Security trust fund will be depleted by 2033, resulting in a 23 percent cut in…
Americans are rethinking retirement
The recent survey by Northwestern Mutual found many Americans are rethinking how much they should budget for retirement. With the current level of economic inflation, Americans are spending more on everything causing retirement savings to dip 11 percent from last…
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…