Headlines
How the IRS taxes Social Security
“Nothing is certain but death and taxes. ”Yes, despite paying taxes your whole working life, your Social Security benefits remain taxable as long as you live. However, the amount of taxes you may owe on those benefits depends on several…
“Government Shutdown” Won’t Affect Social Security Payments
With all the headlines screaming about a possible Government shutdown because of the debt ceiling, many are using scare tactics to further their political agenda suggesting that Social Security benefits won’t be paid if the Government actually does shut down.…
More Alarm Bells on Social Security
It’s not like we haven’t been ringing the bell for a long time. In fact, our headline postings on this site have addressed Social Security’s growing solvency issue a dozen times in just the past month. And today, we’re covering yet…
Potential Fixes to Social Security’s Financial Woes
It’s pretty well known by now that Social Security is facing some financial issues in the not-too-distant future unless Congress acts soon to resolve those issues. Much has been written about the potential impact if the Trust Fund reserves are…
The Insidious Effect of Inflation on Retirement
According to all predictions, the forthcoming Cost of Living Adjustment (COLA) that will boost next year’s Social Security benefit should be the highest in decades. But that good news is offset by the fact that high inflation is why COLA will be more,…
Stop striking fear in America’s seniors to accomplish political and budgetary objectives
Andrew Briggs, resident scholar at the American Enterprise Institute, and contributor to Forbes writes in his article, Social Security, the Debt Limit, and the Washington Monument Strategy how the latter is a ploy used by the government agencies to avoid budget cuts.…
How does a Social Security COLA work?
The purpose of the Cost-of-Living Adjustments, COLA, is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. Congress enacted the COLA provision as part of the 1972 Social Security…
This is the decade when retirement gets redefined
The days of retiring with a generous pension and gold watch are gone and replaced with 401(k)s. Is this the decade when retirement is redefined for the middle and working-class? According to Jason Schenker, an economist, and chairman of The…
A few ways to pay for long-term care in retirement
The U.S. Department of Health and Human Services has projected more than one in four retirees will need long-term care (LTC), costing more than $100,000. Also, around 15 percent of retirees will require care costing more than $250,000 or even…
Radical change to our retirement system tucked into the budget reconciliation bill
Elizabeth Bauer, a senior contributor for Forbes, admitted that she was “embarrassed that a radical change to our retirement system” escaped her notice. Included in the “Build Back Better” Budget Reconciliation bill, employers with five or more employees would have…