Headlines
Social Security Cuts Coming. Advice is Bulletproof Retirement NOW
The Social Security cuts of 23% across the board coming in 2033 (give or take) is little news to those who follow that news, but it is understandably news to others. Financial experts have advice for those getting ready for…
Enjoy July 4th holiday & a little trivia too
We at Social Security Report are off work today but have some historical trivia here for July 2-4. First, read this letter from John Adams of Massachusetts to his wife Abigail, written July 2nd (yes 2nd), after The Second Continental Congress…
Knowing the Retirement Age Chart is Key
Citing updated data from the Center on Budget and Policy Priorities (CBPP), Sean Williams notes Social Security lifts 21.7 million people out of poverty annually, nearly 15.4 million of which are aged 65+. The CBPP estimates that the poverty rate…
Sobering View of Social Security’s Future
The Congressional Budget Office (CBO) regularly takes measure of Social Security’s financial outlook – as do the Trustees of Social Security – with CBO’s approach usually somewhat more conservative in predicting when Social Security will become unable to pay full…
Social Security Reform Must Be “On the Table”
Often referred to as “the third rail of American politics,” reform of the nation’s Social Security program has been elusive for decades, largely because Congress has been unable to muster the bipartisan spirit needed to make needed changes. Simply put,…
Retired, but moving abroad?
You worked your whole life, contributing to Social Security, and now want to retire outside the United States – but can you receive your Social Security payments while living abroad? Well, usually yes, unless you move to one of several…
The “Trust Funds” for Social Security and Medicare
If you pay attention at all to print and electronic media, you’ve likely heard a fair amount of noise about the “Trust Funds” which contain surplus money reserved to pay future Social Security and Medicare benefits. But the media noise…
Need Help With Prescription Drug Costs?
Let’s face it, we all need a little help now and then and America is a very generous country, always focused on how to provide assistance to the needy. Case in point: under the auspices of federal Medicare, Americans below…
COLA Expectations Must be Tempered for 2024
Trevor Jennewine reviews the large 8.7% cost of living adjustment (COLA) granted to Social Security beneficiaries in January 2023. It was the result of very high inflation not seen in several decades. But inflation has slowed greatly, which will translate…
Americans Are Underestimating Their Social Security Benefits
Andrew Lisa has a fascinating piece here that details the opposite conclusion from what one might think. We know Americans tend to be over-reliant on Social Security from other research, by not saving as much on their own and not…