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CBO’s 2021 Long-Term Projections for Social Security: Additional Information
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The Congressional Budget Office (CBO) has published its 2021 Long-Term Projections for Social Security. In place of publishing a separate report providing additional information about CBO’s long-term projections for Social Security, the agency is publishing the data that would have…
The decision to pass up larger monthly Social Security payments is a deliberate one
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Although Social Security is the primary source of income for the majority of Americans, just 10 percent of non-retired Americans ages 45 and older are planning to wait until age 70, according to Schroders’ 2021 U.S. Retirement Survey. Waiting until…
Americans are worried Social Security will run out of money
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According to a recent survey by Nationwide, the financial services company, 71 percent of American adults fear Social Security could run out in their lifetime, and 59 percent fear the pandemic has made the situation worse. It is not only…
State of retirement in America and how this can help your retirement plans
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We all dream of that picture-perfect retirement, sailing around the world, hiking up mountains, or spending it with our loved ones, but it takes more than just dreaming; it takes planning. Planning and staying focused on saving money are among…
Happy 4th of July Weekend!
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We at Social Security Report have a little 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 voted to approve a…
Supplement Social Security Benefits with an HSA
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Social Security only pays an average monthly benefit of $1,543, not nearly enough to live on. Retirees who have it as their only source of income struggle to manage their bills. Thus there is an urgent need for seniors to augment…
A Tax Shock That Could Save Social Security?
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Brent Arends, a financial writer at MarketWatch, has an op-ed here that explains the key findings from ProPublica, a nonprofit investigative public interest website, with regard to the nation’s richest and taxes. Arends reminds readers that our income tax system…
Social Security’s Solvency & Unemployment Bonuses: The Link
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All Republican governors have already cut off residents of their states from the so-called “Biden bonus” that pays people an extra $300 per week not to work through early September. The scheme passed in the last stimulus bill of March 2021 with Democrat…
Know Your Social Security
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It’s back, and it’s called the Know Your Social Security Act. This is a bipartisan bill that has been introduced in Congress before. Currently the Social Security Administration only sends mailed annual statements to people ages 60+ not yet collecting benefits and who…
The Biggest Problems Facing Social Security
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John Csiszar has written five books and thousands of articles about financial services and personal financial planning. Here he explains in simple terms the structural problems and economic reasons why Social Security is facing insolvency in the near future. These are the…