Headlines
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…
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…