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Sen. Cassidy Seeking to Increase Focus on Social Security Reform
“We need to put the politics aside for the good of the country, for at least a little bit.” That’s the sentiment expressed recently by outgoing Louisiana Senator Bill Cassidy as he discussed his interest in tackling the rapidly approaching…
Income Inequality and its Effect on Social Security Finances
Social Security’s looming insolvency has several causes, ranging from the steadily increasing beneficiary life expectancy to the steady shrinking taxpaying workforce. But an even more significant factor in the projected acceleration of the combined trust funds’ point of full depletion—from…
What is the Medicare IRMAA surcharge?
IRMAA stands for Income-Related Monthly Adjustment Amount. It is an extra surcharge applied to Medicare Part B and Part D premiums for beneficiaries with higher incomes. The Social Security Administration determines IRMAA using your modified adjusted gross income (MAGI) from…
Is phased retirement a better way to retire?
The average person in the U.S. works approximately 42 to 46 years before retiring, depending on when they start their career and their education level. The majority of individuals go from working full-time to full-time retirement, but the sudden stopping…
Savings rates are a better indicator of retirement preparation
Vanguard’s annual “How America Saves” report reported that “workers with the highest 401(K)s are not always the best savers.” The savings rate is a better indicator of retirement preparedness than account balances, according to Vanguard. Sarina Trangle, writing for Investopedia,…
Your Social Security Statement and How to Use it
Our posts on this site have regularly cited the importance of periodically verifying the information that the Social Security Administration (SSA) records contain on your earnings history, and we’ve offered pathways to creating your personal “my Social Security Account” as…
Social Security Insolvency in a Nutshell. Well, Amost.
The point of full Social Security trust fund depletion is rapidly coming into view, a prospect magnified by the Old-Age and Survivors Insurance Trust Fund’s reserves dropping by $200 billion in 2025 alone. People are starting to notice, perhaps even…
EBRI Retirement Confidence Survey Spotlights Delining Retirement Confidence
Inflation and Social Security’s unstable financial trajectory emerged as key indicators of declining retirement confidence among U.S. workers and retirees, according to the Employee Benefit Research Institute’s (EBRI) 36th Annual Retirement Confidence Survey. The report’s “Key Findings” section opens with…
Social Security and Federal Debt…a Lingering Argument
The general question of Social Security’s role in our growing national debt continues to pop up in various media circles. Many experts suggest that the borrowing necessary to cover the difference between the program’s incoming revenue and the total cost…
Do you have a “decumulation” plan?
While many future retirees have an accumulation plan for growing their retirement nest egg, far too many don’t have a “decumulation” plan – a plan for how to use that accumulated nest egg after reaching your golden years. This article…