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Trump, the GOP, and the very real politics of entitlements
This piece in POLITICO looks at the politics of Social Security and Medicare. Two camps seems to be developing in the GOP. One wants to deal with the reality that both problems will be financially insolvent in less than a…
Saving for retirement increasingly a struggle for older Americans
Mark Strassman writes about some sobering facts here. Social Security replaces a mere 40% of pre-retirement income, yet 40% of retirees say Social Security is their only source of income. The average benefit pays just $20,000 a year. The typical…
Why most feel the 8.7% COLA falls short
Social Security recipients received an 8.7% cost of living adjustment in January 2023, but it is hardly a “raise.” The benefit increase came after seniors had already paid higher prices for over a year. Maurie Backman notes a survey by…
Why it might be best to not count on Social Security
Selena Maranjian admits that Social Security is critical for Americans and that is acts as an anti-poverty program. But she says it may not be worth counting on if not yet retired because it replaces so little of pre-retirement income…
Claiming Social Security Early Could Have 3 Benefits
Financial advisers are almost unanimous in stating one should delay Social Security benefits as long as possible (to age 70) to increase the monthly payout for life. But even though there’s a financial hit to claiming at any time before…
Be aware of three common Social Security mistakes
Stefon Walters covers three main points here. One, it’s imperative to know when your full retirement age is. It is not 62, even though that’s the most common age when people claim. It is 67 for those born in 1960…
Big 2023 COLA still falls short
While the 8.7% cost of living adjustment is the highest in decades, no one should be giddy about getting ahead of inflation with it. It’s all about treading water, as noted here by seniors columnist Kerry Hannon. She reports results…
Social Security, Medicare, and Deficits
John Goodman of Forbes starts by noting the federal debt is about $31.4 trillion. Subtracting the amount the government owes to itself (bonds held by federal agencies), the debt nets to roughly $24.5 trillion—close to the nation’s entire annual output…
Is Social Security Actually Running Out of Money?
Not completely is the answer the the above question. Maurie Backman does explain the very real financial shortfall facing the Social Security program. She explains the difference between projected benefit cuts of about 23% coming around 2032 and the program…
Three Cardinal Rules About Social Security
Social Security sometimes seems like an overwhelmingly complicated program, especially if you’ve ever tried to navigate their website to find answers to questions you may have. The most crucial decision you need to find the answer to is, simply, when…