Latest News
Next COLA Could be 3% or Less
After a record 8.7% cost of living adjustment (COLA) effective January 2023, eyes are beginning to turn to predicting the next COLA. Brian O’Connor notes beneficiaries must temper expectations now. Inflation is coming down as measured in the Consumer Price…
Retirement safety net or a ticking fiscal time bomb?
Jim Blankenship notes the answer isn’t so simple as to whether Social Security is a retirement safety net or fiscal time bomb. He points out the demographic challenges that will necessitate 20% or greater across the board cuts in a…
What Experts Say on Debt Ceiling & Social Security
Lorie Konish of CNBC explains the current state of affairs when it comes to the debt ceiling. The House passed an increase in the debt ceiling this week coupled with discretionary spending cuts. It is unlikely to even get a…
Testimony on Social Security’s Finances
Phillip Swagel, Director of the Congressional Budget Office, testified on April 26th about his agency’s projections of Social Security’s finances before the House Ways and Means Committee’s Subcommittee on Social Security. Swagel noted the significant financial challenges facing the program.…
Can You Comfortably Retire Without Social Security?
Kailey Hagen notes those hoping to retire without Social Security will probably need to save $1 million or more on their own. Making monthly retirement contributions and sticking to that schedule is key to achieving that goal. But Hagen states…
Avoid this Social Security Blunder
Maurie Backman notes many seniors end up relying heavily on Social Security. But far too many overestimate the buying power those benefits provide and then often regret not planning before taking their monthly check. Backman notes Social Security’s roughly 40%…
5 Social Security Mistakes Many Make
Selena Maranjian says the biggest blunder most make is assuming Social Security benefits will be generous. They are not. The average 2023 monthly benefit is just $1,831 — or about $22,000 annually. Not checking your earnings record, not knowing your…
An Ideal Retirement Number?
Maurie Backman states, “You can bank on needing more than just Social Security for income once your career comes to an end. And if you don’t build up a large enough nest egg, you might struggle financially.” But is $1…
The ‘5-Year Rule’ Explained
According to the Social Security Administration (SSA), more than one in four 20-year-olds will develop a disability before they reach retirement age. Andrew Lisa explains that the SSA’s eligibility standards for Social Security Disability Insurance (SSDI) are notoriously unforgiving. The agency pays…
Social Security went up big in 2023. So did scams.
Maurie Backman acknowledges the darker side that accompanied Social Security benefits increasing at the rapid pace of 8.7% effective in 2023. The Social Security Administration’s Office of the Inspector General noted the record COLA has led to an uptick in…