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“Judgement Day” on the Horizon for Social Security
For nearly four decades, the Trustees of Social Security have warned Congress that demographic shifts and especially increased life expectancy will cause Social Security to face financial insolvency – projected, for years now, to occur in the mid-2030s. Congress has…
About Saving for Retirement
Most financial advisors will tell you to start saving as early as you can, even if it’s only a small amount in the beginning, to take advantage of compounding your investment earnings. Certainly good advice and, even if the amount…
Social Security’s Solvency Dilemma–There’s Plenty of Worry to Go Around
Rumors surrounding Social Security’s demise are overstated, and the many untruths about why the program is in trouble (no, politicians did not steal the money) aren’t helping people get a grasp of the real problem. So, here to help, is…
The Cricality of Reforming Social Security and Medicare
It’s become a hot subject, as most who’ve studied Social Security and Medicare over the years expected it would. Now, with insolvency projected to be reached within a decade, the calls for action are becoming louder and clearer, with one…
On “Fixing” Social Security–A Segment of the Public Weighs In
In a mid-March Associated Press/NORC Center for Public Affairs Research poll, a sampling of slightly over a thousand U.S. adults expressed opinions on what needs to be done as Social Security and Medicare hurtle toward insolvency. Not surprisingly, the majority in…
Looking Again at the “File at 62” Decision Point
Much has been written about the negative aspects of claiming Social Security benefits at the earliest age–62, with conventional wisdom leaning strongly to the merit of waiting as long as possible to maximize payouts. But is that the best way?…
The Creeping Arm of Taxation, and How Seniors Are Affected
By now, many older Americans have either filed their 2022 federal tax returns or are preparing to do so, and have come to grips with the fact that more and more of their Social Security benefit is spilling into the…
The Flip Side of Increasing the Full Retirement Age
If you’ve been tuned into the rapidly escalating debate on how to address Social Security’s solvency problem, you’ve likely seen many references to one of the suggested “fixes”–increasing the program’s full retirement age (FRA) from its current age 67 for…
Does Retirement Result in Less Stress?
Maybe, maybe not. And all this talk about the looming Social Security solvency problem and the projections for a substantial cut in benefits not too far from now certainly isn’t helping. For now, though, let’s set aside the solvency issue…
Social Security Recipients and Income Tax Obligations
If you’re a Social Security beneficiary and you haven’t yet filed your annual federal income tax return, now’s a good time to be sure you’re clear on what your legal obligation is. To help, CNET’s Nina Raemont, in a post…