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Raising the retirement age
Though Christy Bieber explains raising the retirement age as a stealth move to cut benefits, both parties may soon realize there is little other option to shore up a program headed for insolvency. If the full retirement age were moved…
No Social Security cost-of-living increase likely
USA Today’s Paul Davidson cites a preliminary estimate by the Senior Citizens League that projects no cost of living adjustment (COLA) for the 68 million Social Security recipients for 2021. That would be the first zero COLA since 2015. The actual amount…
$1 Million Needed to Comfortably Retire?
As Maurie Backman notes, there’s just no way to know exactly what your golden years will look like financially. Much of what you spend will depend on the evolving state of your health, the extent to which your home needs repairs, and…
Americans Say COVID-19 Has Affected Their Ability to Save for Retirement
Katie Brockman summarizes a survey from Country Financial that notes 61% of U.S. adults say the COVID-19 pandemic has negatively affected their ability to save and invest for the future. Millions have lost their jobs, making just staying afloat a priority over…
Some Social Security recipients to get stimulus checks starting today
While most Social Security recipients received stimulus payments by direct deposit a month ago, some are due to get them this week. The Social Security Administration says many Americans that receive extra Social Security benefits for low-income aged, blind or…
Social Security recipients may be in for a rude awakening
Alessandra Malito of MarketWatch explains how the cost of living adjustment (COLA) is calculated and notes retirees may be in for a rude awakening for 2021. The Coronavirus pandemic has led to a collapse in consumer prices, which coupled with…
Another look at the $5,000 “stimulus” loan idea from Social Security
We at Social Security Report (SSR) have been writing this week on an idea being discussed at The White House that would loan people $5,000 now in exchange for them delaying their Social Security retirement benefit by about three months later. …
Nearly Half of Workers Might Be Wrong About Social Security
Katie Brockman cites a recent survey from the Employee Benefit Research Institute where 48% of participants said Social Security will pay out about the same as it does now. Folks are failing to see that benefit cuts may occur due…
Another $2 trillion in stimulus coming?
More stimulus? Maybe. Both both parties in Washington have different ideas about just what should be stimulated. The GOP prefers a more wait and see approach to how funds already allocated in The Cares Act are working. Mathew Frankel takes…
A $5,000 check idea is considered ill-advised
Our headline post today at Social Security Report discusses in depth the $5,000 payment now in exchange for delaying Social Security retirement checks later (by about three months) idea. Dan Caplinger of The Motley Fool reviews the concept here and gives it…