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American Enterprise Institute decries Soc Sec tax hikes will hurt poor the most
Matt Weidinger of The American Enterprise Institute recaps the problems with Social Security’s long term finances. He commends Democrats in the House for tackling reform with their Social Security 2100 Act, which would allow the program “to pay all scheduled benefits…
Boost Your Social Security Benefits
Security Security benefits were never meant to live on alone without supplemental pensions, savings, or other sources of income. Benefits replace just 40 percent of pre-retirement income. Filing for Social Security as late as possible is the easiest way to get…
Social Security Taxes Explained
Bill Bischoff explains the Social Security payroll tax in this MarketWatch piece, covering how it is applied, including to self-employed people. He includes an explanation on the difference between cost of living increases to benefits and the calculation that determines…
Retirement essentials to keep more cash in your pocket
Social Security and Medicare are essential government programs, but a new poll shows how little Americans understand both. Darla Mercado of CNBC summarizes the findings and adds these three tips: 1.) do the “catch up” IRA contributions in your 502 to…
Early Social Security benefits not usually in one’s best interest
A majority of those filing for Social Security claim benefits before full retirement age. This occurs despite a plethora of research noting that it pays to wait, to as long as age 70 if possible. Steve Vernon cites the few…
Delayed Benefits Could Expedite Social Security’s Financial Instability
New research by the money management firm United Income casts much doubt on the assertion that seniors should delay claiming Social Security as long as possible (to age 70) to receive maximum lifetime monthly benefits. While good for individuals, the research suggests that if seniors…
Ten Reasons Today’s Retirees Are Relying on Social Security
Social Security was only designed to replace a portion of one’s working income, and it currently replaces about 40 percent. That means retirees need other sources of income and savings to make ends meet. As Andrew Lisa reports in Yahoo…
More taxes, less Social Security: Gen X facing a leaner retirement than Boomers
A new report from the Urban Institute states Social Security’s financing problems could pose serious threats to retirement plans of Generation X (1966-1975) and Xennial (1976-1985) Americans. Those generations will retire with a higher incomes than the average retiree 40 years…
Why Do Women Get Less Money From Social Security Than Men?
Social Security benefits are less for women than men. But why? Maurie Backman puts his finger on three causes of the phenomenon. They include women earning less over their lifetimes mainly due to the “wage gap”, a complicated but well documented…
How Social Security rules harm the two-earner household
Marlene Satter of BenefitsPro addresses the issue of women in the workforce and how that has changed since Social Security was enacted in the 1930s. Women now remain single for longer, and many more women are employed outside the home. However, she notes Social Security’s…