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The myth of Social Security’s total demise
It’s going broke. It won’t be around much longer. Hurry up and grab what you can. Those are among the many misnomers about the Social Security program that have been around for a few years now. They are all untrue. …
Social Security’s ills no reason to rush to claim early
Social Security’s long term financial health is indeed in peril. But claiming benefits early is not a good solution for an individual to make because it permanently reduces monthly benefits by up to 30% for the rest of one’s life. …
Low birth rate threatens both Social Security and Medicare
The U.S. is in the midst of a baby bust as the birth rate hit a 32-year low in 2018, down 2 percent from the year prior. This could spell trouble for the programs like Social Security and Medicare on which older Americans rely. That is because…
Social Security’s buying power losing steam in 21st century
A new study by The Senior Citizens League, a senior advocacy organization, finds Social Security benefits lost 33% of their buying power since 2000. This year’s study found that between January 2000 and January 2019, Social Security COLAs increased benefits to…
The Shaky Future of Social Security
While Social Security cannot go bankrupt as long as workers make payroll tax contributions, the program is not on sound financial footing for the long haul. As The Trustees report of April 2019 notes, without congressional reform, benefits would have…
Be Careful of HSAs with Social Security and Medicare
Health Savings Accounts (HSAs) are a great vehicle for those with a high deductible health insurance plan, as they offer triple tax advantages. But, as Sarah O’Brien of CNBC writes, those that regularly contribute to an HSA and plan to claim…
Social Security 2100: Serious bill yet flawed
Douglas Holtz-Eakin, writing for The Daily Dish, actually commends Rep. John Larson (D-CT) for putting forward a serious proposal to address Social Security’s impending insolvency issue. The bill is entitled The Social Security 2100 Act. But the author says only…
What do six-figure earners get from Social Security?
Selena Maranjian of The Motley Fool shines a spotlight on high income earners in this piece. Many six figure earners had lower incomes in their early working years. In reality, they are subject to the same formula as everyone in that…
The Trade War and Social Security
News of a trade war with China has experts predicting higher prices on goods made there. U.S. companies that use Chinese parts may also have to raise prices of their finished goods. An unintended benefit of higher prices means a…
Two-thirds of near retirees fear Social Security shortfalls
A new study by Nationwide of U.S. adults age 50+ found that 66% of workers planning to retire in the next 10 years say they are worried that Social Security won’t have the funding to pay their promised benefits. The Social Security system is…