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Study: Early filers often have “regret”
A married couple living until their mid-90s would give up more than a half million dollars, or as much as $2,000-4,000 per month for life, just by filing for Social Security retirement benefits at age 62 versus filing at age 70. That…
Easy fixes for Social Security – if you aren’t a politician
To get elected or to stay in office usually means steering clear of Social Security’s problems. Some politicians offer vague statements like “protecting the program,” but few advocate for serious solutions for a program headed for partial insolvency in just…
Americans are saving more. Is it enough?
Social Security is but one pillar to a strong, secure retirement. But, it will replace only about 40% of pre-retirement income. From where will the rest come needed for one to be secure? The good news is overall retirement plan balances…
Three factors that determine your Social Security benefit
How much will I get in Social Security? It’s a question every American will ask at some point as they approach retirement age. The answers are simple, even if the calculations cannot exactly be done in one’s head. The first…
A Simple Fix for Social Security? Hardly.
The problems and many of the proposed solutions to what ails Social Security have been known for years. In short, a demographic crisis of people living much longer coupled with smaller family sizes *hence fewer workers contributing) means Social Security…
National debt projected to grow faster than the economy — forever
Two authors from the Committee for a Responsible Federal Budget have penned an op-ed about America’s alarming $1 trillion dollar annual deficits, the amount that federal spending exceeds revenue each year. The overspending is just added to the existing $22.3…
A politically unpopular tax hike could give Social Security another 75 years
In this piece Sean Williams describes a solution noted in the April 2019 Trustees’ report that would instantly resolve Social Security’s $13.9 trillion cash shortfall over the next 75 years. Contained within every trustees report is a figure known as the “actuarial deficit” …
Full retirement age not known to many people
New data from Nationwide notes a serious knowledge gap among older Americans nearing retirement, as just 24% of older adults can identify their full retirement age (FRA) for Social Security purposes. Absent this key piece of information, Americans risk filing at the wrong time and…
Social Security and people’s retirements are indeed in trouble
Yes Social Security is in trouble. That is actually not news, as the Trustees reported yet again in April 2019 what has been known for many years. Without changes soon, the program will only be able to pay out about…
Check your Social Security benefit statement often
The Social Security Administration (SSA) has been working diligently to cut expenses, and one of the methods they have used is to stop mailing Social Security statements to everyone. Estimated Benefit Statements are now mailed only to those approaching retirement age,…