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Would raising taxes cure Social Security’s ills?
An easily quantifiable way to solve Social Security’s shortfall would be to increase to the 6.2% tax rate that employers and employees each pay on the first $132,900 in income in 2019. Matthew Frankel explores how much of a tax increase it would take…
Claiming benefits at age 70 is usually the way to go
Experts on Social Security generally agree on one thing, delaying benefits as long as possible is smart. It pays to wait, with one’s benefit increasing 8% per year from full retirement age (now 66 to 67) to age 70, the…
Rep. Adrian Smith (R-NE) says strengthen Soc Sec
Congressman Adrian Smith (R-Nebraska), a member of the Ways and Means Committee, summarized the challenges facing Social Security as referenced in the annual Trustees Report of April 22nd. Calling the report “alarming”, he challenged Congress to tackle the looming insolvency…
Advantages and Drawbacks of Taking Social Security at 65
Full retirement age for Social Security is now between 66 and 67, depending on birth year. It is possible to and may be tempting to begin Social Security benefits at age 65 in tandem with applying for Medicare. But, as…
Two Vacancies on Social Security’s Board of Trustees
Much fanfare was made about Social Security’s ailing financial health with last week’s release of the annual report of The Social Security Board of Trustees. Little noticed but still important are the two vacancies that are supposed to be filled by…
Public angst over Social Security
Katie Brockman reports that about 44% of Americans are worried about a reduction in benefits sometime in the future, or that Social Security will be eliminated entirely, according to a survey from the Transamerica Center for Retirement Studies. Their fears are not…
Save Social Security Now
Save Social Security now says Charles Blahous, but a chorus of so many others mouth those words too. Yet there has been no action since “the grand bargain” that President Reagan, Speaker Tip O’Neill, and others struck in 1983 to do just…
Don’t let record-keeping mistakes cost you thousands
Social Security benefits are based on one’s average indexed monthly earnings from the 35 highest-earning years. But as this article points out, the Social Security Administration (SSA) does make mistakes. If not caught, that would mean a serious reduction in benefits. Over $1.2 trillion in…
Editorial: Make changes now to rescue Social Security from imploding
This editorial from The New York Post addresses the fact that there was more bad news, at least in the longer term, for Social Security, than good in last week’s report from the Trustees. The writers feel that lawmakers shouldn’t…
Saving for retirement should not be left to chance
Did you know nearly 40% of Americans think winning the lottery would be a good retirement plan? That’s from a survey conducted by financial company Stash. Among the young, nearly 60% of Millennials saying winning the lottery is a reasonable way to…