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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…
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…