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A primer on 401(k)’s: All you need to know
The 401(k) has become one of the most valuable retirement savings tools available. Employer-sponsored 401(k) plans are a great vehicle for workers to build their retirement nest egg, and do so with pre-tax money which will reduced their current income…
The basics about Medicare
Medicare is America’s healthcare program for seniors which will eventually cover nearly 100% of those in retirement. Despite that sobering fact, surprisingly little is known by most of those who will depend upon the program for by far the majority…
Social Security advice from a Financial Planner
Younger workers – today’s “millennials” – are skeptical that Social Security will even be there for them when the time comes, a view probably fueled by the latest report from Social Security’s Trustees which sets 2034 as the date the…
Social Security in the future – what will it look like?
Social Security is arguably the most important retirement program in America, especially considering that nearly 62 million beneficiaries rely on the program every month to make ends meet. But with financial distress rapidly approaching in the form of using and…
Retirement savings? For many, the amount is near nothing
Traditional pension plans have pretty much disappeared, and Social Security was never intended to provide more than 40% of your retirement income, leaving savings and investments as an increasingly critical component of anyone’s retirement plan. Trouble is, many who are…
Don’t panic; Social Security will be fixed
In this guest editorial from The (Plattsburgh, NY) Press-Republican, appearing in today’s (PA) Tribune-Democrat, the author reviews the future financial issues faced by Social Security. This is done against the background of the program’s history as well as the forecasts contained…
Clarifying the “Gig” Economy and its Impact on Workforce Statistics
Although the number of people engaged in self-employment continues to rise, the long-range implications of this trend may not be correctly assessed in many popular media accounts. Lawrence Mishel, Distinguished Fellow at the Economic Policy Institute points out in a post today…
Social Security Trust Funds as Viewed by Economists
In a post on economics21.org, Dennis Jansen (Director of the Private Enterprise Research Center and a Professor of Economics at Texas A&M University) and Thomas Saving (Director Emeritus of the Private Enterprise Research Center and a former public trustee of the Social…
Healthcare Costs in Retirement: Some Sobering Thoughts
Seniors may face some extraordinary healthcare costs in the future, and the numbers can be overwhelming. Journalist Chris Farrell, senior economics contributor for American Public Media’s Marketplace, provides some thoughts on just how overwhelming this situation might be for some. Check his article out…
New Wage Reporting Application
(Source: Social Security Administration) On June 2, 2018, new capabilities were added to my Social Securityaccounts. The my Social Securityonline portal now accepts wage reports electronically from Supplemental Security Income (SSI) recipients and deemors, concurrent beneficiaries, and representative payees. This capability had been available only to…