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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…
What Social Security’s COLAs Really Mean
Reporter Karla Bowsher, in a post on www.msn.com, takes a look at Social Security’s Cost-of-Living Adjustment provision, notong that “benefits cover a lot fewer expenses than they used to — despite the fact that benefits increase almost every year on account of…
CBO sounds alarm on several federal trust funds
It is not just the Social Security and Medicare Trust Funds that are headed for insolvency. The Congressional Budget Office (CBO) projects the Highway Trust Fund will be depleted by 2022 and the Pension Benefit Guaranty Corporation multi-employer fund by 2025. This article…
Take benefits now, later, or in between: Three people’s decisions
When to start taking Social Security benefits is perhaps the most important decision one can make in retirement. This article can assist one in making this deeply personal determination by looking at three people’s own personal decisions and the aspects that guided them. Read…
Rep. Reed discusses ideas to save Social Security and Medicare
That Social Security and Medicare need reform is news to no one in Congress of either party. But bipartisan solutions have eluded passage for decades. Rep. Tom Reed (R-NY) said, “We care about those on Social Security and Medicare and are…