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It’s time for Congress to fix Social Security’s finances
It’s pretty well known by now that Social Security’s finances need fixing. Although the program’s reserves are expect to peak at about $3 trillion in 2022, in that same year it will start paying out more than it brings in…
Will 2018 see a boost in Social Security benefits?
Yes, according to the Annual Report from the Trustees of Social Security, 2018 will probably see a small Cost of Living Adjustment (COLA). That’s good news, of course, to the 61+ million people who rely on the program to make…
Is using IRA funds to delay taking Social Security the best choice?
Waiting until age 70 to start your Social Security benefits is a tempting option, especially when you know that each year you wait will get you an extra 8% added to your benefit amount. And sometimes when people consider that…
Mismanagement of Social Security & Medicare finances is the “last refuge of bipartisanship”
The recent Trustees’ Annual Report on the financial status of Social Security and Medicare has continued to raise alarm flags about the solvency of both programs, but the one thing that seems constant is Congress’ apparent lack of political courage…
Which states need Social Security the most?
Given that Social Security represents at least 40% of nearly every senior’s income and in some cases as much as 90%, it’s no wonder that reports of the program’s financial woes are taking center stage. But where would any future…
Here are some lies about Social Security
Few would argue that Social Security isn’t a crucial financial element in nearly everyone’s retirement plan. But even given the importance of Social Security to the financial well being of over 60 million Americans, the program is too often misunderstood and mysterious…
When should you apply for Social Security? It depends.
Deciding when to apply for Social Security can be arduous, but when you start will have a big impact on how much your benefit will be. For most making that decision today, 66 is the age at which you can get 100%…
How much is enough, when it comes to retirement income?
Though advice varies,at least one study suggests that “adequate” retirement income is about 70% of what you are earning from work when you retire. One very important source of retirement income is sure to be your savings, but in a startling…
There are exceptions to Social Security’s Government Pension Offset (GPO) provision
Federal employees covered by the Civil Service Retirement System (CSRS) are normally subject to a sizable “offset” in their Social Security spousal or survivor’s benefit, even to the point of receiving no Social Security benefit at all. This FEDWeek article…
Misguided assumptions in retirement planning
Retirement planning can be a brain taxing exercise, but doing that planning with misguided assumptions, including how Social Security fits, can lead to some substantial issues when those golden years are finally reached. This article by Russ Wiles appears in…