Closing Out the Week: A Look at Three Options to Address Insolvency

Whether it’s 2034, 2032, or 2031, the end of the road for Social Security’s asset reserves — the trust fund balances — is rapidly approaching. Along with that, of course, is a projected catastrophe in the form of a substantial…

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AI and Social Security, Retirement Planning: Cool, but be Careful!

Artificial Intelligence (AI) is here, and has been for some time. It’s not new, but the concept and its tools are hitting us at an exponential rate as more innovators push for more ways to incorporate AI technologies into business…

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Assessing the “Sovereign Wealth Fund” Insolvency Solution

A recent Senate Budget Committee hearing provided a forum for Senator Bill Cassidy (R-LA) to showcase a bipartisan proposal he and Sen. Tim Kaine (D-VA) have advanced for consideration to address Social Security’s looming financial disaster. The Cassidy/Kaine proposal, dubbed…

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SSA Announces Change in Direct Express® Program Operations

The Social Security Administration today announced that Fifth Third Bank is the new financial agent for the Direct Express® program, replacing Comerica Bank. The announcement from SSA Chief Communications Officer Nick Perrine notes that “New enrollments with Fifth Third Bank…

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Will “Means Testing” Drive a Solution to Social Security’s Insolvency Dilemma?

As we await publication of this year’s annual Social Security trustees report, we’re seeing a fairly consistent assumption that the trust fund depletion date will be “officially” advanced to 2032. Some pundits also hint at 2031 as a more realistic…

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“Ask Rusty – Help! SSA Says I’m Not Eligible for Benefits”

Dear Rusty: Help!! The Social Security Administration says I didn’t pay enough into my Social Security account, despite being a business owner and paying taxes. What can I do?” Signed: Self-employed American Dear Self-employed: For all potential SS beneficiaries, it…

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