seniors
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Are you an “employment extender”
A recent report from Voya Financial and the nonprofit Easterseals found that a growing number of older workers plan to work past the typical retirement age but not for the reasons most people think: financial. Although 43 percent are motivated…
Start telling the truth about Social Security and Medicare.
The vulnerability of Social Security and Medicare programs is not an ideological matter but an economic reality. Both programs are funded in part by dedicated taxes paid by both the employee and employer. However, with fewer individuals in the workforce,…
Raising the retirement age
Choosing when to start receiving your Social Security retirement benefits is an important decision that affects your monthly benefit amount for the rest of your life. For those born in 1960 or later, your full retirement age is 67 to…
Early retirement may impact cognitive functioning
A recent study suggests early retirement may accelerate cognitive decline later in life. Plamen Nickolov, assistant professor of economics at Binghamton University, said, “ We find that increased social isolation is strongly linked with faster cognitive decline among the elderly.”…
Washington has some big ideas for how to fix the Social Security problem
The Social Security program was never intended to be the sole source of income for American workers in their retirement. However, according to the Social Security Administration, more than 50% of seniors aged 65 and above rely on Social Security…
The need for Longevity Literacy in retirement planning
More than half of American adults did not know how long people generally tend to live in retirement, according to a recent report from TIAA Institute. This factor could lead to them failing to save enough money to last as…
Questions About Social Security?
As always, the new year brings a spate of questions about Social Security, usually in terms of new limits going into effect. This year, of course, there’s a fair amount of interest in knowing how much of the 8.7% cost-of-living…
The Social Security Expansion Act
The Social Security Expansion Act (H.R. 8005) was introduced on June 9th by U.S. Rep Peter DeFazio (D-Ore). The purpose of this bill is to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. Among…