Social Security solvency
A Complex Problem: Social Security Solvency
For over 8 decades, Social Security has been paying earned benefits on time, providing a crucial source of income for eligible Americans. A Social Security payment has never been missed since monthly payments began in 1940, and a payment has…
The One Social Security Metric that Doesn’t Change
Most Social Security “metrics” (the various factors which affect your monthly benefit amount and the SS payroll taxes you pay) change each year to account for inflation and changes to the national Average Wage Index (AWI). Inflation, obviously, has an…
Will these politicians help solve the Social Security insolvency
Although the leading presidential candidates have promised not to cut Social Security benefits, that does not mean other politicians agree with them. Three prominent political figures have proposed different solutions to the Social Security insolvency issue, ranging from increasing the…
Eliminating 401(k) tax benefits to fund Social Security
We all know the Social Security Trust Fund will be exhausted by 2034 if Congress does nothing, resulting in a 20 percent cut to Social Security beneficiaries, but is there a way to avoid this? According to new research published…
Eliminating federal tax on Social Security benefits?
Could eliminating federal tax on Social Security benefits be soon? Yes, if You Earned It, You Keep It Act (H.R. 8717) passes by both the House and Senate and then signed by the President to become law. However, this is…
Donald Trump & Social Security: A Most Curious Stance
Susan Ferrechio reports that Donald Trump has abandoned his previous stances pre-2015 on shoring up Social Security with a higher retirement age and private accounts in favor of essentially leaving the program as is. “You don’t have to touch Social…
Social Security Board Nominee in Senate Hot Seat
Esther D’Amico, writing for Kiplinger.com, covers the Senate hearing for Andrew Biggs, a senior fellow at the American Enterprise Institute and a well known Social Security expert. Biggs was chosen by Senate Minority Leader Mitch McConnell to be nominated to…
Proposal: Cut 401(k) Tax Exemption to Fund Social Security Shortfall
Vince Cariaga summarizes here a paper by authors Andrew Biggs and Alicia Munnell from the Center for Retirement Research at Boston College that covers new ground. The two propose to fix Social Security’s looming insolvency problem by eliminating tax preferences included…
Another Look at the Pervasive Pessimism About Social Security’s Future
Media accounts of the problems facing Social Security frequently serve as fodder for pessimism, with terms like “bankruptcy” and “broke” serving to fuel opinions that the program will be dead in less than a decade. It’s true that Social Security…
Misunderstanding of Social Security’s Funding Underscored in Op-Ed
An article posted on the Bossier Press-Tribune suggests that a comment made by a member of Congress illustrates a fundamental misunderstanding of how Social Security is funded, and goes on to stress the importance of prioritizing an approach to dealing…