Social Security solvency
More Thoughts on the Taxable Maximum and its Role in the Solvency Problem
Through the years, the issue of raising–or eliminating–the maximum amount of earnings subject to the Social Security payroll tax, the 12.4% assessment levied on payroll income up to the limit set each year, has repeatedly surfaced as a solution to…
The Developing Rhetoric on Social Security’s Future
The airwaves are abuzz with commentary about Social Security and the recognition that we’re a mere decade away from a major financial setback for America’s seniors. Although the arrival date for full depletion of the program’s financial reserves is somewhat…
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 “ReidOut” Insolvency Debate, Part 2
In a “Latest News” post yesterday on this site, we covered a January 10 on-air debate on Social Security’s looming insolvency problem. Rep. Byron Donalds (R-FL) was called out in this debate for commenting that Social Security would be insolvent by…
Social Security: Let’s Look at Some of the Key Myths
The potential for Social Security reform is starting to gain momentum in the 118th Congress, and several of our posts over the past several weeks on this site have covered signs of forward motion on this vexing issue. Given the…
Social Security’s Looming Insolvency Debated Live
Rep. Byron Donalds (R-FL) and MSNBC’s Joy Reid went head-to-head on the issue of Social Security’s financial future last night’s The ReidOut show, with Reid taking the uninformed view that the projected depletion of the program’s cash reserves is not a…
Incoming House Budget Committee Chair Signals Intent to Act on Social Security
As anticipated, the 118th Congress has opened the door for movement on resolution of Social Security’s longstanding solvency problem. Rep. Jodey Arrington (R-Texas) has proposed using an “…upcoming debt-limit deadline to prompt negotiations on the solvency of major programs such…
Social Security 2023: A Quick Refresher on the Changing Landscape
We’re two days away from a new calendar year and, as happens every year, the flipping of the calendar brings with it a slate of new parameters governing Social Security and affecting those receiving benefits. The GoBankingRates editorial staff has…
More on the Downside of 2023’s COLA
The extraordinary cost-of-living adjustment scheduled to appear in January Social Security benefits is a welcomed influx of cash for the 70 million Americans dealing with the inflationary pressures so prevalent in the U.S. economy. An 8.7% bump will help many…
Attention Millennials: Saving is the Key to Ensuring a Livable Retirement
The solvency dilemma facing Social Security is getting an increasing amount of attention these days, and the level of attention is expected to rachet up significantly in the 118th Congress. Will the problem be fixed? Maybe, maybe not, at least…