Social Security
Take these four steps before leaving the workforce for good
Christy Bieber suggests checking off each of these four tasks from your list before leaving the workforce for retirement. First is to pay off debt. Second is figure out what your income will be. This might include Social Security, employer-provided pensions, and…
Author makes case for “writing off” Social Security
The central message of this piece written by The Motley Fool staff for Fox Business News is this: to avoid financial stress and disappointment in retirement, do not rely on Social Security benefits too heavily. True, there will always be some form of Social…
Social Security has three sources of revenue
Social Security revenues are derived from three primary sources, as explained by Dan Caplinger in this piece. First, the program collects payroll taxes from employees and employers. Second, it collects income taxes on the portion of Social Security benefits that are included in taxable…
Can Social Security Save Your Retirement?
Maurie Backman notes an estimated 33% of workers 55 and over have less than $10,000 set aside for the future. One of the prevailing views held by so many is that Social Security will save folks in retirement. The problem…
Millenials’ pessimism on Social Security
Abigail Narbe works at a think tank in D.C. Metro and wrote this op-ed piece on Millenials and their views on Social Security. Narbe points out 8 in 10 Millennials don’t expect Social Security support when they retire. Congress narrowly averted an irreversible collapse…
Slashed lifetime benefits – a heavy price for claiming Social Security early
Maurie Backman stresses that people filing for Social Security retirement benefits at the earliest age of 62 need to have all the information to make as informed a decision as possible. Few know you will lose 6.67% of your benefits per…
What will Social Security look like in 2035?
Social Security’s Trust funds (surpluses accumulated over the past several decades) will be exhausted in 2035. Across the board cuts of around 20% will occur for all beneficiaries at that time absent congressional action before then. Dan Caplinger notes the…
Bernie Sanders on Social Security: 10 things the self-described Socialist believes
Sean Williams of The Motley Fool lists presidential candidate and Independent Vermont Sen. Sanders’ views on Social Security. For much more detailed information on each, click here for the full article. The list of 10: 1. Sanders doesn’t believe Social Security…
Social Security going bankrupt? Well, not exactly.
Social Security is not on the verge of bankruptcy, though future cuts of 20% in benefits for all are a real possibility due to changing demographics. The program can never truly go broke as long as workers are making payroll tax…
Why pessimism on Social Security could come back to bite Millennials
Mark Miller of Reuters worries that the young have been conditioned to think Social Security will not be there for them when their retirement time comes around due to all the talk of Social Security’s financial problems over the longer term. “The danger here is that the current…