Social Security
Social Security’s buying power losing steam in 21st century
A new study by The Senior Citizens League, a senior advocacy organization, finds Social Security benefits lost 33% of their buying power since 2000. This year’s study found that between January 2000 and January 2019, Social Security COLAs increased benefits to…
The Shaky Future of Social Security
While Social Security cannot go bankrupt as long as workers make payroll tax contributions, the program is not on sound financial footing for the long haul. As The Trustees report of April 2019 notes, without congressional reform, benefits would have…
What do six-figure earners get from Social Security?
Selena Maranjian of The Motley Fool shines a spotlight on high income earners in this piece. Many six figure earners had lower incomes in their early working years. In reality, they are subject to the same formula as everyone in that…
The Trade War and Social Security
News of a trade war with China has experts predicting higher prices on goods made there. U.S. companies that use Chinese parts may also have to raise prices of their finished goods. An unintended benefit of higher prices means a…
A fascinating look at Social Security’s very first beneficiary
Ida May Fuller, a lifelong Republican and high school classmate of President Calvin Coolidge, was the first beneficiary at age 65 of the new Social Security system when a check for $22.54 arrived at her home in February 1940. This fascinating piece…
Two-thirds of near retirees fear Social Security shortfalls
A new study by Nationwide of U.S. adults age 50+ found that 66% of workers planning to retire in the next 10 years say they are worried that Social Security won’t have the funding to pay their promised benefits. The Social Security system is…
Easy fixes for Social Security – if you aren’t a politician
To get elected or to stay in office usually means steering clear of Social Security’s problems. Some politicians offer vague statements like “protecting the program,” but few advocate for serious solutions for a program headed for partial insolvency in just…
Social Security’s scary unfunded liability
Laurence Kotlikoff, writing an op-ed in The Hill, laments that no one is addressing Social Security’s $43 trillion unfunded liability, up $9 trillion from last year. Buried at the end of the April 2019 Trustees report, he calls it “the most…
Social Security reform – where’s the urgency?
This Pension & Benefits article by Brian Croce laments that little has been done to reform a Social Security program clearly headed for partial insolvency. Former Rep. Sam Johnson (R-TX) proposed a bill in the last session to match benefit payments to revenue…
Americans are saving more. Is it enough?
Social Security is but one pillar to a strong, secure retirement. But, it will replace only about 40% of pre-retirement income. From where will the rest come needed for one to be secure? The good news is overall retirement plan balances…