Social Security
Will the 2024 COLA be lower than three percent?
Although the public announcement of the 2024 Social Security cost-of-living-adjustment is six months away, financial experts are predicting a significantly lower COLA increase for 2024. It appears that the Social Security cost of living adjustment (COLA) for 2024 will be…
A Look-ahead at Next Year’s Cost-of-Living Adjustment…It Won’t be Pretty!
Social Security beneficiaries are still catching their breath from last year’s big run-up in inflation, using the extraordinary 8.7% COLA to fill some of the holes in their monthly expenses. The 2023 COLA was the largest in four decades, providing…
Social Security Recipients and Income Tax Obligations
If you’re a Social Security beneficiary and you haven’t yet filed your annual federal income tax return, now’s a good time to be sure you’re clear on what your legal obligation is. To help, CNET’s Nina Raemont, in a post…
Assessing the Implications of an FRA Setback
If you’ve been keeping up with the rhetoric on the Social Security solvency crisis, you’re probably tuned in to the various scenarios being advanced to address the impending trust depletion situation. You probably also know that one of the most…
Headwinds Building in Opposition to a Full Retirement Age Increase
Although many pundits have weighed in on the likelihood of a further setback in the age at which newly eligible beneficiaries can claim their full benefits, a recent Quinnipiac University poll suggests that there is substantial pushback from Republican, Independent, and…
Another Viewpoint on Social Security’s Future Financial Picture
Despite the incorrect title, an article by Simon Black a.k.a. James Hickman–the Founder of sovereignman.com–provides a glimpse of Social Security’s potential future in the wake of the much-reported depletion of trust fund reserves. What’s incorrect in the title, of course,…
Social Security: Planning for What Could Happen
The airwaves seem to be alive with new concerns about Social Security’s impending funding crisis, with the March 31 publication of the annual Trustees Report suggesting that the date for full depletion of the program’s cash reserve could occur a…
Reaffirming the Fact That Social Security Will Be There…Just Maybe Reduced, though.
It’s been one of the most persistent rumor circulating in the airwaves for some time…this impending assertion that Social Security is facing bankruptcy about a decade from now. Walter Gottlieb, writing in a post on the National Committee to Preserve…
The Amount of Available Savings Will Influence Your Claiming Decision…Here’s How
For many, it’s one of the most gut-wrenching decisions that needs to be made: When to claim Social Security benefits? And one of the main factors that influence one’s final decision on this issue is, logically, the amount of savings…
An Analysis of the 2023 Trustees Report
The Social Security Administration’s Research, Statistics & Policy Analysis arm yesterday presented a summary review of the Social Security trust funds. The review follows the Friday publication of the detailed reports on the financial outlook for Social Security’s Old-Age, Survivors, and…