Social Security

Should You Worry About Social Security?

Yes and no are generally the answers to whether one should worry about Social Security’s finances.  Cyrus Purnell of Forbes describes the predictable headlines and news stories that follow each release of the annual Trustees report.  He explains that while…

Welfare, Unemployment, and Social Security

What do welfare programs like food stamps, unemployment compensation, and the Social Security program have in common?  The answer is little, but that could change. Mention the very word “welfare” to almost any voter, regardless of party, and the reaction…

The Easiest Social Security Mistake to Avoid

Claim at age 62 and forget about it is the unfortunate mantra of a majority of those applying for first time Social Security benefits.  But what so many do not understand is that claiming at 62 means a permanent reduction…

Social Security’s Problems Should be Above Politics and Pandering

A plethora of bills are routinely introduced in every new Congress, mostly by Democrats, promising higher benefits, whether in the form of cost of living adjustments, one-time payments, or permanent minimum benefit increases.  The problem with all of the proposals,…

Bad News: Social Security is Slowly Running Out of Money

It’s something no one wants to hear or even talk about.  But just because it is ignored, rest assured President Biden and every member of Congress and their key staffers know about Social Security’s insolvency problem.  Payments are larger than the take…

Social Security checks may see a huge raise next year. Will it be enough?

Clayton Jarvis of Yahoo Finance explains the recent spike in inflation and projections of up to a 6.1% cost of living adjustment for Social Security beneficiaries.  That would be the largest increase since 1983 if it holds.  Jarvis profiles several…

How Social Security calculates raises and why it should change

Maurie Backman of The Motley Fool notes that seniors are in line for big boost to monthly Social Security benefits in 2022.  But the way inflation is calculated to compute the cost of living adjustment (COLA) continues to be a…

Supplement Social Security Benefits with an HSA

Social Security only pays an average monthly benefit of $1,543, not nearly enough to live on.  Retirees who have it as their only source of income struggle to manage their bills.  Thus there is an urgent need for seniors to augment…

A Tax Shock That Could Save Social Security?

Brent Arends, a financial writer at MarketWatch, has an op-ed here that explains the key findings from ProPublica, a nonprofit investigative public interest website, with regard to the nation’s richest and taxes.  Arends reminds readers that our income tax system…

Know Your Social Security

It’s back, and it’s called the Know Your Social Security Act.  This is a bipartisan bill that has been introduced in Congress before.  Currently the Social Security Administration only sends mailed annual statements to people ages 60+ not yet collecting benefits and who…

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