Social Security
Discussing Social Security Myths
In a YouTube post, BetterMoneyTV.com hosted a discussion on a handful of myths and misunderstandings widely held in the general public about Social Security. The discussion focused on four key perpetuated misstatements: (1) many think they must start benefits at…
The National Average Wage Index and Calculating Social Security Benefits
Lorie Konish explains the National Average Wage Index (AWI) in this informative piece. The AWI has increased every year from 1951 to 2008 with the exception of 2009 when it declined by 1.5% due to the financial crisis. This lowered benefits for those who became eligible…
A Raise That Isn’t and a “New Normal” Few Like
The Social Security Administration announced on October 13th that the cost of living adjustment (COLA) for 2002 will be 5.9%. That’s the highest in 40 years. So why aren’t seniors popping the champagne corks? Simple. It’s not a raise at…
Social Security Benefits Might Get Cut Early — What Does That Mean?
Vance Cariaga addresses the hype that surrounded the release of news that Social Security’s trust funds are due to be depleted one year earlier, now to be 2034. As she notes if Congress fails to address the program’s long-term funding shortfall, the…
Should You Insure Against Social Security Going Bust?
The yearly release of the Social Security Trustees reports always comes with a flurry of articles and financial expert advice, and 2021 was no different. This piece by Mike Obel of Yahoo Finance cites the Nationwide Retirement Institute’s 2021 Social Security Survey that…
America’s Safety Net: Welfare and Social Security
This Great Courses introductory post explains TANF (what we generally call welfare) and Social Security. The latter is often not well understood by the public. Jennifer Nicoll Victor of George Mason University explains it is a pay as you go program…
40% of Americans Will Regret This Retirement Move
Kailey Hagen cites a new fascinating study about how people think about retirement. The Transamerica survey didn’t say that respondents weren’t saving for retirement, only that they preferred not to think about retirement investing until they were closer to their…
Will Immigrants Save Social Security and Medicare from Financial Trouble?
Chris Tomlinson of The Houston Chronicle has an op-ed that details the trouble faced by Medicare and Social Security. He notes Congress has avoided the necessary fixes for decades to instead focus on reelection. The choices include increasing taxes, reducing benefits,…
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…