Social Security
Social Security’s Problematic Trifecta
Let’s start with an understatement: the COVID-19 pandemic is wreaking havoc on the nation’s economy. The projections dealing with unemployment, corporate earnings, small business continuity, etc. are horrendous, both short-term and long-term. We see alerts every day telling us how…
Guarding Against the Potential for Insolvency-Driven Social Security Cuts
It should be no secret to anyone that Social Security is in a gradual descent toward insolvency. After all, for years now the annual Social Security Trustees Report has sounded the alarm, and many news reports have hyped the problem…
ATTENTION: SSI Beneficiaries with Dependents
Action Needed for People Receiving SSI with Dependents and Who Do Not File Tax Returns to Receive $500 Per Child Payment – The Social Security Administration last evening released a press release advising steps to be taken to ensure that “SSI…
Most but not all Social Security recipients to get automatic stimulus deposits
Most recipients of Social Security benefits need do nothing to get a $1,200 stimulus payment directly deposited into their accounts, assuming they otherwise are within the income guidelines. Deposits began hitting accounts this past weekend. However, the following three groups…
Worried About Social Security in Your Future? Mistakes to Avoid
As noted in an article posted today by The Motley Fool’s Selena Maranjian on their site, many Americans are worried about the health of our country’s Social Security system, and rightfully so. Ms. Maranjian acknowledges the worries, and offers conjecture on three…
The Debate on Payroll Tax Elimination
President Trump, in a Coronavirus Task Force briefing yesterday, discussed his thoughts on cutting and/or eliminating the payroll tax withheld by employers, thereby generating immediate financial relief for workers. The 7.65% payroll tax (6.2% for Social Security and 1.45% for Medicare) represents…
Social Security Basics: More Than Half of Americans Failed this Very Basic Test
This has been around awhile, but it’s still amazing to see that so many folks (well, 1500 in this sample anyway!) in the age range of 55 to 65 were unable to correctly answer a series of 12 basic questions…
Explaining “Payroll Taxes” and Who Pays Them
Yahoo Finance contributor Rickie Houston, in a post on their site, examines the composition of “payroll taxes,” a term that has again surfaced in the stream of commentary surrounding the COVID-19 pandemic and its economic implications. Houston’s article defines the term…
Economic Impact Payments – Who Doesn’t Qualify
The economic impact payments signed into law on March 27 as a key part of the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” are scheduled to begin arriving in Americans’ hands soon, but some folks will not qualify. In…
Avoiding the Mistakes That Produce Financial Shortfalls in Retirement
We’ve heard this before…there are some basic missteps you can take that will cost you comfort in the long run. One of the most frequently heard suggestions is to avoid filing for benefits too early, while close behind it is…