Social Security
Op-ed: We don’t have 10 years to think about Social Security’s insolvency problem
Brenton Smith, policy adviser for the Heartland Institute and frequent writer on Social Security issues, states, “The passage of time is financial cancer to Social Security.” Smith recaps what a decade or more of both political parties doing nothing has…
Social Security Cuts Coming. Advice is Bulletproof Retirement NOW
The Social Security cuts of 23% across the board coming in 2033 (give or take) is little news to those who follow that news, but it is understandably news to others. Financial experts have advice for those getting ready for…
Knowing the Retirement Age Chart is Key
Citing updated data from the Center on Budget and Policy Priorities (CBPP), Sean Williams notes Social Security lifts 21.7 million people out of poverty annually, nearly 15.4 million of which are aged 65+. The CBPP estimates that the poverty rate…
COLA Expectations Must be Tempered for 2024
Trevor Jennewine reviews the large 8.7% cost of living adjustment (COLA) granted to Social Security beneficiaries in January 2023. It was the result of very high inflation not seen in several decades. But inflation has slowed greatly, which will translate…
Is Gen X the broke generation?
In a recent survey of individuals born between 1965 and 1980, Gen Xers found 56 percent of them said they have less than $100,000 saved for retirement, and 22 percent said they have no retirement savings. Almost two-thirds of the…
How is Social Security taxed
If you feel inflation has eroded your Social Security benefits, you are not mistaken, but that is not the only reason. Although the government will regularly adjust many things for inflation, one thing they have not since 1984; is the…
Important milestones to remember while retirement planning
There is no strict retirement age in the United States; however, there is one to begin collecting your Social Security benefits. You can start your Social Security retirement benefits as early as age 62; however, you are entitled to full…
Social Security mistakes you’ll want to avoid
Social Security can be confusing; however, it is a program that addresses many situations. There are high-income workers and low-income workers, early retirees, and late ones. Plus, there are children, spouses, ex-spouses, and widows and widowers to consider. So, it…
How scammers try to steal your Social Security Number
Do you know what is one of the fastest-growing crimes in America? Correct its identity theft, topping the list of consumer fraud reports filed with the FTC and other enforcement agencies. Your Social Security number is your identity. According to…
More households overestimating their retirement readiness
A new report from the Center for Retirement Research at Boston College found “more than 25 percent of US households think they are on track to maintain their standard of living in retirement, but many are at risk of falling…