Social Security
Saving for retirement should not be left to chance
Did you know nearly 40% of Americans think winning the lottery would be a good retirement plan? That’s from a survey conducted by financial company Stash. Among the young, nearly 60% of Millennials saying winning the lottery is a reasonable way to…
More Social Security? Not likely given its state
Social Security enjoys broad support in America. Pew Research Center questioned a number of demographic groups in March 2019 on whether cuts should be made to Social Security for future beneficiaries in order to put the program on firmer ground. Of all the…
How is Social Security “going broke” with all the surpluses?
It’s often tough for people to comprehend, but while Social Security has been stockpiling worker payroll taxes since 1982, including a surplus of $3 billion in 2018, the good fortune turns around in 2020. The program was due to run a…
Can more immigration help what ails Social Security?
Among the more peculiar and less reported findings in this week’s Social Security Trustees report are these three. First, fewer workers applied for disability benefits in 2018 than expected, which lowered overall costs. Second, life expectancy decreased. As Americans die sooner than…
Social Security’s Looming Insolvency – Blessing or Curse?
Imagine how you would feel after your doctor said, “I’ve got some bad news for you. You are healthy now, but you will die one day.” You’d surely be relieved he didn’t give you 6-12 months to live. And so…
Social Security–the problem and possible solution
That Social Security is facing problems in the long-term is little news to those have have followed the program for decades. The days of stockpiling surpluses from more taxes coming in than are paid out will end in 2020 As Brad…
What deficits from 2020-2034 mean for Social Security
It was to occur this year, but the strong U.S. economy has given the Social Security program one additional year before benefits paid out exceed income, derived from payroll taxes on workers as well as interest and income tax on…
Social Security not going anywhere soon
The 2018 Transamerica survey that stated that more than 75 percent of Americans are concerned Social Security will not be there for them when they are ready to retire continues to set off alarm bells, especially in light of the…
Nobel laureate Richard Thaler’s controversial plan – a 401(k) to get more Social Security?
Nobel laureate Richard Thaler is a behavioral economist and professor at the University of Chicago Booth School of Business. He notes that those saving for retirement face two problems when it comes to managing their money: how to effectively save for…
Three step checklist for retirement
When should I start saving for retirement, people often ask? The answer jokingly is yesterday, but in reality, as soon as possible. Tax-advantaged retirement savings vehicles such as 401(k)s and Individual Retirement Accounts (IRAs) are routinely advocated by financial experts,…