Social Security
Should “means testing” exist for Social Security and Medicare?
In this somewhat unconventional opinion piece, the author opines that both the Social Security and Medicare programs are suffering financial difficulties, largely because many who receive benefits do not actually need them. The author, himself a fairly affluent businessman, contends…
What you should know about Medicare
Medicare is the nation’s most important healthcare program. In fact, over 68 million people are now enrolled in this important program, enacted in 1965 by President Lyndon Johnson. But as encompassing and important as Medicare is, it doesn’t cover all…
Social Security Myths and Misunderstandings
Social Security Myths are Pervasive In my efforts to explain Social Security to those who ask questions, it is often necessary to provide information contrary to the questioner’s understanding of how Social Security works. Some folks who write us possess…
Was Income Tax on Social Security really eliminated?
There has certainly been much discussion on this topic since the so-called “one big, beautiful bill” was passed by both Houses of Congress and enacted as law by President Trump. Many, including the Social Security Administration and the Trump Administration…
The Role of Life Expectancy in Retirement Decisions
When contemplating your retirement it is crucial to focus on an important question – “When should I take my Social Security benefits?” While there are a number of factors to consider when making that decision, don’t overlook the role of…
Is the Social Security issue even worse than reported?
The latest (June) report from the Trustees of Social Security predicts that the SS Trust Funds will be fully depleted in 2033, unless Congress acts soon to reform the program. But, according to at least one retirement research outfit, the…
What Would a 23% Cut in Social Security Mean?
The Trustees of Social Security have warned Congress: There will be a 23% cut in everyone’s Social Security benefit in 2033, unless Congress reforms the program. Hopefully, Congress will act soon to prevent cuts from happening – but what if…
Some Sacrifice needed to save Social Security
As most Americans know from media articles on the topic, the Social Security program is forecasted to experience financial trouble soon. The Social Security Trust Funds, which now contain over $2.7 trillion in assets, will be depleted in 2033, according…
Demystifying the Federal Payroll Tax
Nearly all workers pay it, but very few understand it – the Federal Payroll Tax. With few exceptions,[1] everyone who works and earns pays the federal payroll tax from their earnings – that’s about 175 million American workers. The tax, first…
About the Annual Cost of Living Adjustment (COLA)
Although you may have seen early predictions, it is too soon to know for sure how next year’s Cost of Living Adjustment (COLA) will increase your monthly Social Security payment. That news will actually be revealed in mid-October, after completion…