Social Security
CBO estimates a funding shortfall in 2032
The Congressional Budget Office (CBO) estimates federal spending on Social Security and Medicare will outpace the revenues and the economy overall. They quoted a variety of factors, including rising costs of medical services, large cost-of-living adjustments, and the last of…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Will the Social Security Expansion Act fix Social Security insolvency?
Senator Bernie Sanders has re-introduced the Social Security Expansion Act. The newest version of the legislation comes out amid a national debate over Social Security. Along with the bill, Senator Sanders offered a copy of the letter from the chief…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Start telling the truth about Social Security and Medicare.
The vulnerability of Social Security and Medicare programs is not an ideological matter but an economic reality. Both programs are funded in part by dedicated taxes paid by both the employee and employer. However, with fewer individuals in the workforce,…
Keeping the Social Security trust fund solvent will require bipartisan support
Many Americans are aware of the Social Security trust fund solvency issue; however, with the recent political tension, the uncertainty of a solution remains. A recent survey from the University of Maryland found individuals who identify as Republicans or Democrats…
No cuts to Social Security and Medicare
With all the political rhetoric in the news and social media that Republicans will cut Social Security and Medicare programs, a leading republican says, no, these programs are off the table with respect to budget cuts. James Comer, House Oversight…
Raising the retirement age
Choosing when to start receiving your Social Security retirement benefits is an important decision that affects your monthly benefit amount for the rest of your life. For those born in 1960 or later, your full retirement age is 67 to…
Ask Rusty – About Social Security’s “First Year Rule”
Dear Rusty: I’m considering filing for my SS at age 64 in February, before my full retirement age of 66 years and 10 months. I’m working full time and would like to continue earning until I meet the $21,240 limit…
House Resolution Affirms Importance of Social Security to Americans
In a Resolution issued yesterday, Congresswoman Beth Van Duyne (TX-24) and Congressman Michael C. Burgess, M.D. (TX-26) took steps to stress the importance of Social Security to the lives of more than 60 million Americans. Their Resolution describes Social Security…