Taxable Maximum
More on the “Scrap the Cap” Argument
As most readers are keenly aware, the dialog on how to fix Social Security’s looming financial catastrophe most often turns to elimination–or at least adjusting–the payroll taxable maximum. The basic argument goes like this: someone earning a million dollars in…
One Viewpoint on “Fixing” Social Security
“Keep it simple” is an oft-used directive to address complex situations. Sometimes it works; sometimes it doesn’t. WealthManagement.com’s Kathryn Anne Edwards seems to think simplicity is the appropriate path to solving Social Security’s looming financial catastrophe, as hinted in her…
The Move to “Scrap the Cap”…A Contrarian View
It’s a popular notion that eliminating the Social Security taxable maximum would solve the program’s long-term funding shortfall. In fact, it would increase program revenue, but most economists point out that the severity of the problem is such that eliminating…
Income Inequality and its Effect on Social Security Finances
Social Security’s looming insolvency has several causes, ranging from the steadily increasing beneficiary life expectancy to the steady shrinking taxpaying workforce. But an even more significant factor in the projected acceleration of the combined trust funds’ point of full depletion—from…
Social Security Insolvency in a Nutshell. Well, Amost.
The point of full Social Security trust fund depletion is rapidly coming into view, a prospect magnified by the Old-Age and Survivors Insurance Trust Fund’s reserves dropping by $200 billion in 2025 alone. People are starting to notice, perhaps even…
Warren Buffett on Social Security Reform
One of the financial world’s most seasoned icons is on record with opinions on key changes that should be considered to address Social Security’s insolvency. These opinions were recapped in a recent post by The Motley Fool contributor and Certified…
The AMAC SSG: How does it align with Social Security’s Purpose?
Social Security’s establishment 90 years ago followed the Great Depression and, as such, had a twofold purpose: to provide immediate assistance to destitute families in the wake of devastating financial losses in their retirement savings, and to create a long-term,…
Debating the Suggestion to Eliminate the Taxable Maximum
It’s an on-again, off-again topic when it comes to dealing with Social Security’s financial woes. Popular thought often leans toward applying the payroll tax to all wages, not just the portion below the annual maximum ($184,500 in 2026). Rational thought,…
Social Security’ 2026 changes: How they affect higher and lower earners
Each year, Social Security undergoes a series of parameter changes that have an across-the-board impact on all beneficiaries. That’s simply part of keeping the massive program at least partly synchronized with the national economy. There are two key changes, though,…
Proposed Social Security Legislation Would Increase Benefits, Raise Taxes
New legislation has been proposed by Sen. Brian Schatz (D-HI) that would increase benefits for Social Security recipients by adding an estimated $ 150 per month to payments and modifying the current cost-of-living methodology to reflect cost categories more appropriate…