Social Security
Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security.
While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (...
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A bipartisan group of Senators is spearheading an effort to draw attention to Social Security’s shortfalls and to help retirees better determine when to claim benefits.
Comprised of Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME) and Tim Kaine (D-VA), the lawmakers on March 6...
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Legislation that purports to expand Social Security benefits, shore up program funding, and increase taxes on the “wealthy” has been reintroduced in Congress.
The Social Security Expansion Act was originally introduced last June in the Senate by Sen. Bernie Sanders (I-VT), along with Sens. Chris...
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In January, Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, was nominated to the Social Security Advisory Board. In MarketBeat, John Sullivan writes that some thought it was a sign of...
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The Congressional Research Service (CRS) has provided an overview concerning the Social Security full retirement age (FRA) and what changes to it mean. This is especially timely since the effects of adjustments made under a reform measure enacted in 1983 are kicking in.
About the FRA
A worker’s...
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Today is Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.
I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time gap...
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Confident about their careers and in their ability to achieve financial security, the nation’s youngest adults have a goal of retiring before they reach age 60, but that confidence comes with a few caveats, according to a new study.
Data from Northwestern Mutual's 2022 Planning & Progress...
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Social Security benefits don’t come out of thin air — it takes not only contributions but also formulae to determine benefit amounts. In a recent report, the Congressional Research Service (CRS) discusses the possible effects of adjusting computation years, one of the factors used to determine...
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The vitality of the Social Security system has long been a topic of discussion, and there are warnings that it will become insolvent. Tech Talk discusses a report by the Congressional Research Service that explains what that really means.
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While retirement is still more than two decades away for Americans born in the 1980s, an Urban Institute report finds that the retirement outlook for early Millennials is reason for concern — particularly compared to older generations, writes Ted Godbout in MarketBeat.
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Tech Talk discusses a report by the Congressional Research Service on the impact the Social Security statement can have.
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Results from the Employee Benefit Research Institute’s (EBRI) 2022 Spending in Retirement Survey finds that many retirees are reporting that their expenses are higher than expected.
In assessing how spending patterns and retirement well-being have changed since 2020, EBRI’s survey of nearly 2,...
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The Social Security Administration (SSA) announced Oct. 13 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 8.7% in 2023. The change will affect approximately 70 million Americans and translates to an increase in Social Security benefits of more than $...
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The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). It includes discussion of pending legislation that would affect both.
The updated version of “Social Security: The...
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Despite knowing they could receive larger payments, very few American workers are planning to wait until age 70—the age at which an individual reaches their maximum monthly benefit—to begin taking their Social Security benefits.
According to the Schroders 2022 U.S. Retirement Survey, 86% of non-...
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The pandemic has affected older Americans’ work and financial situations to a large extent, but a new issue brief finds that the retirement expectations of these respondents appear to remain the same despite these impacts.
In investigating the influence of the pandemic on participants’ working...
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The Social Security Administration (SSA) does not prepare Social Security statements out of the kindness of its heart—it is required to do so by law. The Congressional Research Service (CRS) has issued a report on the statements, which are useful regardless of the reason they are prepared.
Zhe Li...
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Last week the Treasury Department’s Social Security Board of Trustees released its annual report in a classic case of good news, bad news.
The good news, of a sort, was that the date through which Social Security will be able to pay scheduled benefits was projected to be 2034—and while that’s not...
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Social Security can continue to protect future generations if action is taken now, says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds in its annual report to Congress.
The Board—comprised the Secretary of the Treasury, the Secretary of...
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One of the biggest decisions upon retirement is deciding when to claim Social Security, yet a surprising number of near-retirees still lack even basic knowledge about how the program works.
According to MassMutual’s latest Social Security retirement benefits quiz of near-retirees (age 55 to 65),...
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