Social Security

There is work to be done in helping near-retirees to more accurately estimate their financial needs when they leave the workforce, says a recent study.  Barely more than one-quarter of the older workers correctly estimated what they would need in order to maintain their standard of living during a... READ MORE

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 bills that would affect both.  The CRS report “Social Security: The Windfall Elimination... READ MORE

The challenges the Social Security system faces have been much discussed for almost half a century, and one of the answers often suggested is raising the normal retirement age (NRA). In MarketBeat, John Iekel writes about a recent paper tht examines that option. READ MORE

The Congressional Research Service (CRS) has updated information concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), both benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is... READ MORE

Annuities are one way some seek to provide a source of lifetime income; however, as a recent study notes, there is reluctance to use them. In MarketBeat, John Iekel writes about a study that suggests that one answer may be a Social Security “bridge” option within a 401(k) plan and measures interest... READ MORE

There are proposals to replace the current formula by which the Social Security windfall elimination provision (WEP) is determined to one that is proportional. The Congressional Research Service (CRS) has issued a study that compares such a formula to the way it is currently determined.  In “The... READ MORE

A key House lawmaker has introduced legislation that would increase Social Security benefits for various recipients and make other reforms to the system, including a payroll tax increase.    Noting that benefits have not been improved in more than 50 years, Rep. John Larson (D-CT), chairman of the... READ MORE

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9% in 2022, the Social Security Administration announced Oct. 13. The 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social... READ MORE

Social Security auxiliary benefits remain crucial in improving income security for surviving spouses and dependents, says a recently updated report by the Congressional Research Service (CRS).  “Social Security: Revisiting Benefits for Spouses and Survivors,” updated Sept. 21, 2021, says that... READ MORE