Social Security
Beginning this year, Social Security expenditures will exceed total revenues—and that trend will hold for the rest of the 21st Century, according to an updated report by the Congressional Research Service (CRS).
In its most recent Social Security Primer, updated Sept. 15, 2021, the CRS reports...
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The number of state and local government employees has been increasing at a greater rate than the number of such employees covered by Social Security, says a recently released study.
More specifically, says the Social Security Administration (SSA) in “Trends in Noncovered Employment and Earnings...
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Based on new estimated data for July, it’s starting to look like next year’s annual Social Security cost-of-living adjustment may be the highest in nearly four decades.
The new, updated estimates from The Senior Citizens League (TSCL) show that the annual COLA could be 6.2% next year, based on...
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The Office of the Inspector General (OIG) has called on the Social Security Administration (SSA) to further investigate some instances of overpayment of benefits.
Specifically, the OIG is concerned about Old-Age, Survivors and Disability Insurance (OASDI) beneficiaries whose benefits may have been...
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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 now includes discussion of bills that would affect both.
The updated version of “Social Security: The Windfall...
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Legislation that would recalibrate annual cost-of-living adjustments for Social Security has been introduced in the U.S. House of Representatives.
The “Fair COLA for Seniors Act of 2021” (H.R. 4315), introduced by Rep. John Garamendi (D-CA), would require Social Security to use the Consumer Price...
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Social Security has been a part of retirement financing for almost 90 years. But how much do its future recipients know about the storied safety net? A recent study examines how deep knowledge of it is.
The Nationwide Retirement Institute, it its 2021 Social Security Survey, found mixed results:...
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In what is described as leaving money on the table, a new survey finds that few near-retired Americans are planning to wait until the age they become eligible to claim maximum Social Security benefits.
According to Schroders’ 2021 U.S. Retirement Survey, just 10% of non-retired Americans ages 45...
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Bipartisan legislation has been introduced in the House and Senate to restore the delivery of annual Social Security projected benefit statements.
Introduced by Senate Finance Committee Chairman Ron Wyden (D-OR), Finance Committee Member Sen. Bill Cassidy (R-LA), House Ways and Means Social...
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Next year’s cost-of-living adjustment (COLA) for Social Security—a precursor of what can be expected for retirement plan contribution and benefit limits—could be the highest since 2009.
According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in...
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A bipartisan, bicameral group of U.S. legislators has introduced legislation focused on shoring up Social Security.
The group has introduced legislation (the Time to Rescue United States’ Trusts (TRUST) Act) that would create a process “to rescue the endangered federal trust funds and rein in the...
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Profound and far-reaching changes took place just a little over a year ago. Panelists at an April 19 session of the Plan Sponsor Council of America’s 2021 National Conference took a look at what it all meant—and means—for retirement plans and participants.
The panel included Bradley Bonno,...
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Many proposals have been floated to address the long-term solvency of the Social Security system, among them raising the full retirement age (FRA) so that benefits are claimed later in life. But while that may help the system, Social Security recipients may not consider it as great a boon, says a...
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Retirees face a difficult job figuring out how to draw down their 401(k) and often claim Social Security the earliest they can. MarketBeat discusses a new white paper that suggests that a “Social Security bridge” could be a helpful solution.
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In MarketBeat, John Iekel writes about ORES Working Paper “Improving the Measurement of Retirement Income of the Aged Population,” in which Irena Dushi and Brad Trenkamp, respectively an economist and policy analyst with the Social Security Administration, study how that data may be made more...
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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...
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The IRS on Jan. 19 in Notice 2021-11 has announced additional relief regarding employment tax deadlines applicable to employers affected by the pandemic.
Notice 2021-11 makes changes to Notice 2020-65, which the IRS issued Aug. 28 to provide guidance implementing President Trump’s Aug. 8...
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The challenges facing the Social Security system are well-known and deep-seated. Nonetheless, significant confidence about the future of the system persists among pre-retirees, a new study shows.
Kiplinger and Personal Capital report that they found their 2020 Retirement Survey that nearly two-...
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In MarketBeat, Nevin E. Adams, JD, writes that most of the focus on retirement savings is on those who haven’t saved enough, or who lack access to the platforms to make saving enough easy—but even those who have done the “right” things can nonetheless have their retirement planning realities...
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In MarketBeat, John Iekel discusses a paper in which researchers estimate the taxes a group of recently retired households will pay on what they earn during their retirement.
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