Social Security
U.S. investors plan to retire when they qualify for Social Security but know that it won’t be enough to live on, according to the results of a global study.
The findings for the retirement portion of Schroders’ 2020 Global Investor Study reveal that the majority (51%) of U.S. investors said...
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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 1.3% in 2021. The change will affect approximately 70 million Americans. This announcement provides an early signal regarding COLA adjustments on...
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The Congressional Research Service (CRS) has updated its report on Social Security minimum benefits, with a focus on the special minimum primary insurance amount (PIA), an alternative benefit formula that increases benefits paid to workers who had low earnings for many years and paid to their...
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Raising or eliminating the cap on wages subject to taxes could reduce the long-range deficit in the Social Security trust funds, says the Congressional Research Service (CRS), in a report it issued on Sept. 2 that outlines proposals that would use those approaches.
The report, “Social Security...
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The IRS has issued Notice 2020-65, guidance implementing President Trump’s Aug. 8 Presidential Memorandum directing the Secretary of the Treasury to defer the withholding, deposit and payment of certain payroll tax obligations under Internal Revenue Code Section 7508A.
The Treasury Secretary has...
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Recently, a column in Roll Call titled “Biden retirement proposal would upend traditional 401(k) plans” claimed that the plan would “equalize” the incentives in 401(k) by ending such deductions and replacing them with flat tax credits for each dollar saved. That was, in turn, picked up by Forbes...
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Social Security is facing a financial shortfall. And while economic growth will help the program, it alone will not be sufficient to address the challenges that face it, says a new report.
The Congressional Research Service (CRS) in “Social Security: Economic Growth and the Funding Shortfall”...
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The Department of Labor’s Bureau of Labor Statistics (BLS) should make improvements concerning the consumer price index (CPI), says the Government Accountability Office (GAO).
In “RETIREMENT SECURITY: BLS Should Explore Ways to Improve the Accuracy, Timeliness, and Relevance of Its Cost-of-Living...
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You have to hand it to the Washington Post. At a time when millions of working Americans are finding a financial lifeline in their retirement savings, they managed to find in the questionable life choices of a half dozen individuals a condemnation of the nation’s private retirement system.
The...
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In a recently updated report, the Congressional Research Service (CRS) highlights and examines the challenges facing the Social Security system.
In “Social Security’s Funding Shortfall” the CRS reports that many people of all ages have some connection to Social Security, which in 2020 includes...
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There are many consequences when an economic downturn happens, and a recent analysis warns that accelerated depletion of the Social Security trust funds may result from this one.
In “COVID-19 May Deplete Social Security Trust Funds This Decade,” the Bipartisan Policy Center argues that the...
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Projections for the long-term financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds are the same as those issued in 2019, says the Social Security Board of Trustees. The trustees issued their annual report on the trust funds’ status on April 22....
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Not only is a worker entitled to Social Security, his or her dependents also are eligible for auxiliary benefits when the worker retires, becomes disabled or dies. Some people may be entitled to both; a recently updated Congressional Research Service (CRS) report discusses such situations.
In “...
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In MarketBeat, John Iekel discusses a recent analysis that disputes the contention that many retirees will depend on only Social Security to finance their retirement.
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Tech Talk addresses whether a teacher who is retiring from the state public school system and who has elected a partial lump sum from the state retirement system can establish a 403(b) account post-employment to receive the rollover from the state retirement system.
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In MarketBeat, John Iekel discusses a recent article that takes a look at decumulation of retirement funds and argues for a strategic approach.
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The Congressional Budget Office (CBO) has issued new projections concerning the finances of the Social Security system, and reports that its expectations are largely the same as those it articulated in 2018.
In “CBO’s Long-Term Social Security Projections: Changes Since 2018 and Comparisons With...
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Under a new proposal put forward by an influential Democratic member of Congress, retirement assets could be factored into a new tax regime targeting higher-income taxpayers.
Labeling it as a proposal to help pay for a Social Security overhaul, Sen. Ron Wyden (D-OR), the ranking member on the...
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So is there a retirement crisis or not? House Budget Committee members and experts who testified before the committee on May 15 did not agree. But at least they did concur on one thing: the need to take action to bolster the retirement readiness of those who are not well-prepared.
Testifying...
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With the recent release of the Social Security Trustees’ 2019 report, there appears to be a renewed focus on Social Security and “stabilizing” the nation’s retirement plan.
Before efforts are made to stabilize Social Security, a hard question must be addressed. As currently designed, is the...
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