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Social Security

Acting with a sense of urgency to avoid a first-ever federal debt default, the U.S. Senate late June 1 approved legislation to suspend the federal debt limit until 2025, clearing the measure for presidential signature, expected today. The Senate vote on the Fiscal Responsibility Act of 2023 (H.R.... READ MORE
Amid threats of the economy crashing and 401(k)s plummeting, the House of Representatives late May 31 approved legislation to suspend the federal debt limit until 2025. Facing a June 5 deadline to avoid a first-ever federal default if Congress does not act, the House approved the Fiscal... READ MORE
There is pressure from state legislatures for action concerning the windfall elimination provision (WEP) and the government pension offset (GPO). Both are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a... READ MORE
Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.  Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New... READ MORE
Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).   More than a quarter of near-retiree respondents did not know that if they have a spouse, the other spouse... READ MORE
I recently met some friends for lunch – but the only seats available were those high-back stools you basically have to climb up to in order to sit. But that wasn’t the worst of it. As it turned out, my seat…wobbled. Which is to say that it basically rocked even as I sat there. Now, I’m all about... READ MORE
Now is the time to act in order to avoid “draconian” cuts to Social Security benefits, warns a recently released issue brief.  And doing so, continues the Center for Retirement Research at Boston College in “Social Security’s Financial Outlook: The 2023 Update in Perspective,” would be a more... READ MORE
The third rail of American politics isn’t what it should be, according to Republican Sen. Bill Cassidy, (R-LA). “We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is... READ MORE
I’ve been honored with a lot of praise and congratulations over the past couple of months about my “retirement” (and not a little skepticism about my understanding of the term) — but in quiet moments, there’s been one question that keeps coming up. That question — and it generally arises once... READ MORE
Most Americans do not think they can depend on Social Security for retirement income, adding to their worries about long-term financial stability, a new study from Allianz Life finds.    According to the firm’s 2023 1Q Quarterly Market Perceptions Study, nearly three in four (74%) respondents do... READ MORE
Warnings that Social Security’s long-term solvency is questionable are not new. But how about a little good news? A recent analysis suggests that maybe all is not lost.  The glass is half full, argue Kathleen Romig, Director of Social Security and Disability Policy at the Center on Budget and... READ MORE
Social Security continues to face “significant financing issues,” says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds in its annual report to Congress. It notes that it has arrived at that finding in prior years. The Board calls on... READ MORE
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 (... READ MORE
A bill is before the Georgia Senate that would extend Social Security coverage to teachers in public school systems in the Peach State.  Sen. Larry Walker (R-Perry) introduced SB 206 on Feb. 16. The legislation would amend Georgia law regarding Social Security coverage for employees of the state... READ MORE
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... READ MORE
In recent days — notably at the State of the Union address—Social Security is back in the headlines. Granted, its invocation seems largely intended as a political dividing rod, but it seems today that the vast majority (and despite the veiled insinuations, perhaps the entirety) of Congress and the... READ MORE
Despite (or maybe because of) SECURE 2.0’s passage, 401(k)s face increasing attacks, with the latest salvo coming from an opinion piece published in Politico. Social Security is just one part of the retirement system, notes the piece, provocatively titled “Before Slashing Social Security, Cut 401(... READ MORE
We thought it was a sign of bipartisan hope in an increasingly divided Congress. Recently, President Biden nominated Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, to the Social Security... READ MORE
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... READ MORE
It's time for 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... READ MORE