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Social Security
There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top five clicked-on stories of 2022?
Oddly, the fifth-most clicked on story of 2022 — was actually written...
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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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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 vitality of the Social Security system has long been a topic of discussion, and warnings that it will become insolvent are nothing new. But what does such insolvency mean?
The Congressional Research Service (CRS) sheds some light on what the insolvency of Social Security means — and doesn’t...
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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 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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A new report entitled “The Missing Middle” by the National Institute on Retirement Security (NIRS) treads some all-too-familiar ground, myopically focusing on one element of the nation’s private retirement system.
The articulated concern is, of course, the “middle”—an income grouping for which...
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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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There are plenty of people who don’t claim Social Security benefits “on time”—some do so “early,” and some “late.” There are factors to consider in either case, and a recently released paper suggests that it could be a good thing to adjust the way in which those adjustments are made.
Both the...
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The Congressional Research Service (CRS) has updated its periodic report on the finances of the Social Security system to account for the current and projected inflation rates. It further offers some insight into how finances and factors behind Social Security expenditures may affect benefits and...
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The Congressional Research Service (CRS) has updated its report on the age for claiming Social Security retirement benefits. The report provides a discussion of some current trends concerning and affecting that threshold.
The full retirement age (FRA)—the age at which workers can first claim full...
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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 bills that would affect both.
The CRS report “Social Security: The Windfall Elimination...
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The Congressional Research Service (CRS) has updated its report on the government pension offset (GPO), a formula intended to replicate the dual entitlement rule for spouses and widow(er)s who receive pensions based on noncovered employment.
About the GPO
The GPO reduces the Social Security...
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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). A recent paper examines that option.
In the issue paper “Raising the Social Security Retirement Age,” the American...
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Given the various ways in which retirement resources might be taxed, a new survey finds that many retirees may be in for a surprise this year.
Nearly half of all households that receive Social Security benefits might pay taxes this year on a portion of their benefits, according to the survey by...
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