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Social Security
Savings in 401(k) accounts and plans grew in 2019, but there is till room for improvement in savings levels and the scope of retirement plan coverage, say researchers in a recently released study.
In “401(k)/IRA Holdings in 2019: An Update from the SCF,” Alicia H. Munnell and Anqi Chen look at...
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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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There is much to be done about retirement income literacy, says a recent study that found great lack of understanding about successful planning for a financially secure retirement.
In its 2020 Retirement Literacy Survey, says The American College of Financial Services, respondents got an average...
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When asked how many years they believe their retirement savings will last in retirement, a significant percentage of 401(k) plan participants indicate they have no idea, according to the results of a new survey.
Results from Schwab Retirement Plan Services’ 2020 401(k) Participant Survey of 1,000...
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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 to “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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Concerns about saving enough for retirement and Social Security running out of money were present even before the pandemic, but new survey results show that those fears are becoming even more amplified among consumers.
The Nationwide Retirement Institute conducted two surveys (a COVID-19 flash...
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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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It’s not as though we haven’t been through tumultuous times before, but is this time different?
Just four months ago, we were reviewing 2019 401(k) investment performance where the S&P 500 index rose 28+%, the Dow Jones Industrial Average (DJIA) gained 22+% and the NASDAQ was up an even...
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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 an...
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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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ASPPA provides extensive coverage concerning a host of aspects of the pandemic and its consequences for plan sponsors, administrators, service providers and participants. This includes how developments resulting from it have affected plans and participants, and how they can be addressed; discussion...
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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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A recent study examines individuals’ choices concerning saving for retirement and assesses non-retirees’ subjective expectations—and finds that they have significant biases and uncertainty about their retirement benefits.
In “Subjective Expectations, Social Security Benefits, and the Optimal...
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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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Increasing participation in retirement plans is the most important—but not the only—way to improve retirement readiness, says a recently released report.
“Why Are 401(k)/IRA Balances Substantially Below Potential,” a Center for Retirement Research at Boston College paper, discusses the reasons...
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