Amid a rising national debt and fears about the fiscal stability of Social Security, the idea of raising the retirement age to balance the program’s books is garnering more attention. But doing so would be a heavy lift politically. The projected reserves of the combined Social Security trust fund and the Disability Insurance Trust Fund […]
Tag: Social Security
Older workers near retirement with no savings
A growing number of Americans face the prospect of retiring without a penny in savings. Only 1 in 10 low-income workers between the ages of 51 and 64 had any funds put away for retirement in 2019, compared with 1 in 5 in 2007 prior to the Great Recession, according to a recent analysis […]
Social Security ‘Apocalypse’ is in our future
Millions of American workers are concerned about what kind of financial safety net they will have when they retire, as fears grow for the future of Social Security. A huge majority—88 percent—of Americans are counting on Social Security to see them through retirement, saying the payments will be “extremely” or “reasonably” important to them, according […]
Seniors should be prepared for US debt default
With the odds of a U.S. debt default increasing, Social Security advocates warn beneficiaries they should be prepared in case their payments are interrupted. Negotiations around whether the nation’s ability to borrow money should be expanded have been ongoing, but Congress and the White House have yet to reach an agreement on the path forward. […]
Millions are nearing retirement with no savings
If you ask Americans how much they’ll need for a comfortable retirement, they’ll throw out a big number: $1.25 million, to be exact. But in reality, most workers are far from reaching that goal — and there’s a significant chunk of older people who are nearing their golden years without a penny in retirement savings. […]
If Social Security goes broke in 2033, What then?
For the past two and a half months, millions of people in France have taken to the streets to protest against Emmanuel Macron’s push to raise the retirement age in the country from 62 to 64. The French president said the unpopular reform is necessary to balance the country’s pension system over the coming years, […]
Social Security age should be 65 says Senator
Sen. John Kennedy (R-La.) said on Sunday that his fellow lawmakers should “talk” more about changing the retirement age for people currently in their 20s in part due to longer life expectancy. During an appearance on “Fox News Sunday,” anchor Shannon Bream asked Kennedy if he thinks there should be “conversations” in Congress about changing […]
Did Biden lie about Social Security during SOTU address?
A section from President Biden’s State of the Union address that aimed to ding Republicans on plans to cut Social Security turned into an unusual moment of live policy discussion — and apparent agreement — during the annual speech. “Some Republicans want Social Security and Medicare to sunset,” Biden said. House Speaker Kevin McCarthy (R-Calif.) […]
Will Social Security Benefits Keep Up With Inflation?
The record 2023 Social Security benefits increase could be lower than previously expected as inflation eases, according to a new forecast from The Senior Citizens League. The Consumer Price Index (CPI), a measure of inflation, rose 8.3% annually in August, a slight improvement from 8.5% in July, the Bureau of Labor Statistics (BLS) said. This […]
‘Retirement’ is being retired
Picture retirement in your head. It’s a laughing, grey-haired couple sipping piña coladas on a white sand beach; perhaps they’re getting some liquid courage for their sky dive later. Not a care in the world, their only responsibility is getting their grandchildren good gifts for their birthdays. It’s a beautiful fantasy – and for many […]
Social Security Needs To Be Fixed Not Left Alone
Despite proposing major spending cuts to most domestic agencies, President Trump’s “skinny budget” spares the Social Security Administration. Thankfully, the president is living up to his campaign pledge to protect the program that serves 61 million Americans. Yet, without any action by Congress to reform the system, benefits will be cut anyway, by at least […]
2 Easy Fixes For A Common Social Security Problem
Feel like you need to take a mulligan on your Social Security strategy? More than one-third of retirees decide to claim their benefits as soon as they can, at age 62. Retirees may have good reason to be worried. The program’s trust fund is projected to run out of money in 2030, meaning there won’t […]