U.S. News: Social Security Retirement Age Hits 66 and 10 Months in 2021

While a retiree can begin claiming his or her Social Security benefits at age 62, payments at that age will be reduced for anyone seeking them before full retirement age. As of January 1, for many Americans full retirement age does not begin until someone reaches age 66, but also not right at the birthday, […]

Danger to Social Security Grows Due to Pandemic’s Economic Shock

The already unstable position of the American social security program has become further endangered by the economic shock of the COVID-19 coronavirus pandemic, as less money coming into the fund and more people seeking benefits early have destabilized the program even further. This is according to a story published at Gray Television’s Washington News Bureau. […]

Social Security: Deficit Increases, Depletion Still on Track for 2035

The Social Security trust fund’s 75-year deficit has been forecasted to increase from 2.78% to 3.21% of taxable payroll, due to a repeal of tax on high-premium health plans, a lower assumed total fertility rate resulting in a higher share of retirees in the workforce, lower inflation and a lower interest rate. The trust fund […]

Forbes: These 6 Changes are Coming to Social Security in 2020

Social Security benefit payments constitute the cornerstone of income for the majority of American retirees. For existing and potential reverse mortgage borrowers alike, keeping up-to-date on any changes in the Social Security program will prove to be essential information for anyone taking a proactive approach to retirement planning. Always a flashpoint of ongoing debate and […]

Forbes: Good Reasons for Taking Early Social Security Benefits Are Few

Taking Social Security benefits as early as possible, at age 62, is not very beneficial for an American retiree concerned with maximizing their post-working income. This is according to Steve Vernon, FSA and consulting research scholar in the financial security division at Stanford University’s Center on Longevity in a new piece at Forbes. “There are […]

Report: Social Security is Steady, But Shortfalls Must Be Addressed

A government report issued in April on the financial solvency of the Social Security program painted a dire picture for the program’s future, saying that at current disbursement levels, the program would run completely out of funds by 2036. A new research brief says, however, that Social Security’s financial health has actually improved, but that […]

Report: Social Security to Run Out of Funds in 2036

The financial landscape for Social Security and Medicare federal entitlement programs, two of the most important programs in the social safety net for American seniors, has been given a bleak forecast concerning the financial solvency of the programs according to a government report issued earlier this week by the Social Security Administration (SSA) and Cabinet […]

Social Security Minimum Benefits Fail to Prevent Senior Poverty

The Social Security program’s minimum benefit for retirees who have very low career earnings fails to prevent a beneficiary in this category from staying out of poverty, and the benefit itself is continually being eroded because of a design flaw. This is according to a new research brief released by the Boston College Center for […]