While the estimated rise in Social Security benefit payments in 2022 will likely benefit seniors, those gains could be undermined by both inflation and taxes according to new research.
While 2022 could see a notable boost in Social Security benefit payments, high inflation and a need for retirement planning could eat into such a benefit, according to a piece at The Motley Fool.
New stimulus payments will be welcome for American seniors, but may not go far enough to be more than a ‘drop in the bucket,’ according to a MarketWatch column.
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, […]
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. […]
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 […]
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 […]
The United States Congress will have an abundance of newly proposed legislation to discuss when it returns from its August recess, including several proposed bills that could have a substantive impact on American retirement. Among the provisions that will need to be debated in either one or both chambers of Congress is the Secure Act, […]
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 […]
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 […]