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Search resuls for: "Andrew Biggs"


7 mentions found


☆ Just 4% of current retirees say they are 'living the dream,' survey finds. Here's why
  + stars: | 2024-05-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Brauns | E+ | Getty ImagesJust 4% of today's retirees said they are "living the dream," according to a new survey from asset management company Schroders. Image Source | Getty ImagesThe Schroders survey results come as more experts are pointing to a potential retirement crisis. "The retirement savings crisis in the United States is no longer looming: it is here, now," said a new report from the National Institute on Retirement Security. Not everyone agrees there is an emergencySome experts are skeptical there is a retirement savings crisis at all. Of seniors with more than $10,000 in retirement savings, 93% said they were doing okay or living comfortably.
Persons: —, Deb Boyden, That's, Warren Buffett's, Boyden, Andrew Biggs, George W, Bush, EBRI, Biggs Organizations: Getty, National Institute on Retirement Security, Finance, American Enterprise Institute, Social Security, Northwestern Mutual, Research Locations: —, United States
☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
  + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.
Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board
☆ As Republican contenders start to line up for the White House in 2024, Social Security may be key issue
  + stars: | 2023-06-07 | by ( Lorie Konish | ) www.cnbc.com   time to read: +7 min
Proposal for 'modern version' of Social SecurityThe Social Security plan Laffey would implement throws out the traditional approaches of tax increases or benefit cuts. Currently, workers and employers each pay 6.2% on up to $160,200 in wages toward Social Security. "It's a modern version of Social Security," Kotlikoff said. The idea of rethinking the way Social Security funds are invested has come up before. Andrew Biggs, who worked in the White House on Social Security reform at the time and who is now a senior fellow at the American Enterprise Institute, remembers the proposal did not come close to succeeding, even as Social Security still had surpluses and Republicans controlled both houses of Congress.
Persons: Alex Durante, Durante, Laurence Kotlikoff, Kotlikoff, Laffey, Morgan Keegan, Steve Laffey, Ed Jones, Cranston, George W, Bush, Andrew Biggs, Biggs, Biden Organizations: iStock, Social Security, Social Security's, Lawmakers, Washington, Tax, Foundation, Social, Boston University, U.S, Senate, Republican, Afp, Getty, Wall, today's Social Security, American Enterprise Institute, Democratic, Lake Research Partners, Trump, Alafaya Locations: Cranston , Rhode Island, Rhode Island, Colorado, America, Cranston, Orlando , Florida
☆ Violent protests hit France: Anger grows over Macron's pension reforms
  + stars: | 2023-04-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailViolent protests hit France: Anger grows over Macron's pension reformsHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC. Andrew Biggs, AEI senior fellow, joins the show to discuss the ongoing protests in Paris.
☆ Insolvency is on the horizon for Social Security, Medicare funds, expert says. These changes may help
  + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
The research finds 37.8% of adults 65 and over would have incomes below the official poverty line without Social Security benefits. With Social Security benefits, 9% of older adults have incomes below the poverty line. But reducing poverty through and outside of Social Security beyond a sliding scale minimum benefit may be a better approach, she said. Moreover, the maximum Social Security retirement benefit is two to three times higher than what countries like the United Kingdom, Canada or Australia pay. "We're going way, way beyond a pure safety net program," Biggs said.
☆ Trump's tax returns show no Social Security benefit income. Here's what retirees can learn about claiming
  + stars: | 2023-01-06 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Jonathan Ernst | ReutersWhen former President Donald Trump's tax returns were released last week, the line for Social Security income was notably left blank. About 70 million Americans rely on Social Security for monthly income when they retire or become disabled. To qualify, workers generally need to earn 40 credits by working and paying Social Security taxes. Yet Trump had no Social Security income for tax years 2015 through 2020, based on his individual tax returns. In the U.K. or Australia, Trump would not be eligible for a benefit anywhere near the size of U.S. Social Security benefits, Biggs noted.
☆ Social Security record 8.7% cost-of-living adjustment for 2023 could pressure the program's funds, some experts say
  + stars: | 2022-10-14 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
Social Security's average retiree benefit will go up by $146 per month in 2023, thanks to a record 8.7% cost-of-living adjustment prompted by high inflation. More than 70 million Social Security and Supplemental Security Income beneficiaries will benefit from those higher payments. The increased costs may prompt Social Security's funds to reach insolvency at least one calendar year earlier than the trustees have projected, according to estimates by the Committee for a Responsible Federal Budget. Other experts also have expressed concerns about how the increased benefit costs would affect the program. "There is certainly a good chance that this could accelerate the depletion of Social Security's primary trust fund," said Shai Akabas, director of economic policy at the Bipartisan Policy Center.
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