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☆ As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
▼ + stars: | 2024-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +9 min

"A vote for a commission is a vote to cut Social Security," the man shouted before he was escorted off the floor. How the last major reforms, in 1983, came togetherPresident Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983. The changes involved taxes on Social Security benefits, increases to payroll tax rates, a future increase to the retirement age and a near-term postponement of cost-of-living adjustments. Social Security Commission Chairman Alan Greenspan, left, shakes hands with Sen. Charles Grassley, R-Iowa, prior to a Social Security hearing on Feb. 15, 1983. Lawmakers divided on best path forwardToday, lawmakers are divided on the best path forward to address Social Security.

Persons: —, Scott Peters, Peters, Bill Huizenga, Joe Manchin, Mitt Romney, — Rep, John Larson, Connecticut —, It's, " Larson, Larson, Nancy Altman, Ronald Reagan, Alan Greenspan, Greenspan, Jim Baker, Reagan, Tip O'Neill, Robert M, Ball, O'Neill, Sen, Charles Grassley, Bob Dole, John Danforth, Altman, Bruce D, Schobel, Elizabeth Warren, Bernie Sanders, California —, they're, Hakeem Jeffries, Conn, Brian Higgins, Jimmy Gomez, Jeffries, Dan Kildee, Richard Neal, Tom Williams Organizations: iStock, Social, Social Security, AARP, CNBC, Rep, Democratic, Corbis, National Commission, Social Security Reform, Greenspan, Federal Reserve, House, White, Finance, Economic Policy Institute, Republican, Greenspan Commission, Senate Finance, Bettmann, Getty, Congress, Democratic House, White House, Democrats, Security, Capitol Visitor Center, CQ, Inc Locations: Sens, R, Utah, Connecticut, Massachusetts, Iowa, California, D

☆ 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

☆ 'Nobody's getting wealthy on Social Security,' lawmaker says. The November election may influence the program's future
▼ + stars: | 2024-04-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Protect Social Security!" In 1983, when the last major Social Security reforms were enacted, there were no benefit enhancements, Larson argued. Today, annual earnings of up to $168,600 are subject to a 6.2% payroll tax toward Social Security paid by both workers and employers. Larson's plan also calls for closing loopholes that allow wealthy taxpayers to avoid paying Social Security taxes on other income. Larson said the public is well aware that Social Security benefits are theirs and they've paid for them.

Persons: Kean, Dave Kotinsky, Larson, they've, John Larson, Conn, Mark Wilson, Nancy Altman, Drew Ferguson, Ferguson, Jodey Arrington, Charles Blahous, Blahous Organizations: Getty, hasn't, Social Security, Security, Social, Capitol, Democratic, Republican, Republican House, Republicans, George Mason University Locations: Bridgewater , New Jersey, Jan, Georgia, Texas

☆ Social Security benefits may be cut by at least 20% in the next decade. Here's how Congress may fix that
▼ + stars: | 2023-09-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Republican Sen. Bill Cassidy of Louisiana speaks to the press on Capitol Hill on Feb. 10, 2021. Meanwhile, Larson has put forward a bill, Social Security 2100, in four sessions of Congress to make benefits more generous. Cassidy wants to create a new Social Security fund by raising $1.5 trillion that would be invested in the stock market. Any changes to Social Security would require 60 votes in the Senate, and therefore would have to have agreement on from both parties. Rep. John Larson, D-Conn., speaks during an event to introduce legislation called the Social Security 2100 Act.

Persons: Republican Sen, Bill Cassidy of, John Larson, Connecticut —, Biden, Cassidy, Bill Cassidy, Nicholas Kamm, Florida Republican Sen, Rick Scott, Larson, Conn, Mark Wilson Organizations: Istock, Getty, Social Security, Republican, Democratic Rep, Capitol, AFP, Florida Republican, Social, House Democrats, Security, Senate Locations: Bill Cassidy of Louisiana, Louisiana, Florida, Jan

☆ Less than 5% of U.S. housing supply is accessible to older, disabled Americans. These changes may help
▼ + stars: | 2023-07-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Despite a sizeable elderly and disabled population in the U.S., there is not enough affordable housing to accommodate those individuals. "In particular, too many older adults and people with disabilities cannot afford accessible housing," Casey said. At the same time, 1 in 5 Americans will be older than 65 by 2030. Accessible homes — which offer specific features or technologies — can help older and disabled individuals continue to live in their own homes or in communities they choose. Yet less than 5% of the national housing supply is accessible, Casey said.

Persons: Sen, Bob Casey, Casey, Mike Braun, Braun, " Braun Organizations: Aging, Finance, Social Security, med Social, Senate Locations: U.S

☆ As the Social Security reform debate heats up on Capitol Hill, leaders weigh if raising taxes is the answer
▼ + stars: | 2023-07-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

When it comes to Social Security benefits, a key deadline is looming: Benefits may be reduced in the next decade if no action is taken sooner. The latest projections from the Social Security trustees show the program's combined funds may run out in 2034, at which point 80% of benefits will be payable. The fund used to pay retirement benefits may run out even sooner — in 10 years in 2033 — at which point 77% of those benefits would be payable. Social Security is a "pay as you go" program, Social Security Administration Chief Actuary Stephen Goss said at Wednesday's Senate hearing. More from Personal Finance:Social Security beneficiaries may see a lower cost-of-living adjustment in 2024Here's the inflation breakdown for June, in one chartSocial Security phone disruptions have led to longer wait timesIn 2023, up to $160,200 in earnings are subject to Social Security payroll taxes.

Persons: Actuary Stephen Goss, Goss, " Goss Organizations: Social Security, Capitol, Senate, Finance, Social

☆ Chris Christie doubles down on Trump attacks and Social Security cuts
▼ + stars: | 2023-07-09 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

and Republican presidential candidate Chris Christie launched his latest blitz against Donald Trump on "Fox News Sunday." Trump and Christie also diverge on Social Security reform. In the Sunday interview, Christie was even more staunch in his stance on means testing for Social Security, which would exclude people at higher incomes from receiving those benefits. "Do the extraordinarily wealthy need to collect Social Security? Do we really need to have Warren Buffett and Mark Zuckerberg and Elon Musk collecting Social Security?"

Persons: New Jersey Chris Christie, Chris Christie, Donald Trump, Christie, Trump, Warren Buffett, Mark Zuckerberg, Hunter Biden's, Joe Biden's Organizations: Washington Hilton, Washington , DC, Former New Jersey Gov, Republican, Fox, Republican Party, Fox News, Trump, Social Security, Social, Elon, RealClear Politics, GOP Locations: New Jersey, Washington ,, America, U.S

☆ Republicans and Democrats agree Social Security reform needs to happen. But they're divided on how
▼ + stars: | 2023-06-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Advocates for a bipartisan commission argue the approach may help smooth out the differences between the parties. But whether a bipartisan commission is the answer to Social Security's funding woes is the subject of fierce debate. Social Security benefit cuts unpopular, poll showszimmytws | iStock | Getty ImagesA new poll from Social Security Works and Data for Progress of 1,191 likely voters highlights one big concern about that approach — that it would require benefit cuts. 'It has to be done in a bipartisan way'Any changes to Social Security will require bipartisan agreement. "You don't want Social Security to become a partisan issue," said Bill Hoagland, senior vice president at the Bipartisan Policy Center.

Persons: Tom Cole, Jake LaTurner, Cole, Danielle Deiseroth, Nancy Altman, Altman, Bill Hoagland, Hoagland Organizations: Istock, Getty, Social Security Commission, Democrats, Social Security, iStock, Progress, actuaries, Greenspan, Center Locations: Kansas

☆ 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

☆ Here's the 'most likely scenario' for when student loan payments could restart — and how to prepare
▼ + stars: | 2023-05-25 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Borrowers may be down to their last few months without a student loan payment. "The most likely scenario is repayment restarts in September," said higher education expert Mark Kantrowitz. Scott Buchanan, executive director of the Student Loan Servicing Alliance, a trade group for federal student loan servicers, also said lenders are actively preparing for the bills to restart in September. Readjusting your budget to include a student loan payment again may not be easy. Fortunately, there are steps you can take to be more prepared.

Persons: Mark Kantrowitz, Scott Buchanan, servicers, Biden Organizations: Biden, U.S . Department of Education, Student Loan, Alliance, Finance, House Democrats, Social

☆ Young adults are taking longer to reach 'key life milestones' impacting finances later, analysis shows
▼ + stars: | 2023-05-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Young adults in the United States are taking longer to reach "key life milestones," including financial independence from parents and living on their own, compared to four decades ago, according to a Pew Research Center analysis released on Tuesday. Today's young adults are closer to full-time employment and financial independence by age 25, the analysis of Census Bureau data shows. Financial independence is defined as having a single income of at least 150% of the poverty level. And only one-quarter were financially independent of their parents, versus more than 40% in 1980, the analysis found. "I would argue that young adults now are facing much higher costs for housing," buying a car, food and gas, Rossman said.

Persons: Ted Rossman, Rossman Organizations: Pew Research, Finance, House, Social Security, PayPal, Bankrate Locations: United States

☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks -sources
▼ + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

When Yellen responded that Biden "stands ready to work" with lawmakers, Cassidy shot back, "That's a lie because when a bipartisan group of senators has repeatedly requested to meet with him about Social (Security) ... we have not heard anything on our requests." For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.

☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks, sources say
▼ + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. I tend to be conservative and say this worked once, let's try that again," Republican Representative Tom Cole told Reuters. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.

☆ As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table
▼ + stars: | 2023-03-04 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

A recent Congressional Budget Office report projected Social Security's combined funds may run out in 2033, two years sooner than the Social Security actuaries estimated last year. Raising retirement age may be a 20% benefit cutThe Social Security full retirement age is gradually changing to 67, based on changes enacted in 1983. Lawmakers are considering raising the full retirement age again to age 70. Current beneficiaries and near retirees would likely be spared from any retirement age changes. Warren and Sanders are calling for reapplying the Social Security payroll tax to income over $250,000, while also taxing certain business and investment income at 12.4%.

☆ One Small Step for Social Security
▼ + stars: | 2023-02-01 | by ( Andrew G. Biggs | ) www.wsj.com time to read: 1 min

Social Security remains the largest federal spending program. As the new Republican House majority looks to rein in the budget, Social Security reforms could be on the table. Though vital to addressing the national debt, getting a comprehensive reform package—or any major entitlement reform—through Congress will be tough. Instead, lawmakers might consider a simple but meaningful start: capping the maximum retirement benefit. A cap would put a dent in Social Security’s 75-year funding gap of more than $20 trillion and send a message that government benefits to high-income retirees can’t be unlimited.

☆ Millennials and Gen Z counting on a 401(k) to get them through retirement are in for a rude awakening, TIAA head says
▼ + stars: | 2022-10-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Half of millennials and Gen Z expect employer-based savings plans to be enough for retirement, a TIAA study shows. Millennials and Gen Z could be in for a dire future unless they save differently. Duckett said that she wanted policymakers and employers to increase access to retirement savings plans, as well as educating workers about income options such as annuities. She also encouraged Gen Z and millennials to seek out savings vehicles like IRAs, which aren't dependent on an employer. It's a testament to how much employers have sapped their retirement packages over the past few decades that Gen Z and millennials could be in trouble.

☆ Over half of Gen Z and millennials could face a retirement crisis as inflation rises and homeownership falls, says a Boston University economist
▼ + stars: | 2022-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Over half of Gen Z and millennials could enter retirement with insufficient savings, says a Boston University economist. As of 2017, roughly half of all retirement age Americans had no personal retirement savings, per a January Census Bureau report. While the expectation that young Americans will live longer than the generations before them is a positive development, this also raises the total cost of retirement. "The retirement age will rise and it's been rising," he said, pointing to BLS projections of older workers' labor force participation. To prepare for retirement, Kotlikoff says Gen Zers should be saving 15% of what they earn after taxes, although he adds that that "may well be on the low side."

☆ As Biden vows to 'protect' Social Security, here's what we know about the future of benefits
▼ + stars: | 2022-09-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

"I want to save Social Security, Medicare and Veterans benefits." A spokeswoman for Scott pointed to a recent interview where he said his plan would help make sure people get their Social Security benefits. Specific plans from both parties are needed to secure the future of both Social Security and Medicare, she said. Due to high inflation, estimates show the Social Security cost-of-living adjustment is poised to be the highest in decades, according to The Senior Citizens League. One more month of consumer price index data will come in before the official bump for next year is announced by the Social Security Administration.

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