DIRS.INFO top alerts submit data jurnalism about API
login
Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Social Security's"


25 mentions found


☆ Social Security is in jeopardy of cutting benefits in just a decade, and no one's stepping in to fix it
  + stars: | 2023-03-31 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
The latest Social Security and Medicare Board of Trustees report lays out estimates for both programs. The trustees find that Social Security will be unable to pay full benefits in about 10 years. Importantly, that doesn't mean that, past 2033 or 2034, there will be no Social Security benefits or the program will be bankrupt. "House Republicans are determined to cut Social Security and Medicare," House Minority Leader Hakeem Jeffries wrote on Twitter on Wednesday. "With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations."
☆ Raise retirement age, or hike payroll taxes? New tool lets you decide how to fix Social Security
  + stars: | 2023-03-29 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
You may have heard that Social Security's funds are running low. Now, a new virtual tool from the American Academy of Actuaries lets you explore Social Security's woes and decide exactly what changes you would make to restore its solvency. Based on the Social Security Administration Board of Trustees' annual 2022 report, the funds may be depleted in 2035. The urgency of Social Security's issues has caught lawmakers' attention recently. During the State of the Union address in February, President Joe Biden prompted leaders from both sides of the aisle to stand to show their support for protecting Social Security and Medicare.
☆ '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.
☆ Biden budget calls for 'protecting and strengthening' Social Security
  + stars: | 2023-03-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Days after introducing a new plan to shore up Medicare, President Joe Biden called for "protecting and strengthening" Social Security with the introduction of his fiscal 2024 budget on Thursday. With the budget, the president reaffirmed his intentions to reject any proposed cuts to Social Security or Medicare. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., have also led a plan that would make income over $250,000 subject to Social Security taxes. At the same time, the budget also indicates that the administration "looks forward to working with Congress to responsibly strengthen Social Security by ensuring high-income individuals pay their fair share." Biden has proposed raising Medicare taxes to 5%, from 3.8%, for both earned and unearned income over $400,000.
☆ If you want to balance the budget without raising taxes or cutting defense, Social Security, and Medicare, you'd probably have to fire nearly every park ranger and cut 70% of anti-poverty spending
  + stars: | 2023-03-07 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
That is, if tax increases, defense spending, Social Security, and Medicare remain off the table. "The thing is the government has basically three gigantic programs and it's the US military, Social Security, and Medicare," Goldwein said. "The idea we're just going to eliminate all parts of government other than Social Security, Medicare, and defense — it's just not realistic, or desirable," Goldwein said. Meanwhile, Democrats await Republicans' plan to move ahead with a deal to raise the debt ceiling before the US defaults. The hard right demands spending cuts," Senate Majority Leader Chuck Schumer wrote on Twitter.
☆ 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%.
☆ There are whispers on Capitol Hill of a rare bipartisan effort to overhaul Social Security as the program is set to go broke in less than 10 years
  + stars: | 2023-03-01 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +4 min
A group of senators is considering a sovereign wealth fund (SWF) to prevent Social Security insolvency, Semafor reported. A SWF is a government-backed investment fund, and its profits would be used to pay Social Security benefits. In this case, such investments would be used to fund Social Security payments. The goal is, members of the group told Semafor, for Social Security to be solvent for 75 more years, at least. "Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan.
☆ Bernie Sanders, Elizabeth Warren, and other Democrats are once again trying to give retirees an additional $2,400 in their Social Security checks
  + stars: | 2023-02-13 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
Sanders, Warren and other Democrats introduced a bill to extend Social Security solvency through 2096. Sanders, alongside Sen. Elizabeth Warren and Reps. Jan Schakowsky and Val Hoyle, introduced legislation to beef up Social Security benefits and keep the program solvent through 2096. Social Security beneficiaries are currently facing down checks being cut as soon as 2035, as the program's trust fund slowly runs out. "Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need." Currently, only up to $162,000 is taxed for Social Security while any income above that limit is free from the tax.
☆ As Social Security's full retirement age moves to 67, some experts say it should not go higher
  + stars: | 2023-02-12 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Pekic | E+ | Getty ImagesMore than 1 million people recently took to the streets in France to protest an increase in the country's standard retirement age. The full retirement age for Social Security, when workers are eligible for 100% of the benefits they've earned, is transitioning to age 67. Based on their proposal, people born in 1978 or later would have a full retirement age of 70. watch nowThe Republicans also propose raising Medicare's eligibility age to coincide with the Social Security full retirement age and then indexing that age to life expectancy. "I think that's about as far as you can go," Munnell said of the age 67 full retirement age that is getting phased in now.
☆ Seniors urge Congress to protect Social Security, Medicare ahead of State of the Union
  + stars: | 2023-02-07 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
President Joe Biden speaks about protecting Social Security, Medicare, and lowering prescription drug costs, during a visit to OB Johnson Park and Community Center, in Hallandale Beach, Florida, on Nov. 1, 2022. Kevin Lamarque | ReutersSocial Security and the debt ceiling debateThe future of Social Security and Medicare have increasingly come up in the debate around the debt ceiling. Both Biden and House Speaker Kevin McCarthy have vowed to keep changes to Social Security and Medicare off the table. That would include Social Security's pension and disability, Medicare Part A and highway trust funds. Social Security changes require bipartisan support
☆ This Social Security change would be ‘easiest and quickest,’ Manchin says. What debt ceiling negotiations may mean for benefits
  + stars: | 2023-01-23 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
But that should not include cuts to Social Security and Medicare benefits, he said. "I've got 60% of my population that that's all they have is Medicare and Social Security," Manchin told NBC's "Meet the Press" on Sunday. How raising payroll tax cap could aid Social SecurityIn 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security. Other Democrats have also proposed raising payroll taxes to help shore up Social Security. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62?
☆ 75% of retirees fall short of a key retirement income goal. These steps can help
  + stars: | 2023-01-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
But many retirees fall short of that retirement income goal, according to research from Goldman Sachs Asset Management. The gap isn't surprising, considering that more than 40% who are still working say they are behind schedule on their retirement savings. "You have all these competing priorities that can crowd out retirement savings," said Mike Moran, senior pension strategist at Goldman Sachs. What to know about Social Security's 8.7% cost-of living adjustmentWhy applying for Social Security benefits with long Covid is tricky1. Delay claiming Social Security benefitsThe longer you wait to claim Social Security retirement benefits up to age 70, the bigger your monthly checks will be.
☆ Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
  + stars: | 2023-01-20 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. A recent survey by The Senior Citizens League found 57% of older taxpayers worry more of their Social Security benefits will be taxed due to last year's 5.9% cost-of-living adjustment. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62? However, beneficiaries would be wise to get a jump on their tax planning for next year to mitigate the effects of the 8.7% cost-of-living adjustment.
☆ Social Security cost-of-living adjustments have fallen short of inflation by $1,054 since the start of pandemic
  + stars: | 2023-01-12 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
That's as this year's 8.7% COLA kicks in for more than 65 million Social Security beneficiaries this month. That new data indicates Social Security beneficiaries will recover $38.70 after months of grappling with record high inflation, according to a new report from The Senior Citizens League. Average Social Security benefits fell short of inflation by about $1,054 from the start of the pandemic through 2022, according to a new analysis from the non-partisan senior group. That excludes Medicare Part B premiums, which are typically deducted directly from Social Security benefit checks. The predicament has made it more important for retirees to carefully plan for all income streams, not just Social Security.
☆ Approaching age 62? What you need to know about Social Security's 8.7% cost-of-living adjustment and claiming benefits
  + stars: | 2023-01-10 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
Current Social Security beneficiaries are poised to receive an 8.7% boost to their benefits for 2023 starting this month, thanks to the highest cost-of-living adjustment in 40 years. If you're at or near Social Security's retirement benefit eligibility age of 62, you may wonder if you should claim benefits to get in on the COLA increase. "Don't feel like you're going to miss it if you don't claim now," said Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Put off claiming even longer — up to age 70 — and you will get up to an 8% boost for every year you delay passed full retirement age. If they continue to wait, they also stand to receive higher benefits as the discounts for early claiming get reduced, he said.
☆ Average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most
  + stars: | 2022-12-20 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Sollina Images | Tetra Images | Getty ImagesAmid record high inflation, stretching Social Security benefit checks became more difficult in 2022. Even as a 5.9% cost-of-living adjustment went into effect in January, the record high annual benefit increase still fell short, according to new research from The Senior Citizens League. The average retiree benefit fell short by an average of $42.35 per month, or 46%, the research found. The 5.9% annual increase for 2022 was the highest bump to benefits in 40 years when it was announced in October 2021. "Even the simplest of foods are harder for people to afford," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.
☆ The White House is touting a huge boost to Social Security checks. It's happening because inflation is sky high.
  + stars: | 2022-11-02 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +3 min
That's despite Social Security cost of living adjustments being directly tied to inflation since 1972. The boon to Social Security is accurate, but it's one that would happen regardless of Biden's stewardship. The direct relationship between inflation and Social Security has existed since 1972, when President Richard Nixon signed automatic benefit adjustments. It's the largest rise in Social Security payments in about that same amount of time, and will increase monthly Social Security checks by about $145 per month on average, according to the AARP. And protecting Medicare and Social Security are top issues for them, according to an AARP survey analysis.
☆ Biden says Republicans want to risk economic chaos by using the debt ceiling to force Medicare and Social Security cuts
  + stars: | 2022-10-24 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
President Joe Biden said that the GOP wants to hold the economy hostage over Social Security and Medicare. If they retake the House, the GOP wants to use debt ceiling negotiations to enact spending cuts. But Biden has ruled out repealing the debt ceiling, despite Democratic pushes. Biden has said that he opposes repealing the debt ceiling outright, despite calls to do so from some Democrats: "That would be irresponsible." "In order to cut Social Security and Medicare, they're threatening to default on the federal debt," Biden said of the GOP.
☆ 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.
☆ Millions of retirees are about to get a $140 monthly raise from Social Security to help deal with how expensive everything has gotten
  + stars: | 2022-10-13 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
That adjustment will put over $140 more a month in retirees' social security checks. Social security checks are tied to cost-of-living hikes from the third quarter of one year to another. "Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,"Acting Social Security Administration Commissioner Kilolo Kijakazi said in a release. "Seniors deserve increases in their Social Security checks to keep up with risings costs — this year, and every year. Democrats are fighting to protect and expand Social Security, funded by the wealthy paying their fair share," Warren tweeted on Thursday.
☆ U.S. retirees see biggest Social Security hike in more than 40 years
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: +3 min
Retirees and other beneficiaries will get an 8.7% cost-of-living (COLA) adjustment starting in January, the U.S. Social Security Administration, which administers the benefit program, said in a statement. The average recipient will see $140 more per month in their 2023 benefit checks, it added, benefiting about 70 million people receiving Social Security or Supplemental Security Income (SSI) aid. The programs benefit older Americans who have retired from their jobs as well as the disabled and certain widows, widowers and children. The consumer price data, used to set the Social Security adjustments, showed rising rent, food and health care costs pressuring consumers. Mary Johnson, an analyst at the seniors advocacy group Senior Citizens League, said adequate cost-of-living increases were necessary "as older Americans live longer lives."
☆ Social Security's cost-of-living increase for 2023 would be largest in 40 years. Here's what that means for benefits
  + stars: | 2022-10-10 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Retirees who are confronting higher prices due to record high inflation may get some welcome news this week when the Social Security Administration announces the cost-of-living adjustment for 2023. The Senior Citizens League, a nonpartisan senior group, estimated last month that the COLA could be 8.7% next year. "These are just estimates," which means the official change for 2023 could come in higher or lower, said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. The Senior Citizens Leagues' estimate pointed to a higher 10.5% bump to benefits next year based on June data. The annual COLA applies to both Social Security and Supplemental Security Income benefits.
☆ Public servants like teachers and police often get reduced Social Security. Congress is weighing a bill that could change that
  + stars: | 2022-09-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Monkeybusinessimages | Istock | Getty ImagesMillions of Americans may receive reduced Social Security benefits if they worked in public roles as teachers, firefighters, police or government workers. "There just aren't that many legislative days left," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. Why public servants encounter reduced Social SecurityThe Social Security Fairness Act calls for repealing two titles of the Social Security Act that reduce or eliminate benefits for Americans who work in public service — the Windfall Elimination Provision and the Government Pension Offset. The Social Security Fairness Act would fully repeal both rules, thus making benefits more generous for those affected. 82 would need offsets not to have a huge financial impact on the Social Security trust funds, and it doesn't provide that," Sprick said.
☆ A Harvard-trained economist says 'early retirement is one of the worst money mistakes'—here's why you'll 'regret' it
  + stars: | 2022-02-01 | by ( Laurence J. Kotlikoff | ) www.cnbc.com   time to read: +4 min
So, I'll be blunt: For most Americans, early retirement isn't just a decision to take the longest vacation of their lives — it's one of the biggest money mistakes that they will regret. The reason is simple: We are, as a group, lousy savers, making early retirement unaffordable. According to a Boston College Center for Retirement Research report, half of today's working families risk a major living standard decline in retirement. Still, almost two-thirds of people — between ages 57 and 66 — choose to retire early out their own volition, despite having saved next to nothing. If she continues to do so, her post-retirement living standard will be half her pre-retirement living standard!
<< prev 2 next >>
Total: 25