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Actuary Stephen Goss - 1 Goss - 1 " Goss - 1
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☆ 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
☆ As possible Social Security benefits cut looms, GOP senator says lawmakers are working on a 'big idea' fix
  + stars: | 2023-04-25 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Nicholas Kamm | AFP | Getty ImagesSocial Security's trust funds have a new projected depletion date that is about a decade away. The idea calls for creating an investment fund separate from Social Security and allowing the investment to earn returns over a period of 70 years, Cassidy said. It would target the Social Security trust funds' biggest weakness, which is that it has "the absolute worst investment strategy you could have right now," Cassidy said. 'Big idea' inspired by private pensionsThe idea for investing Social Security's funds in the market is inspired by private pension funds, which already buy securities outside of Treasurys. Possible changes to fix Social Security generally include tax increases, benefit cuts or a combination of both.
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