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☆ You’re Probably Saving Enough for Retirement
  + stars: | 2023-08-23 | by ( Andrew G. Biggs | ) www.wsj.com   time to read: 1 min
One problem: Voters aren't buying it. The headlines are meant to alarm you. “Millions of older workers are nearing retirement with nothing saved,” CBS News reports. “Only one in 10 low-income workers between the ages of 51 and 64 had any retirement savings in 2019, says the New York Post, citing “a troubling report recently published by the US Government Accountability Office.” Meanwhile, nearly all high-income Americans are saving, an inequality the GAO attributes to the federal tax preference for retirement-plan contributions.
Persons: “ Organizations: CBS, New York
☆ Column: The new US Social Security forecast: what it means for retirees
  + stars: | 2023-04-04 | by ( Mark Miller | ) www.reuters.com   time to read: +6 min
But if the headlines stemming from the annual report of the Social Security trustees jangled you, take a deep breath. The report, released on March 31, forecasts that the Social Security retirement trust fund reserves will be depleted in 2033. What does the new Social Security forecast mean for current and future retirees? But the trust fund also can accumulate balances when Social Security runs surpluses, as has been the case for the last several decades. A: Social Security collects FICA contributions only up to a certain level of wages - $160,200 this year.
☆ 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.
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