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☆ As Social Security's funds face insolvency, experts say these are key factors to watch
▼ + stars: | 2024-05-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Phoenix Wang | Moment | Getty ImagesA new Social Security trustees report released on Monday provides a modest bright spot for the program. watch nowThe trust fund shortfall may be addressed through tax increases, benefit cuts or by taking funds from general revenues, he said. But Social Security is poised to be an issue in the upcoming House, Senate and presidential campaigns, he said. Here are some key revelations to note from this year's Social Security trustees report. If there is a major recession, many workers who are at the margin may apply for disability benefits, he said.

Persons: Wang, Jason Fichtner, Fichtner, Max Richtman, Laura Haltzel Organizations: Social Security, Center, Committee, Budget, National Committee, Preserve Social Security, Social, Congressional Research Service

☆ Here’s why Social Security and Medicare advocates fear Mike Johnson’s speakership
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Tami Luhby | ) edition.cnn.com time to read: +6 min

Here’s what’s not up for debate: Social Security and Medicare are in financial trouble, and the nation’s debt is on an unsustainable trajectory. Spending on Social Security and Medicare is projected to soar as the nation ages, putting more pressure on Congress to address the programs. Advocates’ concernsAdvocates, however, argue that lawmakers can hide behind the debt commission and avoid taking individual blame for agreeing to benefit cuts. “The new speaker has made it clear he’s not a friend to seniors, Social Security or Medicare,” said Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare. “So if you want to keep Social Security solid, you have to do all that stuff and a lot more.”This story has been updated with additional information.

Persons: Mike Johnson, shivers, Johnson, Here’s what’s, ”, That’ll, it’s, Max Richtman, “, Joe Biden, Biden, Charles Blahous, ” Blahous Organizations: CNN, Social Security, Republican, Medicare, Congressional, Office, American Enterprise Institute, National Committee, Preserve Social Security, George Mason University, Committee, RSC

☆ Opinion | Can Social Security Be Fixed Forever?
▼ + stars: | 2023-07-03 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

In 1983, the main Social Security trust fund came within months of being exhausted. Max Richtman, the president and chief executive of the National Committee to Preserve Social Security and Medicare, told me he thinks it’s too long. He wrote in a recent Substack post that even 75 years isn’t long enough to look ahead. That’s three times the size of the gap in today’s dollars when projecting ahead 75 years. Making Social Security safe for only 75 years effectively assumes that all beneficiaries will “conveniently expire” at the end of the 75th year and so won’t need checks, he said.

Persons: Alan Greenspan, Max Richtman, it’s, ”, “, he’d, Laurence Kotlikoff, I’ve, there’s, Steve Laffey, Kotlikoff, aren’t, ” Laffey Organizations: Social Security, National Committee, Preserve Social Security, Boston University Locations: Cranston, R.I

☆ From your 401(k) to bonds, here’s how to protect your financial well-being as debt default worries grow
▼ + stars: | 2023-05-27 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

New York CNN —The White House and House GOP negotiators are rushing to finalize a deal to raise the country’s debt limit. With that X-date only about one week away, there’s still no deal to raise the debt ceiling – putting Americans’ finances in danger. If you invest in bonds, pay attention to when your Treasury bills are maturing. Stick with high-quality investmentsSteer clear of corporate junk bonds or emerging market bonds, CNN has previously reported. Federal government contractors could also see a lag in payments, which could affect their ability to compensate their workers, CNN previously reported.

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ Even as the midterm election results were 'positive for seniors,' some worry about Social Security amid debt ceiling negotiations
▼ + stars: | 2022-11-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The midterm elections made two key federal programs seniors rely on — Social Security and Medicare — a topic of national conversation. The National Committee to Preserve Social Security and Medicare saw more than 70 of the nearly 100 candidates it had endorsed win, according to its president and CEO, Max Richtman. Some key wins, according to Richtman, included Democratic Sen. Mark Kelly in Arizona over Republican candidate Blake Masters, as well as Democratic Sen. Maggie Hassan in New Hampshire against Republican Donald Bolduc. Both Masters and Bolduc had mentioned privatizing Medicare or Social Security during their campaigns, according to Richtman. Yet even as champions for preserving Social Security have been reelected or newly elected, other leaders have called for rethinking how those programs are approached.

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