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☆ Trump isn’t leaving himself many options to save Social Security
▼ + stars: | 2024-07-12 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

“FIGHT FOR AND PROTECT SOCIAL SECURITY AND MEDICARE WITH NO CUTS, INCLUDING NO CHANGES TO THE RETIREMENT AGE,” the platform reads. “It’s not a genuine policy prescription to save Social Security,” Jason Fichtner, chief economist at the Bipartisan Policy Center and former acting deputy commissioner of Social Security, said of the party platform. The combined Social Security trust funds – which help support monthly payments to the elderly, survivors and people with disabilities – are expected to be exhausted in 2035, according to its trustees’ annual report. Both candidates have painted themselves into a corner by saying they won’t cut benefits, said Biggs. “Never before have the two parties’ presidential candidates been closer in their positions on Social Security,” he said.

Persons: Donald Trump, “, Trump, “ It’s, ” Jason Fichtner, Andrew Biggs, “ Donald Trump’s, ”, Biggs, Joe Biden Organizations: CNN, Security, Republican National Committee, White House, Republicans, Social, Center, Social Security, American Enterprise Institute, Social Security Administration Locations: November’s

☆ Fact checking the CNN presidential debate
▼ + stars: | 2024-06-27 | by ( Cnn Staff | ) edition.cnn.com time to read: +69 min

CNN —President Joe Biden and former President Donald Trump faced off during CNN’s presidential debate in Atlanta Thursday night. From CNN’s Daniel DaleFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. From CNN’s Daniel Dale and Ella NilsenFormer President Donald Trump, left, and President Joe Biden take part in the CNN presidential debate on Thursday, June 27. From CNN’s Alicia WallaceFormer President Donald Trump and President Joe Biden debate at CNN's Atlanta studios on June 27, 2024. Kpler found that China imported about 511,000 barrels per day of Iranian crude in December 2020, Trump’s last full month in office.

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☆ The fertility crisis is here and it will permanently alter the economy
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.

Persons: it’s, Louis, Simona Paravani, ”, Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “

☆ The Social Security Fix Nobody Wants to Talk About
▼ + stars: | 2024-05-31 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

Millions of Americans worry about Social Security — whether they will get the full retirement paychecks promised to them in years to come. And many younger people believe — incorrectly, in my view — that by the time they are ready to retire, Social Security will no longer be there for them. The latest annual Social Security Trust Funds report in May said that unless action was taken, benefit cuts of roughly 20 percent would have to start in 2033. Yet when you stop and really look at the problem, it turns out that what’s required for fixing Social Security is no big deal. It’s based on hard numbers calculated by Alicia Munnell, a Boston College economics professor who is among the nation’s premier experts on Social Security.

Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington

☆ Fixing Social Security Is an Election Issue Nobody Talks About
▼ + stars: | 2024-05-31 | by ( Jeff Sommer | ) www.nytimes.com time to read: 1 min

Persons: paychecks, Alicia Munnell Organizations: Social, Social Security Trust, Boston College, Social Security Locations: Washington

☆ Opinion | Debating the Best Way to Fix Social Security
▼ + stars: | 2024-05-26 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Want to Fix Social Security? The Well-Off Must Accept Smaller Checks,” by Peter Coy (Opinion, nytimes.com, May 13):I find it maddening that the only solution to the Social Security Trust Fund difficulties offered by conservatives is reducing benefits. There are a number of acceptable increases that could solve the funding problems of Social Security and Medicare. Let me suggest a few: The Social Security tax stops at a relatively low income level, $168,600 annually, this year. Speaking of all of a person’s income, why is it that only “earned” income is taxed for Social Security?

Persons: Peter Coy, stiffs Organizations: Social Security Trust Fund, Social Security

Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

☆ The pandemic has changed when Americans expect to retire
▼ + stars: | 2024-05-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Most non-retired adults have some type of retirement savings, but only 36% think their savings are on track. New research from economists at the Federal Reserve Bank of New York finds that this retirement savings deficit hasn’t made a dent in when Americans plan to exit, or partially exit, the workforce. “The pandemic-induced change in retirement expectations may continue to affect the labor market in years to come,” they wrote. Yes, but: This is a survey of expectations, researchers at the New York Fed are quick to point out. Just because Americans say they plan to shift to part-time work or retire early, it doesn’t mean that they’ll be able to.

Persons: Felix Aidala, Gizem Kosar, Wilbert van der, ”, They’re, Alicia Wallace, delinquencies, Joelle, CNN’s Parija, Donna Morris, Morris, ” Morris Organizations: CNN Business, Bell, New York CNN, Census, Federal Reserve Bank of New York, Social Security, New, Survey, SCE, triannual, Social, Social Security Agency, Lawmakers, New York Fed, Federal Reserve Bank of New, “, Public Policy Research, Credit, Walmart, CNN, San Francisco Bay Area Locations: New York, United States, York, Federal Reserve Bank of New York, Bentonville , Arkansas, Walmart’s Dallas, Atlanta, Toronto, Bentonville, San Francisco Bay, Hoboken , New Jersey

☆ Opinion | Want to fix Social Security? The Well-Off Must Accept Smaller Checks.
▼ + stars: | 2024-05-13 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

That’s all that’s left until the combined Social Security accounts — the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund — are likely to run out of money and can no longer pay full scheduled benefits, according to the latest report of the Social Security trustees. (Even with no fix at all — highly unlikely — incoming payroll taxes would cover 83 percent of scheduled benefits.) What I do worry about is what Washington’s patch for Social Security will look like. The cold math shows that fixing Social Security in a lasting way will require a combination of tax increases and benefit cuts. And both parties’ leaders — President Biden and former President Donald Trump — have ruled benefit cuts off the table.

Persons: — President Biden, Donald Trump — Organizations: Security, Insurance Trust Fund, Disability Insurance Trust Fund, Social, Social Security, —

☆ 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

☆ Social Security trust fund set to be depleted by 2035 estimates U.S. Treasury
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSocial Security trust fund set to be depleted by 2035 estimates U.S. TreasuryCNBC's Meghan Casella joins 'Closing Bell Overtime' with the latest on Medicare and Social Security fund estimates out of the Treasury.

Persons: Treasury CNBC's Meghan Casella Organizations: Social Security, Treasury, Medicare

☆ Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says
▼ + stars: | 2024-05-06 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Valerie Macon | Afp | Getty ImagesThe trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees' report released on Monday. The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth. "This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035," Social Security Commissioner Martin O'Malley said in a statement. What reports reveal about Social Security, MedicareSocial Security's new 2035 depletion date applies to its combined trust funds. The Medicare Hospital Insurance trust fund — used to fund Part A benefits — saw the biggest improvement in this year's trustees report.

Persons: Valerie Macon, Martin O'Malley, O'Malley, — Organizations: Social Security Administration, Afp, Getty, Social Security, Social, Medicare, Insurance Trust, Disability Insurance Trust, Medicare Hospital Insurance, Insurance Trust Fund, Department Locations: Burbank , California

☆ More people are working well past retirement age. It’s not easy
▼ + stars: | 2024-04-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +11 min

So last October, at the age of 80, Murray ended her retirement and got a job giving out samples at Costco. Forecasters expect that cohort of older , working Americans to double over the next decade. “More people are working at desk jobs that don’t require much physical labor,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. “That’s people who are changing jobs, younger workers and non-college educated workers.” Older workers tend not to change jobs, and they’re more likely to have a college degree. The Age Discrimination in Employment Act (ADEA) forbids age discrimination against people who are age 40 or older in the workplace.

Persons: Hope Murray, ”, Murray, she’ll, “, Murray isn’t, Gal Wettstein, Monique Morrissey, ” Morrissey, What’s, Heidi Brockway, Brockway, Morrissey, ageism, Bob Vaughn, Wettstein, Vaughn, Mary Susan, they’ve, Mary Susan’s, they’d, They’re, Diane Reiter, ” Reiter, she’s, I’d, She’s Organizations: New, New York CNN, Gas, Costco, ”, Pew Research Center, Center for Retirement Research, Boston College, Economic Policy Institute, Social, Social Security Agency, Social Security, Lawmakers, AARP, Retirement Research, Amazon, Economic, Worker, Brookings Locations: New York, Hollywood, San Diego, Los Angeles, Southeast Florida, Florida, United States, Charlotte , North Carolina, Asheville, Chicago

☆ How America's Retirement System Turned Into a Stressful Nightmare
▼ + stars: | 2024-04-09 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

Then you get to collect Social Security, on top of drawing from the nest egg you've built up over your career. The burden of saving for retirement — and the anxiety that comes with it — is a fairly new phenomenon. There's nothing irrational about being nervous that you won't have enough money to live on to last your whole life. The new system also allows people to dip into their retirement piles if need be — which can be both a blessing and a curse. AdvertisementIt's not likely that Social Security will just dry up — Congress could increase the retirement age or up the funding for the program.

Persons: they'll, Teresa Ghilarducci, —, they'd, Larry Fink, there's, Fink, It's, they're, Norman Stein, Drexel University's Thomas R, Chris Woods, They're, Stein, Riley Moynes, it's, Woods, Emily Stewart Organizations: Social, CNBC, The New School, Workers, BlackRock, Drexel, Kline School of Law, Silvis, Social Security, GOP, Security, Business Locations: America, New, Charlotte , North Carolina

☆ Why Retirement Feels so Scary for Millennials and Gen Z
▼ + stars: | 2024-04-09 | by ( Emily Stewart | ) www.businessinsider.com time to read: +9 min

Then you get to collect Social Security, on top of drawing from the nest egg you've built up over your career. In a recent CNBC survey, over half of respondents in the US said they thought they were behind on saving and planning for retirement. The burden of saving for retirement — and the anxiety that comes with it — is a fairly new phenomenon. There's nothing irrational about being nervous that you won't have enough money to live on to last your whole life. AdvertisementIt's not likely that Social Security will just dry up — Congress could increase the retirement age or up the funding for the program.

☆ Retirement crisis looms as Americans struggle to save
▼ + stars: | 2024-04-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

“However, I am fully aware that I’m creating another problem for myself down the road.”For now, his retirement plans sit on the back burner. Retirement savings in the United States were long thought of as a three-legged stool. Americans had pension plans, Social Security benefits, and defined contribution plans like the 401(k). Social Security payments still provide about 90% of income for more than a quarter of older adults, according to Social Security Agency surveys. She’s had to rely on her 401(k) retirement savings to support her and her son more than once.

Persons: Eric Payne, there’s, ”, Payne, I’ve, he’ll, What’s, Larry Fink, “, –, ” Fink, Fink, Jamie, She’s, – Jamie, wasn’t, Donald Trump, ” Trump, Joe Biden, Karoline Leavitt, Trump, Biden, Bernie Sanders, Sanders, BlackRock’s Fink, Beth, ” Beth Organizations: New, New York CNN, CNN, Social Security, Social, Social Security Agency, Security, Lawmakers, BlackRock, CNBC, Vermont Independent, Medicare Locations: New York, Portland , Maine, United States, Central Texas, Pittsburgh

☆ Opinion | Nikki Haley’s Views on Social Security
▼ + stars: | 2023-12-04 | by ( ) www.nytimes.com time to read: +1 min

The problem of an impending shortfall of the Social Security Trust Fund is in significant part a consequence of our rising economic inequality. High-income people pay a smaller share of their income into Social Security because salary over $160,200 — the so-called “tax max” — is not subject to the Social Security tax. Also, there is no Social Security tax on income from capital (including dividends, interest, capital gains and rents), which tends to go to wealthy people. Consequently, as a larger and larger part of our national income goes to the rich, the share collected by the Social Security tax declines. The solution is not hard to envision: Raise the “tax max” and tax income from capital.

Persons: “ Haley, Paul Krugman, Krugman Organizations: Social Security, Social Security Trust Fund, Social

"A fiscal commission is direly needed," Republican Senator Mike Braun, a Budget Committee member, said in an interview. It circulated ideas from a dozen experts on how a commission could offer up solutions for taming deficits and debt. Other recommendations included subjecting high-income earners to more Social Security taxes and gradually raising the age for full retirement benefits to 69 from the current 67. A commission, said independent Senator Bernie Sanders, who caucuses with Democrats, would simply be "a backdoor way to get into cutting Social Security." Sanders embraced lifting the cap on taxable income to extend the life of the Social Security trust fund.

Persons: Kevin Wurm, Mike Braun, Braun, Moody's, Fitch, Michael Peterson, Peter G, Mark Zandi, Dana Peterson, Lori Esposito Murray, Joe Manchin, Mitt Romney, Bernie Sanders, Sanders, Richard Cowan, Moira Warburton, Grant McCool Organizations: U.S, Capitol, REUTERS, Rights, Congress, Treasury Department, Republican, AAA, Peterson Foundation, Conference Board, Democratic, Representatives, Social Security, Social, Thomson Locations: Washington , U.S

NEW YORK (AP) — Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments. Here's what to keep in mind:Political Cartoons View All 1209 ImagesHOW DOES SOCIAL SECURITY WORK? The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The short answer is that taxes fund Social Security. While the money is used to pay people currently receiving benefits, any unused money goes to the Social Security trust fund.

Persons: Kathleen Romig, ”, Mark Hamrick, Hamrick, Charles Schwab Organizations: Social, Bureau of Labor Statistics Consumer, Social Security, Budget, Bureau of Labor Statistics ’, “, Boomers, Associated Press, Charles, Charles Schwab Foundation, Inc, AP

But she isn’t certain that it will be enough, even with her Social Security benefits. Charles Blahous, a former Social Security trustee, said the annual COLA announcement is a reminder about the program's stressed finances. Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, says her organization supports the Social Security Administration using whichever index is higher to best protect older people from inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings.

Persons: Karla Abbott, she’s, Charles Blahous, Mary Johnson, Kevin McCarthy, Abbott, Alfred Mason, Mason, Jo Ann Jenkins, ” Johnson, “, ” Organizations: WASHINGTON, Social Security, Bureau of Labor Statistics, Senior Citizens League, Social Security Administration, Security, Social, AARP, Senior Citizens Locations: Sioux Falls , South Dakota, Washington, Louisiana

☆ With Social Security trust funds 'rapidly heading to zero,' some ask whether the money should be invested in equities
▼ + stars: | 2023-10-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The trust funds that Social Security relies on to pay benefits are "rapidly heading to zero," according to the Center for Retirement Research at Boston College. Those funds, which are typically invested in Treasury securities, are projected to run out in 2034, at which point just 80% of benefits may be payable. As that date draws closer, that has prompted more discussion as to whether that money should also be invested in stocks. "Theoretically, yes," said Anqi Chen, senior research economist and assistant director of savings research at the Center for Retirement Research, which recently published research addressing the question. More from Personal Finance:Here's what happens to Social Security benefits after you dieAs student loan bills resume, how economy may be shakenHow Congress may fix looming Social Security benefit shortfallBut the real-world answer is not necessarily clear-cut, Chen and other experts say.

Persons: Anqi Chen, Chen, Peter G Organizations: Social, Center for Retirement Research, Boston College, Finance, Social Security, Security, Peterson Foundation Locations: New York

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ Exclusive: Biden taps ex-Maryland Governor O'Malley to run Social Security agency
▼ + stars: | 2023-07-26 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

O'Malley, a Democrat, would need to be confirmed by the Senate to become commissioner of the Social Security Administration at a time when political partisanship has made confirming presidential nominees increasingly difficult. "Since Day 1 I have fought to strengthen and defend Social Security, which tens of millions of Americans have paid into and depend on to support their livelihoods. I know that Governor O’Malley will continue to be a strong partner that works tirelessly to protect Social Security for generations to come." The over $1 trillion budget U.S. Social Security agency has been run by an acting commissioner, Kilolo Kijakazi, since Biden in 2021 fired the Trump holdover Andrew Saul after he refused to resign. The main Social Security trust fund's reserves will be depleted within a decade, the program's trustees and the Congressional Budget Office both estimated this year.

Persons: Joe Biden, Martin O'Malley, O'Malley, Hillary Clinton, O’Malley, Biden, Kilolo Kijakazi, Andrew Saul, Kevin McCarthy, Trevor Hunnicutt, Heather Timmons, Andrea Ricci Organizations: Maryland, U.S, Social Security, White House, Reuters, Democrat, Senate, Social Security Administration, Democratic, Social, Trump, Republican, Congressional, Thomson Locations: Baltimore, O'Malley's, Maryland, Florida, New Hampshire, Pennsylvania

☆ 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

Social Security has likely touched your life or the life of someone you know. While you're working, a chunk of your paycheck goes toward Social Security. In 2023, nearly 70 million Americans will receive a Social Security benefit every month. The Social Security Board of Trustees projected in its annual report that the combined asset reserves of the Social Security trust funds will become depleted in 2034, one year sooner than previously projected. A woman stands outside a U.S. Social Security Administration building in Burbank, California, Nov. 5, 2020.

Persons: it's, Kathleen Romig, Valerie Macon Organizations: Security, Social Security, Budget, Social, Social Security Administration, AFP, Getty Locations: Burbank , California

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