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☆ This chart shows the fastest-rising costs for Social Security beneficiaries
  + stars: | 2023-05-17 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
Lordhenrivoton | E+ | Getty ImagesHigh inflation 'extremely difficult' for retireesSocial Security COLAs have increased by 78% since 2000, according to The Senior Citizens League. At the same time, the cost of goods and services retirees typically buy has gone up by 141.4% over that time. Yet the current 36% loss in buying power is still one of the deepest losses recorded, according to the group. Eggs topped the list of fastest-growing costs for seniors since 2000. While higher spending may complicate the fight against higher inflation, it is delayed relief for older Americans, whose COLA was lower than price growth in 2022.
☆ Black taxpayers more likely to face audits, IRS confirms
  + stars: | 2023-05-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
The IRS on Monday said that Black taxpayers are significantly more likely to face an IRS audit, confirming recent findings. IRS Commissioner Daniel Werfel said the agency is weighing changes to address the disparity. A study released in January by economists at Stanford University, the University of Michigan, the U.S. Department of the Treasury and the University of Chicago found the IRS audits Black taxpayers about three to five times more than other Americans. Specifically, he vowed to examine algorithms for audits of filers claiming the earned income tax credit, or EITC, a tax break to low- to moderate-income workers. Werfel added: "I will stay laser-focused on this to ensure that we identify and implement changes prior to next tax filing season."
☆ Debt ceiling woes point to need for Social Security, Medicare reform, experts say
  + stars: | 2023-05-16 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
As lawmakers work to hammer out a debt limit deal, experts already say more needs to be done to curb the nation's spending, and that could include Social Security and Medicare reform. The debt ceiling is the maximum amount of money that the federal government may borrow to pay its bills. More from Personal Finance:How federal payments may be delayed in debt ceiling standoffWhat the looming debt ceiling crisis means for your portfolioWho could be affected most by retirement reforms in the U.S. House Republicans have passed legislation called the Limit, Save, Grow Act to raise the debt ceiling. While there is optimism both parties will come together to address the issue, experts say it is unlikely any compromise will include long-term fixes for the nation's fiscal woes.
☆ A retirement-savings gap may cost the economy $1.3 trillion by 2040. How state-run programs can fix it
  + stars: | 2023-05-12 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
Many Americans aren't saving enough for retirement — and the shortfall could pressure state and federal budgets in the decades ahead. But research shows that state-run programs could help people save for retirement while reducing that strain. Without changes, the retirement-savings gap could create a $1.3 trillion economic burden through 2040, with increased public assistance costs, lower tax revenue and more, according to a study released Thursday by the Pew Charitable Trusts. If the current trends continue, 61% of elderly households are expected to have an annual income below $75,000 in 2040, and the yearly income shortfall is projected to be $7,050 by the same year. Roughly half of working households may struggle to maintain their pre-retirement standard of living in their golden years, the Center for Retirement Research at Boston College reported this week.
☆ As retirement age change sparks protests in France, here's what could happen in the U.S.
  + stars: | 2023-05-07 | by ( Lorie Konish | ) www.cnbc.com   time to read: +5 min
Damien Meyer | Afp | Getty ImagesAn increase in pension retirement age to 64 from 62 in France has sparked ongoing protests. The U.S. could be poised for a similar change with the Social Security retirement age. Today, that higher retirement age is still getting phased in. People born in 1960 and later now must wait until 67 to receive their full "retirement age" benefits. For example, if you are eligible for a $1,000 monthly benefit at full retirement age, you would get just $700 per month if you started at age 62.
☆ Heading into retirement? Here are 4 key tips for mapping out a game plan
  + stars: | 2023-04-28 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
Claiming Social Security benefits• Key deadline to watch: By age 60, you should go to the Social Security Administration website and review your statement, recommends Craig Copeland, director of wealth benefits research at EBRI. When to claim Social Security retirement benefits is one of the big questions retirees face. At full retirement age — 66 or 67, depending on your date of birth — you will receive 100% of the benefits you earned. "The later you can file for Social Security, the better it is as far as the amount you're going to get," John said. While you may start your Social Security retirement benefits at age 62, eligibility for Medicare generally does not start until age 65.
☆ As lawmakers gear up for federal debt limit fight, here's what it could mean for Social Security
  + stars: | 2023-04-26 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Speaker of the House Kevin McCarthy, R-Calif., speaks to reporters in Statuary Hall in the U.S. Capitol after announcing his debt limit increase plan on the House floor on April 19, 2023. More from Personal Finance:GOP senator touts 'big idea' Social Security funding fixExperts argue Social Security retirement age should not pass 67The return on waiting to claim Social Security is 'huge'A default on the U.S. debt would be unprecedented, as the country has paid all its bills on time since 1789, Yellen noted. The extraordinary nature of such an event has called into question how the government would juggle payments, including Social Security benefit checks. The U.S. Department of the Treasury would likely prioritize the payment of Social Security benefit checks, Jason Fichtner, a former Social Security Administration executive and vice president and chief economist at the Bipartisan Policy Center, told CNBC.com in January. However, it is possible the Social Security Administration would delay payments to ensure it has enough cash on hand, he said.
☆ Tax Day: Here's what you need to know if you haven't filed your return yet — and even if you have
  + stars: | 2023-04-18 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +10 min
New York CNN —It’s April 18, the official deadline to file your federal and state income tax returns for 2022. Whether you have already filed your tax return or still need to, the good news is this tax filing season has gone much more smoothly than the past three, which were hurt by the pandemic. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. If you’ve already filed your return, you’re probably glad to have it in the rear view mirror. But one thing is common for the vast majority of US tax filers: Audit rates are exceedingly low.
☆ Opinion: Top secrets come spilling out
  + stars: | 2023-04-16 | by ( Richard Galant | ) edition.cnn.com   time to read: +16 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Writing for CNN Opinion, Rep. Justin Pearson noted, “This should be a chastening moment for revanchist forces in Tennessee’s legislature and across the country. Over the long haul, the undemocratic machinations employed to oust us from office are destined to fail. Dr. Martin Luther King, Jr. once famously said that the moral arc of the universe bends toward justice. “As a Jewish historian,” Perry wrote, “I worry about the tension between preserving the memory of past hardships while not locking our entire history into a tale of oppression.
☆ Last-minute tax-filing tips
  + stars: | 2023-04-13 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +7 min
New York CNN —So far this tax season, the IRS has received more than 90 million income tax returns for 2022. If yours is among them, here are some last-minute tax-filing tips to keep in mind as the Tuesday, April 18 deadline approaches. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. Proofread your return before submitting it: Do this whether you’re using tax software or working with a professional tax preparer. Note, however, that an extension to file is not an extension to pay.
☆ As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon
  + stars: | 2023-04-13 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year. Yet another measure used to calculate the Social Security COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — rose 4.5% over the last 12 months and 0.3% for the month prior to seasonal adjustment. To be sure, that is a very early estimate, according to Mary Johnson, Social Security and Medicare analyst at The Senior Citizens League. Gauging how much the increase for 2024 will be, if there is one, will be clearer toward the second half of the year, she said. In 2023, Social Security beneficiaries saw an 8.7% bump to their Social Security benefits, a four-decade record prompted by high inflation.
☆ Foxconn founder Gou says will strive to be Taiwan presidential candidate
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: 1 min
Column: The new US Social Security forecast: what it means for retirees, article with galleryUnited States category · April 4, 2023The forecast for Social Security got a bit more cloudy last week, with the program’s trustees projecting that the critical retirement program will run short of cash one year earlier than had been forecast last year.
☆ Insolvency is on the horizon for Social Security, Medicare funds, expert says. These changes may help
  + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
The research finds 37.8% of adults 65 and over would have incomes below the official poverty line without Social Security benefits. With Social Security benefits, 9% of older adults have incomes below the poverty line. But reducing poverty through and outside of Social Security beyond a sliding scale minimum benefit may be a better approach, she said. Moreover, the maximum Social Security retirement benefit is two to three times higher than what countries like the United Kingdom, Canada or Australia pay. "We're going way, way beyond a pure safety net program," Biggs said.
☆ 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.
☆ U.S. Social Security fund seen depleted 2033, year earlier than previous estimate
  + stars: | 2023-03-31 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, March 31 (Reuters) - The U.S. Social Security system's main trust fund's reserves will be depleted in 2033, one year earlier than estimated last year, while Medicare's finances have improved slightly, reports from the programs' trustees showed on Friday. The Medicare Hospital Trust Fund reserves are now expected to be depleted in 2031 compared to an estimate of 2028 made last year, due in part to new estimates showing higher revenue data. Both the Social Security and Medicare trustees reports said that the programs' finances are unsustainable in the long term, and Biden administration officials urged Congress to adopt President Joe Biden's proposal to raise Medicare taxes on wealthy Americans. Although the Social Security Disability Trust Fund is projected to be able to pay full benefits through 2097, the final year in the 75-year projection period, the combined Social Security funds would be only able to pay 80% of scheduled benefits after 2034, according to the trustees report. Driving the three-year delay in the projected Medicare Hospital Trust Fund depletion date were projections of lower health care spending in the post-pandemic era.
☆ U.S. consumer spending slows in February; inflation cooling
  + stars: | 2023-03-31 | by ( ) www.reuters.com   time to read: +2 min
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.2% last month, the Commerce Department said on Friday. Economists polled by Reuters had forecast consumer spending gaining 0.3%. Consumer spending also slowed because of modest income gains as the boost from the biggest cost of living adjustment since 1981 for Social Security beneficiaries in January faded. Excluding the volatile food and energy components, the PCE price index climbed 0.3% after increasing 0.5% in January. The so-called core PCE price index rose 4.6% on a year-on-year basis in February after gaining 4.7% in January.
☆ 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."
☆ Social Security trust funds depletion date moves one year earlier to 2034, Treasury says
  + stars: | 2023-03-31 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
The Social Security trust funds that about 67 million Americans rely on for benefits are scheduled to be depleted in 2034, one year earlier than was projected last year, according to the annual trustees' report released by the Treasury Department on Friday. Unless Congress takes action, at that time, 80% of scheduled benefits will be payable from the combined funds for old age and survivors insurance and disability insurance. The new depletion date comes as the trustees updated their projections for the U.S. economy to include recent output and inflation. Meanwhile, Medicare's hospital insurance trust fund will be able to pay 100% of scheduled benefits until 2031, three years later than projected last year. The White House earlier this month laid out a plan to extend the solvency of Medicare's hospital insurance trust fund, also known as Medicare Part A, which covers hospital, nursing facility and hospice services for eligible beneficiaries.
☆ Trump's looming indictment causes his feud with DeSantis to boil over into insults and insinuations about a 'porn star' and 'underage' classmates
  + stars: | 2023-03-21 | by ( Kimberly Leonard | ) www.businessinsider.com   time to read: +9 min
The Trump indictment news put DeSantis on the spot, given he's expected to run for president. "I don't know what goes into paying hush money to a porn star to secure silence over some type of alleged affair," DeSantis said. "But when he can actually make a positive difference — whether that's the Silicon Valley bailout or the Trump indictment — he shuts up for political convenience. Asked about the battle, DeSantis' political team pointed to the governor's comments Monday saying that he would not participate in helping Bragg with an extradition. Ron DeSantis' interview with the New York Post.
☆ Senate Republicans criticise Biden budget amid banking, market strains
  + stars: | 2023-03-15 | by ( David Morgan | ) www.reuters.com   time to read: +5 min
Republicans have refused to raise the nation's $31.4 trillion debt ceiling unless Democrats agree to sharp spending cuts. "We have to use this debt ceiling issue to pry the nation's maxed-out credit card from Joe Biden's hands," Republican Senator Roger Marshall said. Not touching those, or failing to cut defense spending, leaves little chance of addressing the government's budget deficit. Young said the White House looked forward to seeing a Republican budget that suggests the programs are off the table. Republicans are determined to avoid tax hikes and to preserve tax cuts for the wealthy implemented under former President Donald Trump.
☆ Some Republicans want Gen Z to retire later to avoid outright cuts to Social Security: 'Does it really make sense to allow someone who's in their 20s today to retire at 62?'
  + stars: | 2023-03-14 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +6 min
Several Republicans have said recently that they want to raise the retirement age for younger generations. Social Security is rapidly approaching insolvency, with the Congressional Budget Office estimating that the fund will become unable to make all of its payments starting in 2033. Social safety net programs like Medicare and Social Security have been a partisan battleground for Democrats and Republicans for decades now, with Republicans eyeing big cuts for both programs. There are going to be no cuts in Medicare, Social Security." The White House has continued to criticize Republicans for not being publicly consistent about their goals for Social Security and Medicare.
☆ Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Americans
  + stars: | 2023-03-09 | by ( Emma Kinery | ) www.cnbc.com   time to read: +6 min
President Joe Biden released his budget on Thursday, vowing to cut $3 trillion from the federal deficit over the next decade, in part, by levying a 25% minimum tax on the wealthiest Americans. "It does this in part by reforming our tax code to reward work, not wealth, including by ensuring that no billionaire pays a lower tax rate than a teacher or firefighter and by quadrupling the tax rate on corporate stock buybacks," Young said. In addition to social spending, the budget includes robust defense funding. House Budget Chairman Jodey Arrington told CNN on Wednesday the GOP budget should be ready by the second week in May. Preempting Republican concerns, Rouse stressed the ways the Biden White House has repeatedly bucked economic expectations.
☆ The Programs You’d Have to Cut to Balance the Budget
  + stars: | 2023-03-06 | by ( Alicia Parlapiano | Margot Sanger-Katz | Josh Katz | ) www.nytimes.com   time to read: +20 min
Chart showing the percentage cut the committee would make to each area of government spending to balance the budget over 10 years. 8 8 8 Deficit 6 6 6 4 4 4 Spending Spending Spending Revenue Revenue Revenue 2 2 2 2023 2033 2023 2033 2023 2033 Current projections Deficits are projected to grow to $2.7 trillion by 2033. 8 8 8 Deficit 6 6 6 4 4 4 Spending Spending Spending Revenue Revenue Revenue 2 2 2 2023 2033 2023 2033 2023 2033 Eliminate by increasing taxes Current projections Eliminate by cutting spending Deficits are projected to grow to $2.7 trillion by 2033. plan to balance budget 50% Projections 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Current trajectory 200% of G.D.P. plan to balance budget 50% Projections 1930 1960 1990 2020 2050 Sources: Committee for a Responsible Federal Budget; Congressional Budget Office; Republican Study Committee Note: Both plans were released in 2022 and are based on outdated baseline projections; their debt reduction may differ modestly.
☆ Trump bashes the GOP lawmakers who want to 'destroy our great Social Security' by raising the retirement age to 70
  + stars: | 2023-03-06 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Some GOP lawmakers are reportedly eyeing raising the retirement age for Social Security to 70. Trump has previously called out Republicans for considering cuts to the program in debt ceiling talks. Independent Sen. Angus King and Republican Sen. Bill Cassidy are reportedly eyeing raising the retirement age to 70 as part of their plan to reform Social Security. Save Social Security, don't destroy it." As Trump referenced, some Republican lawmakers had previously expressed the intent to cut Medicare and Social Security as a way to cut spending overall.
☆ 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%.
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