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Search resuls for: "for Social Security"


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☆ There are whispers on Capitol Hill of a rare bipartisan effort to overhaul Social Security as the program is set to go broke in less than 10 years
  + stars: | 2023-03-01 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +4 min
A group of senators is considering a sovereign wealth fund (SWF) to prevent Social Security insolvency, Semafor reported. A SWF is a government-backed investment fund, and its profits would be used to pay Social Security benefits. In this case, such investments would be used to fund Social Security payments. The goal is, members of the group told Semafor, for Social Security to be solvent for 75 more years, at least. "Although the final framework is still taking shape, there are no cuts for Americans currently receiving Social Security benefits in our plan.
☆ Americans over 65 separate at the highest rate in the US. This will change their retirement plans, but it doesn't have to ruin them.
  + stars: | 2023-02-28 | by ( Sabina Wex | Read More | Read Less | ) www.businessinsider.com   time to read: +5 min
Those who experience a "gray divorce" can still retire comfortably by making vital life decisions. Spousal support plays a key roleAfter you do your budgeting, you might realize that you have to live with a lot less. Whether you're the one giving spousal support or receiving it, that number will make a huge difference in your financial future. Depending on your state, spousal support may not continue past the retirement age for Social Security, Harounian added. So if you get divorced at 60, you may only receive or give spousal support for five more years.
☆ The White House is reportedly eyeing a tax on high-earning Americans to fund Social Security after Bernie Sanders pushed it
  + stars: | 2023-02-23 | by ( Juliana Kaplan | Jason Lalljee | ) www.businessinsider.com   time to read: +4 min
Bernie Sanders met with Joe Biden to pitch a tax on high-earning Americans to fund Social Security, The Washington Post reported. Sanders advocated for Biden to increase payroll taxes on high-earning Americans to fund Social Security for 70 more years as the program approaches insolvency in the next decade. Sanders' proposal would raise the cap on how much income is subject to the payroll taxes that pay for Social Security. According to a White House official, the White House has not endorsed any specific bill — but the president welcomes proposals from members of Congress on how to keep Social Security solvent and make the program even stronger. The idea of an expanded payroll tax to shore up Social Security isn't new for President Biden.
☆ Republican U.S. Senator Rick Scott drops plan to cut Social Security, Medicare
  + stars: | 2023-02-17 | by ( David Morgan | ) www.reuters.com   time to read: +4 min
"Let me say one more time: There is no agenda on the part of Senate Republicans to revisit Medicare or Social Security. Scott's move also came a day after Republican former President Donald Trump urged him to support Social Security and Medicare in a posting on his Truth Social media platform. "Be careful, Rick, and most importantly, fight for Social Security and Medicare. It also said: "Note to President Biden, Sen. Schumer, and Sen. McConnell – As you know, this was never intended to apply to Social Security, Medicare, or the US Navy." The White House said the newly revamped Scott plan should not be taken at face value.
☆ After being attacked by both Democrats and the GOP, Rick Scott edits his plan to sunset all federal laws every 5 years. He now wants to make exceptions for Social Security, Medicare, and the military.
  + stars: | 2023-02-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
He edited the plan on Friday to say he "never intended" to include Social Security, Medicare, and the military. Chuck Schumer and Mitch McConnell, clarifying that the five-year rule was "never intended" to apply to Social Security, Medicare, and the Navy. Scott's plan has drawn criticism from both Democrats and Republicans who have vowed to preserve Social Security and Medicare. That was the Rick Scott plan," McConnell told Kentucky radio host Terry Meiners. He also wants to make any potential cuts to Medicare and Social Security subject to a two-thirds vote from Congress.
☆ Trump joins Mitch McConnell in bashing Rick Scott's Social Security and Medicare plans, telling him to 'be careful': 'THERE WILL BE NO CUTS!'
  + stars: | 2023-02-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Donald Trump bashed Sen. Rick Scott's plans to sunset Social Security and Medicare on Truth Social. "Be careful, Rick, and most importantly, fight for Social Security and Medicare," Trump wrote. Trump has previously expressed his belief that Social Security and Medicare should be preserved. Save Social Security, don't destroy it." "I will not negotiate whether or not we pay our debt," Biden said.
☆ How Social Security and Medicare became the latest battleground in Biden's showdown with the GOP
  + stars: | 2023-02-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +8 min
Social Security and Medicare have taken the spotlight in the battle to raise the debt limit. Then came the big question of what exactly Republicans want to cut, and Social Security and Medicare entered the frame. "So, folks, as we all apparently agree, Social Security and Medicare is off the books now. White House, Biden double down on GOP attacksThe receipts kept coming once Republicans claimed they never proposed cuts to Social Security and Medicare. It noted, though, that Social Security and Medicare "are earned benefit programs that must be saved and strengthened."
☆ Bernie Sanders, Elizabeth Warren, and other Democrats are once again trying to give retirees an additional $2,400 in their Social Security checks
  + stars: | 2023-02-13 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
Sanders, Warren and other Democrats introduced a bill to extend Social Security solvency through 2096. Sanders, alongside Sen. Elizabeth Warren and Reps. Jan Schakowsky and Val Hoyle, introduced legislation to beef up Social Security benefits and keep the program solvent through 2096. Social Security beneficiaries are currently facing down checks being cut as soon as 2035, as the program's trust fund slowly runs out. "Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need." Currently, only up to $162,000 is taxed for Social Security while any income above that limit is free from the tax.
☆ Ron DeSantis backed deep cuts to Social Security and Medicare while in Congress. Trump is ready to hammer him for it ahead of 2024.
  + stars: | 2023-02-12 | by ( Brent D. Griffiths | ) www.businessinsider.com   time to read: +8 min
Trump has made it clear that he will attack DeSantis' past support for changes to Social Security and Medicare. It would have also increased the full retirement age for Social Security to 70 as well. The AARP tore into Ryan's proposal at the time, particularly for its proposed changes to social security. Trump has made it clear that he would not propose cuts to Social Security and Medicare and is ready to attack 2024 nomination challengers who have in the past. Insider couldn't find any comments he made at the time, but he was far from the only Republican or even the only Florida Republican to vote against the bill.
☆ As Social Security's full retirement age moves to 67, some experts say it should not go higher
  + stars: | 2023-02-12 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Pekic | E+ | Getty ImagesMore than 1 million people recently took to the streets in France to protest an increase in the country's standard retirement age. The full retirement age for Social Security, when workers are eligible for 100% of the benefits they've earned, is transitioning to age 67. Based on their proposal, people born in 1978 or later would have a full retirement age of 70. watch nowThe Republicans also propose raising Medicare's eligibility age to coincide with the Social Security full retirement age and then indexing that age to life expectancy. "I think that's about as far as you can go," Munnell said of the age 67 full retirement age that is getting phased in now.
☆ Biden doubles down on needling Republicans over proposed Social Security and Medicare cuts: 'I'm your nightmare'
  + stars: | 2023-02-09 | by ( Kimberly Leonard | Warren Rojas | ) www.businessinsider.com   time to read: +11 min
"I guess I shouldn't say any more," he said, "but particularly on Social Security and Medicare." Rubio, who is in the rumored mix for the 2024 GOP nomination, said anybody who supports slashing Social Security or Medicare is delusional. "You have to listen to what the president said the last couple of years about protecting and fighting for Medicare and Social Security." "I've never ever said I would reduce Medicare or Social Security benefits. As for Social Security, its trust funds are expected to be insolvent by 2035, which would trigger 20% in cuts across the board.
☆ State of the Union brings brief unanimity on Social Security, Medicare. Why experts say there's still reason to worry
  + stars: | 2023-02-08 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
That would include Social Security and Medicare. The Republican Study Budget Committee, which included a host of House GOP leaders, has also suggested other changes — raising the retirement ages for both Social Security and Medicare, as well as changing the measurement for annual Social Security cost-of-living adjustments. More recently, former Vice President Mike Pence called for reforming Social Security with the creation of private savings accounts. Rep. John Larson, D-Conn., has led a House bill that would apply reapply payroll taxes on $400,000 in earnings while also making benefits more generous. Biden similarly proposed expanding benefits and increasing payroll taxes on high earners during his presidential campaign.
☆ 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.
☆ Wait until age 70 to claim Social Security: 'The return on being patient is huge,' says economist
  + stars: | 2023-02-01 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
"The return on being patient is huge with Social Security," Kotlikoff said. Why it pays to wait to claim Social SecurityEligibility for Social Security retirement benefits starts at age 62 for workers who have earned 40 credits, or 10 years of qualifying work. Those contributions count toward the Social Security retirement benefits workers may claim later in life. For each year delayed past full retirement age, 8% is added to Social Security benefits. The return for waiting to claim Social Security benefits may also beat stock market returns, which are highly risky, Kotlikoff noted.
☆ McCarthy to discuss debt limit, spending with Biden
  + stars: | 2023-01-29 | by ( David Lawder | ) www.reuters.com   time to read: +3 min
"I want to find a reasonable and a responsible way that we can lift the debt ceiling (and) take control of this runaway spending," McCarthy added. A White House spokesperson declined to comment but a White House official familiar with plans for the meeting confirmed the Wednesday timing. Biden previously pledged to discuss debt with McCarthy but the White House has said it will not negotiate over raising the debt ceiling. Biden administration officials have framed the planned meeting with McCarthy as an opportunity to develop the two leaders' "working relationship." McCarthy and other Republicans both in the House and Senate have said they will not support an increase in the debt ceiling without budget cuts or spending reforms.
☆ House GOP study group is proposing changes to Medicare. Here's what you need to know
  + stars: | 2023-01-26 | by ( Sarah O'Brien | ) www.cnbc.com   time to read: +3 min
There also is Part D (prescription drug coverage) and Part C (Medicare Advantage Plans), both of which are offered by private insurers. The stakes in a debate like this are high, given the importance of Medicare. Tricia Neuman executive director for the Kaiser Family Foundation's program on Medicare policyRight now, Neuman said, the savings proposals are being described at a fairly high level. "The policy debate starts to get real when the specifics are laid out," she said. "The stakes in a debate like this are high, given the importance of Medicare [for] seniors and younger people with disabilities."
☆ This Social Security change would be ‘easiest and quickest,’ Manchin says. What debt ceiling negotiations may mean for benefits
  + stars: | 2023-01-23 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
But that should not include cuts to Social Security and Medicare benefits, he said. "I've got 60% of my population that that's all they have is Medicare and Social Security," Manchin told NBC's "Meet the Press" on Sunday. How raising payroll tax cap could aid Social SecurityIn 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security. Other Democrats have also proposed raising payroll taxes to help shore up Social Security. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62?
☆ 75% of retirees fall short of a key retirement income goal. These steps can help
  + stars: | 2023-01-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
But many retirees fall short of that retirement income goal, according to research from Goldman Sachs Asset Management. The gap isn't surprising, considering that more than 40% who are still working say they are behind schedule on their retirement savings. "You have all these competing priorities that can crowd out retirement savings," said Mike Moran, senior pension strategist at Goldman Sachs. What to know about Social Security's 8.7% cost-of living adjustmentWhy applying for Social Security benefits with long Covid is tricky1. Delay claiming Social Security benefitsThe longer you wait to claim Social Security retirement benefits up to age 70, the bigger your monthly checks will be.
☆ Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
  + stars: | 2023-01-20 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. A recent survey by The Senior Citizens League found 57% of older taxpayers worry more of their Social Security benefits will be taxed due to last year's 5.9% cost-of-living adjustment. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62? However, beneficiaries would be wise to get a jump on their tax planning for next year to mitigate the effects of the 8.7% cost-of-living adjustment.
☆ As debt ceiling deadline looms, here's what it could mean for Social Security and Medicare
  + stars: | 2023-01-19 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
That has advocates for Social Security and Medicare worried that lawmakers will try to amend those programs. Unlike a government shutdown, where Social Security and Medicare benefits continue to flow, that may not be the case with a default, according to Adcock. However, the Social Security Administration may delay payments to ensure it has enough cash on hand, he said. "Social Security I'm sure will get paid, interest on the debt will get paid," he said. Why some worry about Social Security benefit cuts
☆ 'Damaging cuts' to Medicare and Social Security are looking more likely with McCarthy as House speaker. Here's what it will mean for retirees.
  + stars: | 2023-01-11 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +5 min
Those concessions likely include budget cuts that will threaten Medicare and Social Security. Even if that agenda doesn't pass, negotiations could threaten Social Security payments, advocates say. According to a screenshot of the presentation viewed by CNN, the spending priorities were vague but mentioned reforms to "mandatory spending programs" that could include Social Security and Medicare. But it looks like some House Republicans are already strong-arming the policy direction of their renewed majority. Johnson also noted that any sort of stalemate over budget negotiations could endanger the timely payment of Social Security benefits, which would hurt seniors.
☆ When Social Security beneficiaries can expect first checks of 2023 to include 8.7% cost-of-living adjustment
  + stars: | 2023-01-11 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Other beneficiaries are scheduled to receive their Social Security benefits on the third of every month if they also receive Supplemental Security Income (SSI) benefits or if they received Social Security before 1997. Yet there's one thing the record high Social Security COLA still can't beat: persistently high consumer prices prompted by inflation. Because of that, your purchases will probably consume any increase you see in Social Security benefits, noted Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Medicare premium costs are downThe good news for Social Security beneficiaries is that Medicare Part B premiums are down this year. watch nowAs those monthly premium payments are typically deducted directly from Social Security checks, beneficiaries stand to see more of the COLA.
☆ Successfully applying for Social Security disability is difficult. Applying as a long Covid patient is even trickier
  + stars: | 2023-01-09 | by ( Lorie Konish | ) www.cnbc.com   time to read: +8 min
Social Security disability benefits are generally available to workers who have earned enough credits through payroll taxes — typically 40 credits, though younger workers may qualify with less. Supplemental Security Income, or SSI, is a federal benefit available to disabled individuals who may not qualify for Social Security disability based on their work records. Allsup, which works with NASA, helped Perry get his Social Security disability benefits application approved. "That can really make or break a Social Security disability case," he said. Social Security disability benefits are aimed at long-term conditions.
☆ Trump's tax returns show no Social Security benefit income. Here's what retirees can learn about claiming
  + stars: | 2023-01-06 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Jonathan Ernst | ReutersWhen former President Donald Trump's tax returns were released last week, the line for Social Security income was notably left blank. About 70 million Americans rely on Social Security for monthly income when they retire or become disabled. To qualify, workers generally need to earn 40 credits by working and paying Social Security taxes. Yet Trump had no Social Security income for tax years 2015 through 2020, based on his individual tax returns. In the U.K. or Australia, Trump would not be eligible for a benefit anywhere near the size of U.S. Social Security benefits, Biggs noted.
☆ What long Covid patients need to know about health insurance
  + stars: | 2023-01-05 | by ( Annie Nova | ) www.cnbc.com   time to read: +4 min
Halfpoint Images | Moment | Getty ImagesNavigating the health insurance system is often difficult and overwhelming, even in the best of times. For patients with long Covid, a relatively new condition that frequently leaves patients with a lengthy and unpredictable list of debilitating symptoms, it can be especially nightmarish. Here's what you need to know about navigating health insurance with the condition. Long Covid patients, for example, often seek physical therapy and mental health services, she said. Clinical trials are 'worth investigating'Clinical trials, many of which are covered by health insurance plans, can be a great option for long Covid patients, Donovan said.
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