With the latest Social Security Trustees’ report projecting yet again that without action, Trust Fund reserves will be depleted by and benefits cut by 2034, it seems Congress is not only ignoring the future of Social Security, but actively avoiding the issue entirely. That’s why it’s up to all of us—current, soon-to-be, and future beneficiaries—to… Continue Reading
The History of Social Security What we know as Social Security today actually had its origins in 17th century England’s poor laws, which provided care of the less fortunate. The Pilgrims brought these laws to the New World in the form of poorhouses or monetary relief. In 1862, disabled veterans of the Civil war, their widows… Continue Reading
Here’s some interesting commentary from Michael D. Tanner over at the Cato Institute. Though Tanner wrote this in 2005, much of what he says regarding the state of Social Security is still true–if not truer–12 years later: “As we know by now, Social Security is facing many problems that will require long-term, comprehensive reform. But… Continue Reading
Do you ever walk into your kitchen and forget what you walked in there to find? Maybe you’ve tried to look for your keys or a pair of scissors in the refrigerator a time or two. Or you’ve pulled the classic I’m-Looking-at-my-10-Year-Old-Grandchild-and-I-Honestly-Can’t-Remember-this-Kid’s-Name-Right-Now. Oh, the Senior Moment. At best, it’s just one of the side effects… Continue Reading
In last week’s Social Security finance report, the Social Security Trustees yet again exhorted Congress to bring Social Security reform front and center–before time and options run out. For several years, the Trustees’ annual assessment hasn’t changed: the Trust Fund faces imminent insolvency, and the sooner we move to counteract it, the more choices we’ll… Continue Reading
This is money taken every week from your paycheck that the government guarantees is placed safely in a lockbox until you retire. But that lockbox has been cracked open, and the government is now stealing my parents’ money…and I assume the money of a lot of other retirees, as well. This has to stop. Earlier… Continue Reading
U.S. Senator from South Carolina, Lindsay Graham, answers a simple question he received via Facebook: “what happened to the Social Security Lockbox?” His answer? We don’t have one. And we should be actively working to change that. Continue Reading
The Social Security Administration is warning all Social Security recipients to keep on the look-out for fraudulent callers impersonating Social Security Administration employees. Acting Inspector General of Social Security, Gale Stallworth Stone, issued an official fraud advisory yesterday warning anyone who receives a phone call from an SSA “employee” asking for personal information to… Continue Reading
What is a consumer price index? The U.S. Bureau of Labor and Statistics (BLS) determines Social Security cost-of-living adjustments (COLAs) each year using establishedconsumer price indexes (CPIs). CPIs are systems by which our government can measure price changes in several different spending areas for a particular demographic or for American consumers in general. Together, these… Continue Reading
Income The Pension Rights Center reports in 2014/2015 retirees received income from five primary sources. Percentages are based on retired couples age 65 and older: Social Security: 84% Assets: 62% Pensions: 37% Earnings: 29% Public assistance: 4% According to NewRetirement, average and median income in these areas for a retired couple 65 and older looks… Continue Reading