Social Security Still Isn’t Broke, New Report Confirms
8 years, 9 months ago

Social Security Still Isn’t Broke, New Report Confirms

Huff Post  

Treasury Secretary Jack Lew acknowledged Wednesday that Social Security faces financial challenges, but nonetheless said that making benefits more generous should be a priority. Tomohiro Ohsumi/Bloomberg/Getty Images WASHINGTON -- Social Security will be able to pay full benefits until 2034, when it will face a modest gap in funding, the social insurance program’s trustees reported on Wednesday. But in a sign of how much attention the White House is giving the issue, Treasury Secretary Jack Lew, a trustee of Social Security’s trust funds, reiterated President Barack Obama’s call for increasing Social Security benefits at a press conference announcing the release of the trustees report. Carolyn Colvin, acting Social Security Administration commissioner and another one of the Social Security trust funds’ trustees, also spoke at the press conference, where she quoted from an Obama speech earlier this month in which the president revealed his support for increasing benefits. For example, former GOP presidential candidate Sen. Marco Rubio said in March that “Social Security will go bankrupt and it will bankrupt the country with it.” “That one percentage point increase to sustain Social Security is surely manageable.” - Carolyn Colvin, Acting Social Security Administration Commissioner In reality, Social Security’s costs are currently equal to 5 percent of the country’s gross domestic product -- or the total value of goods and services produced -- and is expected to peak at about 6 percent of GDP.

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History of this topic

They've just signed Social Security's death warrant — are you ready?
3 weeks ago

They've just signed Social Security's death warrant — are you ready?

Raw Story  

Tuesday night, Donald Trump stood before the nation and, with the full backing of billionaires like Elon Musk, laid the groundwork for the biggest heist in American history — the rapid, systematic destruction of Social Security, disguised as “reform.” We saw the formal announcement of it during Trump’s State of the Union address, and the DOGE announcement earlier in the …

'One person listed at 360': Trump claims social security paying millions beyond 160
3 weeks, 5 days ago

'One person listed at 360': Trump claims social security paying millions beyond 160

Firstpost  

In a shocking claim, Trump says millions of people over 100—and even some supposedly over 220—are still receiving Social Security benefits US President Donald Trump. Trump said that Social Security Administration records showed 4.7 million people aged 100 to 109 were receiving cheques. He also alleged that several hundred people older than 220 were still getting cheques, according to SSA …

Hiltzik: Social Security is in Trump's crosshairs
3 weeks, 6 days ago

Hiltzik: Social Security is in Trump's crosshairs

LA Times  

Perhaps the most frequently cited quote from Donald Trump relevant to his purported efforts to root out government waste has been “we’re not touching Social Security,” or variations thereof. Its press release about the reduction referred to the program’s “bloated workforce.” To anyone who knows anything about the Social Security Administration, calling its workforce “bloated” sounds like a sick joke. …

Elon Musk Calls Social Security 'The Biggest Ponzi Scheme Of All Time'
4 weeks, 1 day ago

Elon Musk Calls Social Security 'The Biggest Ponzi Scheme Of All Time'

Huff Post  

LOADING ERROR LOADING Elon Musk is calling Social Security a “Ponzi scheme,” prompting suspicion that the world’s richest man is merely hoping to privatize a social safety net that has existed since the 1930s — and has kept millions of elderly, poor and disabled Americans from destitution. The billionaire argued Friday on “The Joe Rogan Experience” podcast that the United …

Social Security says higher payments are on the way for millions of former public workers
1 month ago

Social Security says higher payments are on the way for millions of former public workers

Associated Press  

WASHINGTON — More than 3.2 million Social Security recipients who received pensions from their time as teachers, firefighters, police officers and other public service jobs will soon see a boost in their benefits. The Social Security Administration announced it would immediately begin processing retroactive payments and will send increased monthly payments to people affected by the Windfall Elimination Provision and …

Trump official calls Social Security ‘wrong’ as administration lays groundwork for massive cuts
1 month, 1 week ago

Trump official calls Social Security ‘wrong’ as administration lays groundwork for massive cuts

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Donald Trump and Elon Musk are ramping up baseless claims …

Higher Social Security payments coming for millions of people
2 months, 3 weeks ago

Higher Social Security payments coming for millions of people

Daily Mail  

A bill signed by President Joe Biden on Sunday will soon bring higher social security payments to millions. Before the bill, firefighters, police officers, nurses and other public sector workers had their benefits reduced if they also received a pension not covered by Social Security. The annual Social Security bill, which includes retirement, Medicare and disability benefits for 72.5 million …

Higher Social Security payments coming for millions of people from bill that Biden signed
Trending News
2 months, 3 weeks ago

Higher Social Security payments coming for millions of people from bill that Biden signed

Associated Press  

WASHINGTON — President Joe Biden on Sunday signed into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers, firefighters, police officers and in other public service jobs. The bill rescinds two provisions — the Windfall Elimination Provision and the Government Pension Offset …

Here's what happens when the world's richest man buys the presidency
3 months, 2 weeks ago

Here's what happens when the world's richest man buys the presidency

Raw Story  

In 1935, President Franklin Roosevelt created Social Security, an insurance contract between Americans and the federal government that pays out on certain life events. Trump’s GOP will be making “hard” choices, meaning they will be cutting benefits, in order to fund tax cuts for wealthy donors. Musk and Ramaswamy went to Capitol Hill last week to talk up their plans …

Trump promised he won't cut Social Security. Should you trust him?
3 months, 3 weeks ago

Trump promised he won't cut Social Security. Should you trust him?

LA Times  

Hello and happy Tuesday. “We know that the Social Security trust fund is going to run out of money, and that means something has to happen,” said Alan Auerbach, a professor of economics and law at UC Berkeley. Digging a deeper hole Despite that chilling reality, Trump’s only detailed plan on Social Security so far is one that would put …

Letters to the Editor: Social Security can be fixed easily, but it would upset the rich
3 months, 3 weeks ago

Letters to the Editor: Social Security can be fixed easily, but it would upset the rich

LA Times  

To the editor: The final votes from the 2024 election have barely been tallied, the inauguration is more than a month away, and President-elect Donald Trump’s close allies are already going after Social Security. This is how to fix Social Security’s insolvency problem: Everyone should pay the tax on all their income — no loopholes for the rich. Sen. Mike …

How to factor in Social Security benefits when saving for retirement
5 months, 4 weeks ago

How to factor in Social Security benefits when saving for retirement

CNN  

CNN — Whether you’ll have a big enough nest egg to retire comfortably depends not only on how much you save and invest over time but also, for most working Americans, on how much you’re likely to get in Social Security benefits. Today, on average, Social Security benefits may replace about 40% of a person’s pre-retirement income assuming they start …

Bizarre rule will stop MILLIONS getting their Social Security checks this month - see if you're affected
6 months, 3 weeks ago

Bizarre rule will stop MILLIONS getting their Social Security checks this month - see if you're affected

Daily Mail  

Millions of Social Security recipients will not get a benefit check this month due to a calendar quirk. Some 7.5 million Americans who receive Supplemental Security Income will be affected The maximum monthly SSI benefit is $943 per person, and $1,415 for a couple, according to Social Security data reported by CBS News. Older Americans who receive Social Security retirement …

Congress has just over a decade to fix Social Security before cash runs out
10 months, 3 weeks ago

Congress has just over a decade to fix Social Security before cash runs out

Daily Mail  

Social Security is expected to run short on funds by 2035, according to a new report. Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. While Martin O'Malley, Commissioner of Social Security, said this was 'good news' for beneficiaries, he urged Congress to take steps to 'extend the financial health of the …

Congress has less than a decade to fix Social Security before it runs short of cash
10 months, 3 weeks ago

Congress has less than a decade to fix Social Security before it runs short of cash

NPR  

Congress has less than a decade to fix Social Security before it runs short of cash Social Security benefits are facing an automatic cut in less than 10 years unless changes are adopted. STEVE INSKEEP, HOST: We hear this from time to time, an assertion that Congress has only a few years to fix Social Security. With tens of millions …

How Trump ends Social Security
1 year ago

How Trump ends Social Security

Raw Story  

Want to end Social Security? … the reforms in the RSC Budget would not affect benefits for any senior in or near retirement…” READ: Two Trump legal lifelines are tilting Election 2024 in Donald's favor In other words: “the system is going broke and we’re going to gut it, but not for the older voters the GOP needs: we’ll just …

Column: An exhaustive debunking of the dumbest myths about Social Security
1 year, 4 months ago

Column: An exhaustive debunking of the dumbest myths about Social Security

LA Times  

Myths and canards about Social Security and its supposed fiscal troubles have steadily proliferated over the years. Slate paired Eric Boehm, a writer for the conservative magazine Reason, with a writer named Celeste Headlee for a dialogue titled “Social Security Doesn’t Make Sense Anymore.” The roughly 2,000-word piece contained so many misconceptions, inaccuracies, misrepresentations, and flat-out lies about the program …

Social Security Doesn’t Make Sense Anymore
1 year, 4 months ago

Social Security Doesn’t Make Sense Anymore

Slate  

This week, Congress approved a temporary government funding package, once again averting a potential shutdown, at least until next year. And unlike in the 1940s, these days, you’ve got retirees that are generally wealthier than the people who are funding their retirements through Social Security. It’s a question that nobody’s really asking in Congress, because we silo off Social Security …

What to know about the Social Security cost-of-living adjustment
1 year, 5 months ago

What to know about the Social Security cost-of-living adjustment

Associated Press  

NEW YORK — 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. 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. While the money is used to pay people …

Social Security benefits will increase by 3.2% in 2024 as inflation moderates
1 year, 5 months ago

Social Security benefits will increase by 3.2% in 2024 as inflation moderates

Associated Press  

WASHINGTON — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “Compared to last year’s 8.7% increase, this is going to feel small and the perception is that its not keeping up with the inflation and the higher costs that retirees are …

Social Security benefits will increase by 3.2% in 2024
1 year, 5 months ago

Social Security benefits will increase by 3.2% in 2024

LA Times  

Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “This will help millions of people keep up with expenses,” said Kilolo Kijakazi, Social Security’s acting commissioner. “Retirees can rest a little easier at night knowing they will soon receive an increase in …

The Social Security cost-of-living adjustment is coming -- but it won’t be as big as this year’s
1 year, 5 months ago

The Social Security cost-of-living adjustment is coming -- but it won’t be as big as this year’s

Associated Press  

WASHINGTON — Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year. Still, she said Social Security’s annual cost-of-living increases provide some support as she and her husband plan out their non-working years. “This is an important system, and we need to restore its solvency, because if …

Social Security cost-of-living adjustment coming -- but it won't be as big as this year's
1 year, 5 months ago

Social Security cost-of-living adjustment coming -- but it won't be as big as this year's

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Looking ahead to retirement next …

The real reason Social Security is in danger that nobody’s talking about
1 year, 8 months ago

The real reason Social Security is in danger that nobody’s talking about

Raw Story  

It’s not just because too many boomers like me are retiring. Social Security is one of the most popular and successful government programs ever created, not only helping retirees — but it’s also keeping 26 million people out of poverty. A big part of the American working population today is earning less than the Social Security trustees anticipated years ago …

Column: Social Security is perfectly healthy, but there’s one easy way to improve it
1 year, 11 months ago

Column: Social Security is perfectly healthy, but there’s one easy way to improve it

LA Times  

’Tis the season for hand-wringing over the fiscal condition of Social Security. The Committee for a Responsible Federal Budget, which is an offspring of the late private equity billionaire and Social Security foe Peter G. Peterson, declared in the wake of the trustees’ report that “Social Security is 11 years from insolvency.” The annual report lent urgency to a raft …

8.7% hike to Social Security checks won't cut it, some fear
2 years, 5 months ago

8.7% hike to Social Security checks won't cut it, some fear

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “I’ll do my best, I grew up during the …

Social Security benefits to jump by 8.7% next year
2 years, 5 months ago

Social Security benefits to jump by 8.7% next year

Associated Press  

WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows …

Social Security benefits to rise by 8.7% in 2023, the biggest boost in decades
2 years, 5 months ago

Social Security benefits to rise by 8.7% in 2023, the biggest boost in decades

LA Times  

Millions of Social Security recipients will learn Thursday how big a boost they’ll get in their benefits next year. “This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Social …

EXPLAINER: A huge jump in Social Security payments is coming
2 years, 5 months ago

EXPLAINER: A huge jump in Social Security payments is coming

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. On Thursday, the U.S. government is set to announce …

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits
2 years, 9 months ago

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits

LA Times  

After passing a huge tax cut for the rich, Senate Republican leader Mitch McConnell blamed Social Security and Medicare for the federal deficit. In 2018, then-Senate Majority Leader Mitch McConnell, identified “entitlements” — that’s Washington-speak for Social Security, Medicare and Medicaid — as “the real drivers of the debt” and called for them to be adjusted “to the demographics of …

Go-broke dates pushed back for Social Security, Medicare
2 years, 9 months ago

Go-broke dates pushed back for Social Security, Medicare

Associated Press  

WASHINGTON — A stronger-than-expected economic recovery from the pandemic has pushed back the go-broke dates for Social Security and Medicare, but officials warn that the current economic turbulence is putting additional pressures on the bedrock retirement programs. The annual Social Security and Medicare trustees report released Thursday says Social Security’s trust fund will be unable to pay full benefits beginning …

Social Security checks getting big boost as inflation rises
3 years, 5 months ago

Social Security checks getting big boost as inflation rises

Associated Press  

WASHINGTON — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. “You never want to minimize the importance of the COLA,” said retirement policy expert Charles Blahous, a former public trustee helping to oversee Social Security and Medicare finances. We are talking the necessities of living in many cases.” This year’s Social Security trustees …

Social Security payments see biggest increase in decades as cost of living spikes for Americans
3 years, 5 months ago

Social Security payments see biggest increase in decades as cost of living spikes for Americans

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Americans who receive social …

Liz Weston: Don’t let Social Security steer you wrong
3 years, 6 months ago

Liz Weston: Don’t let Social Security steer you wrong

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Certified financial planner Kate Gregory of Huntington Beach California …

Column: Beating dire predictions, Social Security weathered the COVID crisis well
3 years, 6 months ago

Column: Beating dire predictions, Social Security weathered the COVID crisis well

LA Times  

Not long ago, the received wisdom among would-be Social Security pundits was that COVID-19 would absolutely crater the system’s finances. Just two weeks ago, Mitchell said on a Wharton podcast that “it seems that the date of insolvency of SS has crept sooner — perhaps as early as 2029.” Today’s report shows that Social Security remains strong and continues to …

Uptick for retiree checks in 2021 amid coronavirus worries
4 years, 5 months ago

Uptick for retiree checks in 2021 amid coronavirus worries

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Social Security recipients will get …

Column: The coronavirus could cut your Social Security benefits for life, unless Congress acts
4 years, 9 months ago

Column: The coronavirus could cut your Social Security benefits for life, unless Congress acts

LA Times  

Social Security benefits for Americans who turn 60 this year could be reduced for their lifetimes because overall wages are expected to take a steep drop during as a result of this year’s economic slump. Simply put, anyone turning 60 this year could face a lifelong reduction in Social Security benefits because of a quirk in the program’s benefit formula …

Column: Republicans seek to exploit COVID-19 crisis to cut Social Security benefits
4 years, 10 months ago

Column: Republicans seek to exploit COVID-19 crisis to cut Social Security benefits

LA Times  

Senate Majority Leader Mitch McConnell is fretting about the federal deficit, now that billions are going to working people in coronavirus aid, rather than to the wealthy via a tax cut. The Post reports that they’re “exploring” a proposal put forth by two conservatives allowing workers to receive up to $10,000 today, but paying the money back by deferring their …

Retiree checks to rise modestly amid push to expand benefits
5 years, 5 months ago

Retiree checks to rise modestly amid push to expand benefits

Associated Press  

WASHINGTON — Millions of retirees will get a modest 1.6% cost-of-living increase from Social Security in 2020, an uptick with potential political consequences in an election year when Democrats are pushing more generous inflation protection. That’s helped to shift the Social Security debate from a near-exclusive concern with the program’s solvency to a focus on expanding benefits, including but not …

Democrats Have A Big Plan To Fix Social Security. They Might Even Vote On It.
5 years, 6 months ago

Democrats Have A Big Plan To Fix Social Security. They Might Even Vote On It.

Huff Post  

LOADING ERROR LOADING WASHINGTON ― For the first time in recent memory, a bill to expand Social Security benefits and close the program’s long-term funding gap looks like it could pass the House of Representatives. And sometime this month, Democratic Connecticut Rep. John Larson’s Social Security 2100 Act may get a hearing before the full House Ways and Means Committee. …

Column: Elizabeth Warren offers a Social Security reform plan that checks a lot of boxes
5 years, 6 months ago

Column: Elizabeth Warren offers a Social Security reform plan that checks a lot of boxes

LA Times  

Congressional progressives lately have been putting forth Social Security reform plans that shore up the system’s finances while improving benefits. Warren told me by email, “63 million Americans rely on monthly Social Security benefits, but current benefits are too small for millions of them to support a decent retirement.” Her $200 monthly increase would “address the current retirement crunch — …

Donald Trump's Budget Betrays His Pledge Not To Cut Social Security
7 years, 10 months ago

Donald Trump's Budget Betrays His Pledge Not To Cut Social Security

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Donald Trump’s proposed budget for next year would cut Social Security Disability Insurance, despite Trump’s vaunted campaign promise not to make any changes to Social Security. Mick Mulvaney, the director of Trump’s Office of Management and Budget, said that cutting disability insurance doesn’t break Trump’s campaign promise because most people think only of retirement …

Forgotten Generation
8 years, 3 months ago

Forgotten Generation

Huff Post  

According to The Motley Fool, 59% of current retired seniors count on Social Security as their major source of income and 28% say it is a helpful source of income, which means 9 in 10 seniors need Social Security to make ends meet during retirement. Now the good news for Social Security is the United States life expectancy is now …

What People Over 50 Aren't Hearing In All This Election Noise
8 years, 8 months ago

What People Over 50 Aren't Hearing In All This Election Noise

Huff Post  

Whether you think America already is great or needs to be made great again, if you are over 60, you may be feeling like wallpaper in this election’s run-up about now: You are there, presumably contributing to the room’s decor, but it’s finally dawning that nobody actually sees you. Here’s how the leading candidates say they will do it, according …

Retirement for Americans is getting even scarier. The candidates need to talk about it.
9 years ago

Retirement for Americans is getting even scarier. The candidates need to talk about it.

Slate  

News flash: Americans still aren’t saving enough money for retirement. This year’s occasion for despair comes courtesy of the left-leaning Economic Policy Institute, which released a report Thursday titled “The State of American Retirement: How 401 Have failed Most American Workers.” According to EPI’s analysis of the Survey of Consumer Finances between 2000 and 2013, slightly less than one-half of …

A Dozen Ways Politicians Could Mess With Your Social Security
9 years, 1 month ago

A Dozen Ways Politicians Could Mess With Your Social Security

Huff Post  

If, as projected, Americans continue to live longer from one generation to the next, it makes sense that individual people will receive Social Security benefits for a longer time. If all earnings were immediately subject to the Social Security tax, the new revenue would fill an estimated 71 percent of the funding gap, said the AARP report. Employees and employers …

Elizabeth Warren is steering Democrats left without running for president.
9 years, 3 months ago

Elizabeth Warren is steering Democrats left without running for president.

Slate  

Sen. Elizabeth Warren spent the better part of 2015 fending off the pleas of her many supporters. As Amber Phillips noted in the Washington Post earlier this month, “In staying out of the 2016 spotlight, Warren’s presence are paradoxically looming even larger over the Democratic primary.” Take Social Security. As Mother Jones enthused prophetically, “Warren just turned Social Security expansion—once …

Column: Yes, Social Security is unfair, especially to women. But can it be fixed?
9 years, 4 months ago

Column: Yes, Social Security is unfair, especially to women. But can it be fixed?

LA Times  

By tweaking Social Security benefits to eliminate an ostensible loophole favoring married couples, the recent budget deal in Washington shed light on one little-known complexity in the program. Social Security spousal and survivor benefits are so peculiarly designed they would be judged illegal.if private pension or retirement plans tried to implement them. — C. Eugene Steuerle, Urban Institute “Social Security …

Column: Did the budget deal close a Social Security ‘loophole,’ or harm poor women?
9 years, 4 months ago

Column: Did the budget deal close a Social Security ‘loophole,’ or harm poor women?

LA Times  

But who got left behind? Leaving aside that this figure spans 75 years, meaning it probably averages out to less than one or two tenths of a percent of Social Security’s projected benefit payments over that time, the main change has been a purported closing of a “loophole” that allowed some couples to claim more than their share of benefits. …

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