Every day we see the media talking about Social Security. Unfortunately, a lot of misinformation is being spread about the viability of Social Security. The bottom line is that Social Security is NOT going “belly up” any time soon. Yes, it needs to change, but it is a remarkable program that American’s can continue to rely [...]
April 23rd we get the new numbers on the funding status on the Social Security Trust Fund. As we have reported, the “sky is not falling.” This article predicts rosier news from Trustees on the funding status. The media has confused a lot of people into thinking taking benefits as early as possible is smart. The system [...]
More context on the recent funding report on Social Security – attached is a report by Alicia Munnell. I have a lot of respect for her research. If you are interested in details of the funding, it is worth skimming. However, I cut and paste the 2 most important take-aways: “The program faces a manageable financing [...]
Finding patience in a firestorm is very hard…I’m quoted in an article today about Social Security. The “story of the day” is the funding of the US entitlement programs. People, this is old news….nothing is really different. These results were expected by the specialists and experts running the program. Yes, the system will need to change. [...]
Quoted in the Wall Street Journal – over the weekend I was quoted in the WSJ…I think the title of the article is funny. “If You’re Under 40, Don’t Bank on Social Security.” http://online.wsj.com/article/SB10001424052702303592404577362204167117454.html#articleTabs%3Darticle The key is that there is a lot of misinformation about impact if you are over 50…the bottom line is that if you [...]
Updated research – should you be scared? Ameriprise released a great research report that updates their findings from 2007…are you feeling worse off? The data says so. “In 2007, when the first survey was conducted, perceptions were fairly positive. For example, 51% of baby boomers were “very confident” of their ability to assure “a financially secure [...]
Will you receive more out of the system than you put in? – lots of banter about this article today, see below. Progressively more Americans will pull more money out of Social Security than they paid in. This is NOT new news, right! We know there are more people retiring than workers paying into the system. [...]
Attached below is a good article that talks about ways to fix Social Security. Note, there is enough money to pay 100% of benefits to future retirees for the next 20+ years. The system will need to change in the future since there are more Americans retiring. The questions is how to fix the system? Who will [...]