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Keyword: socialsecurity

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  • Biden’s Voting History With Social Security and What It Means for Millennials (Very bad!)

    03/16/2024 1:14:38 PM PDT · by Az Joe · 23 replies
    Yahoo Finance ^ | 06/14/2023 | Andrew Lisa
    President Joe Biden campaigned on protecting Social Security and has slammed what he calls Republican efforts to gut the program through sunsetting, increasing the retirement age and reducing benefits. But the president has nearly a half-century of history dating to at least 1975 of voting or advocating for many of the same attacks on Social Security that he now warns could come from a Republican takeover — and both his historical record and current policies will affect today’s younger generations as they age into the program.
  • What Is a Good Monthly Retirement Income?

    03/15/2024 9:13:45 AM PDT · by Red Badger · 19 replies
    money.usnews.com ^ | Feb. 21, 2024, at 11:07 a.m. | By Maryalene LaPonsie
    Here’s a look at average retirement incomes and how much people spend during their golden years. According to data from the Bureau of Labor Statistics, U.S. households led by someone age 65 or older spent an average of $57,818 in 2022. Key Takeaways: * Sources of retirement income include Social Security, retirement accounts, pensions, dividends and employment wages. * Retirees can expect to spend 70% to 80% of their pre-retirement income in retirement, according to one rule of thumb. * Older Americans spent an average of $57,818 in 2022, but about 40% of households led by someone age 65 or...
  • Donald Trump stumbles onto the third rail: Social Security reform

    03/12/2024 3:08:18 AM PDT · by where's_the_Outrage? · 69 replies
    Washington Post via MSN ^ | March 11, 2024 | Philip Bump
    Donald Trump called into a CNBC show on Monday morning, allowing host Joe Kernen to ask a question about government spending and, specifically, the large chunk of spending that is committed to social programs. “Have you changed your outlook on how to handle entitlement — Social Security, Medicare, Medicaid, Mr. President?” Kernen asked. “It seems like something has to be done.” At that point, two familiar patterns kicked in. Trump tends to like to align with the opinions offered by his interviewers, particularly on subjects that aren’t at the center of his political identity. He also tends to ramble when...
  • What Happens to Your Social Security Benefit When Your Spouse Dies?

    03/10/2024 6:53:46 AM PDT · by where's_the_Outrage? · 44 replies
    The Motley Fool ^ | Trevor Jennewine
    Social Security benefits are the major source of income for most people over age 65, according to the Social Security Administration. That means living standards in later life can depend heavily on how well retired workers and spouses understand the program. Unfortunately, misunderstandings are all too common. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit the bigger Social Security benefit. Social Security old-age and survivor benefits is a broad term that includes two subcategories: retired-worker benefits, and benefits for spouses and other...
  • CRISIS: Medicare and Social Security are Underfunded by $175 Trillion

    03/03/2024 7:55:04 AM PST · by bitt · 29 replies
    /www.thegatewaypundit.com ^ | 3/2/2024 | joe hoft
    Social Security and Medicare are underfunded by $175 trillion. The nightmare arrives. In 2014 I published my first book while I was in Hong Kong. This book focused on the insane policies of the Obama/Biden regime and offered solutions that were working overseas. The biggest problem on the table was the massive amount of unfunded liabilities that were being created under the Biden regime. Below is what I wrote at that time (pp. 23-24). Even more alarming than the US’s annual deficits or federal debt burden is the amount of its unfunded liabilities. Unfunded liabilities are financial promises made with...
  • Medicare and Social Security are both in crisis as underfunding hits $175 TRILLION - almost double the economic output of every country on Earth

    03/02/2024 4:30:30 AM PST · by Libloather · 34 replies
    Daily Mail ^ | 3/01/24 | James Gordon
    Medicare and Social Security are in crisis and face significant challenges according a report from the U.S. Treasury Department which indicates the programs are both underfunded to the tune of a $175 trillion. The report suggests that if the current trends continue the programs may not be around when the current generation of American children reach retirement age unless substantial changes are implemented. Projections suggest that Medicare and Social Security may struggle to meet full benefit obligations within the next decade, with factors like inflation and economic output adding strain due to insufficient funds coming in to support these programs....
  • Privatize or Bust: What Australia Teaches Us About Social Security

    02/16/2024 10:05:40 AM PST · by SeekAndFind · 21 replies
    American Thinker ^ | 02/16/2024 | Ezra Wyrick
    America’s declining Social Security program will be a contentious topic of debate for presidential candidates this year. Former president Donald Trump advocates leaving the program alone and has criticized Nikki Haley’s proposal to save the program by raising the retirement age. Similarly, President Biden has vehemently opposed any solutions that involve tampering with the program’s current structure.Despite all this political posturing, Social Security is going broke fast as Americans are saving less for retirement than ever before. Half of all Baby Boomers in the U.S. have no personal retirement savings. Endless promises from both Republican and Democratic administrations over the...
  • The Social Security clock keeps ticking: It's marching to a steady cadence of financial decline

    02/09/2024 7:45:30 AM PST · by SeekAndFind · 30 replies
    American Thinker ^ | 02/09/2024 | Brenton Smith
    Social Security has marched to a steady cadence of financial decline for the past 40 years. Every year, the size of the Social Security bomb gets bigger while the fuse becomes a little shorter. While that image might be a serious problem for you, it doesn’t seem to have captured the attention of anyone on Capitol Hill. At this point, the program has roughly $22.4 trillion in promises that it does not expect to keep to those who can vote today. Someone who turns 80 years old today expects, on average, to live long enough to feel the impact of...
  • 155 Democrats Vote No To Deporting Illegals Who Commit Social Security Fraud

    02/01/2024 2:48:28 PM PST · by davikkm · 23 replies
    In a contentious move, 155 Democrats voted against deporting undocumented individuals involved in Social Security fraud, sparking criticism. Critics argue that this decision, made by two-thirds of Democrats, potentially allows criminals to exploit the Social Security system. The debate intensifies as concerns about the misuse of social benefits and the prioritization of immigration policies over American citizens come to the forefront.
  • Illegal Immigrant Has Social Security Card and Drivers License With Work ID in 4 Months. *YT vid at link

    01/27/2024 12:59:50 AM PST · by know.your.why · 24 replies
    Ford Boss Me ^ | 01/17/24 | Ford Boss Me
    Yesterday I ran into somebody that I haven't seen in a while. I haven't seen this guy for months. He’s been here for about five months in the United States. Six months something like that. And he says uh hey I'm uh I’m looking for work. And I said well I can't hire you man I'm not I I got to hire like legitimate people or whatever. And he was like no no no I'm I'm legitimate now and he broken English kind of bits and pieces together and he pulls his ID and stuff out of his pocket. And...
  • US House Panel Considers Commission to Tackle Nation's Soaring Debt

    01/16/2024 4:05:44 PM PST · by Deadeye Division · 49 replies
    Reuters ^ | January 16, 2024 | Richard Cowan
    WASHINGTON (Reuters) - Bipartisan legislation to create a commission charged with taming the $34 trillion U.S. national debt is set to advance this week in a House of Representatives panel, as lawmakers battle over federal spending. The House Budget Committee on Tuesday said it will hold a work session at 10 a.m. (1500 GMT) on Thursday to debate and potentially vote on the "Fiscal Commission Act of 2023," just weeks after Washington's total public debt breached the $34 trillion mark, putting it at more than 122% of GDP. Backers of the bill hope it could help make the national debt...
  • TurboTax Faces Major Threat to Its Business

    01/10/2024 7:27:43 PM PST · by Red Badger · 38 replies
    Newsweek ^ | Jan 08, 2024 at 10:53 AM EST | By Aliss Higham
    The Internal Revenue Service (IRS) plans to roll out a free way to file federal taxes, much to the chagrin of tax preparation firm TurboTax. The IRS is launching a pilot plan, known as Direct File, that will offer a free way to submit taxes for U.S. workers. In December, the agency published its plans for an in-house filing system that taxpayers can use to submit their federal tax returns at no cost. Residents of 12 states that meet certain income criteria will be able to try the new service. To qualify, filers need to opt for the standard deduction...
  • Immigration Will Not “Save” Social security or the Welfare State

    01/10/2024 7:27:14 AM PST · by davikkm · 23 replies
    Native born Americans will only use 95% of the benefits they pay into social security, leaving a small but healthy surplus for the future of the program. While foreign born workers will collect 120% of the benefits they pay in (www.fairus.org/issue/publications-resources/mass-immigration-wont-save-social-security), representing a major deficit for the program.
  • Retirement crisis: Great Recession takes its toll on younger Boomers - Retirees continue facing Social Security uncertainty

    12/16/2023 6:35:50 PM PST · by Libloather · 46 replies
    Fox Business ^ | 11/08/23 | Javier Simon
    By Javier Simon Sponsored by Credible - which is majority owned by Fox Corporation. Credible is solely responsible for the services it provides.Although the Great Recession impacted the savings of American workers across generations, it delivered a major hit to the retirement savings of the youngest Baby Boomers, according to a study by the Center for Retirement Research (CRR) at Boston College. Boomers born in the early 1960s at the end of that generational wave had saved an average of about $280,000 for retirement when they reached their 50s. That’s nearly $50,000 less than their older counterparts born in the...
  • Social Security Administration burdens seniors with push for clawbacks, lawmakers say

    12/15/2023 10:10:55 PM PST · by Libloather · 17 replies
    Fox Business ^ | 12/15/23 | Chris Pandolfo
    FIRST ON FOX: Lawmakers want to know why the Social Security Administration has reportedly erroneously overpaid benefits to millions of Americans and then hit beneficiaries with demands for repayment to the tune of thousands of dollars. A bipartisan letter sent by House members in the Ohio delegation presses Dr. Kilolo Kijakazi, the acting commissioner of the Social Security Administration (SSA), for answers on its efforts to claw back overpayments from Americans, many of whom did nothing wrong. Those affected are elderly or disabled people on a fixed income who may have their benefits frozen or cut until their debt is...
  • Social Security 2024 Increase Angers Some Americans

    12/13/2023 11:27:33 PM PST · by where's_the_Outrage? · 139 replies
    Newsweak ^ | Dec 12, 2023 | Suzanne Blake
    While Social Security is set to increase by 3.2 percent in 2024, many seniors are worried about how the limited inflation adjustment will keep them afloat. In a new report from Atticus, a majority of seniors voiced dissatisfaction with the cost-of-living adjustment (COLA) for 2024. In total, 62 percent of the 400 Americans over the age of 62 in the survey said they were unhappy with the payment bump. "About that 3.2 percent COLA increase for 2024, well, it sounds good on paper, but, honestly, it's not quite cutting it for seniors," Christopher Hensley, financial adviser and the president of...
  • More Americans optimistic about future of Social Security: Gallup

    12/08/2023 6:53:43 AM PST · by ChicagoConservative27 · 81 replies
    The Hill ^ | 12/08/2023 | LAUREN IRWIN
    Americans are more optimistic about the future of Social Security than they have been in recent years, a new survey from Gallup found. Among non-retirees, 50 percent expect Social Security to pay them a benefit when they retire, compared to 47 percent who do not think the system will help them. The response from non-retirees is up from readings taken between 2005 and 2015, when majorities of non-retirees polled said they did not think that they would receive benefits from the system, Gallup found. Current retirees believe they will continue to receive full benefits under Social Security.
  • Nikki Haley wants to reform Social Security and Medicare. Donors are paying attention

    12/05/2023 7:25:22 AM PST · by JonPreston · 111 replies
    CNN ^ | 12/5/23 | Fredreka Schouten
    As she woos her party’s wealthy donors, former South Carolina Gov. Nikki Haley is promoting a policy that sets her apart from her closest competitors for the 2024 Republican presidential nomination: A willingness to stake out positions on the politically fraught issue of overhauling the nation’s entitlement programs.In a recent Haley endorsement, Emily Seidel – a top official in the influential political network associated with billionaire Charles Koch – praised the former UN ambassador’s “courage” for advocating changes to “an entitlement system that makes promises it can’t keep.”
  • Oopsie! J6 committee exposes nearly 2,000 Social Security numbers of Republicans, GOP governors, family members

    01/08/2023 7:57:31 AM PST · by bitt · 31 replies
    hotair ^ | 1/6/2023 | ED MORRISEY
    At least no one can say that the January 6 committee didn’t have an impact! Greg Abbott, Kristi Noem, Henry McMaster, and their families will have to guard against identity theft for the rest of their lives, thanks to the committee’s work in exposing their Social Security numbers. How many numbers got exposed? “Around 1900” of them, according to the Washington Post, which came from White House visitor logs supplied to the committee. The J6 committee failed to redact those from a spreadsheet released to the public as part of its final report on the riot. Ben Carson, a Trump...
  • When will Social Security cost-of-living increases take effect?

    11/15/2023 12:48:42 PM PST · by ChicagoConservative27 · 34 replies
    The Hill ^ | 11/15/2023 | Stephanie Whiteside
    (NewsNation) – The Social Security Administration announced 2024’s cost-of-living adjustment (COLA) just over a month ago, confirming a 3.2% bump in benefits for retirees. Here’s what you need to know. How does the 2024 increase compare to 2023’s? While still one of the largest increases in decades, 2024’s COLA increase of 3.2% is far below the 8.7% bump that recipients were granted in 2023.