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Keyword: socialsecurity

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  • Xcel ratepayers would get a bum deal under Colorado Energy Plan

    08/04/2018 11:47:24 AM PDT · by george76 · 13 replies
    Colorado Politics ^ | August 2, 2018 | Amy Oliver Cooke
    Late last summer, and with great fanfare, Xcel Energy announced its proposal to close the Comanche I & II power units in Pueblo a decade ahead of schedule. They offered as replacement the euphemistically titled “Colorado Energy Plan” , a massive $2.5 billion fuel-switching scheme to move its Colorado customers away from baseload, reliable hydrocarbons in favor of intermittent renewables. ... the Minneapolis-based monopoly utility will force captive ratepayers to cough up at least another $287 million. That’s on top of the modeling errors we already found in their accounting, and Xcel acknowledged. In other words, ratepayers will pay higher...
  • What Is The Most I Can Receive From My Social Security Retirement Benefits?

    08/02/2018 2:29:04 PM PDT · by Red Badger · 103 replies
    www.forbes.com ^ | Apr 18, 2018, 06:38am | David Rae
    The maximum monthly Social Security benefit for a person retiring in 2018, at their full retirement age, is $2,788 per month , or $33,456 per year. To achieve this benefit, you must have had the maximum taxable earning for a whopping 35 years. It is for this reason, that most people’s benefits will be far less. Forget this number if you plan to retire ahead of your full retirement age. Do you think you could live off $2,788 per month? Before you think about that, it’s important to note that the average check for 2018 is just $1,404 per month....
  • This Could Be a Game-Changer for Retirement Savers

    08/02/2018 10:16:47 AM PDT · by Red Badger · 35 replies
    The Motley Fool ^ | Aug 2, 2018 at 6:08AM | Matthew Frankel (TMFMathGuy)
    Legislation that would dramatically increase an important contribution limit just cleared a major hurdle. The House of Representatives recently passed two pieces of legislation that would make significant changes to health savings accounts (HSAs), including a massive increase in the amount of tax-deferred contributions that could be made to them. These changes could not only allow Americans to get more of a tax deduction for their healthcare expenditures, but they could also help participants build their retirement nest eggs at a faster rate. Here's a rundown of what the new HSA contribution limit could be, why it matters for retirement...
  • 3 Ways to Boost Your Social Security Benefits in Your 60s

    08/02/2018 10:02:18 AM PDT · by Red Badger · 19 replies
    The Motley Fool ^ | Aug 2, 2018 at 7:21AM | Sean Williams (TMFUltraLong)
    It's not too late to increase your take-home from America's most important social program. There's a really good chance you'll be reliant on Social Security when you retire. According to data from the Social Security Administration, 62% of today's aged beneficiaries lean on the program to provide at least half of their monthly income. Of these folks, 34% rely on Social Security for virtually all of their income (90% to 100%). As for future retirees, national pollster Gallup found a strong expected reliance in an April 2018 survey. When polling nonretirees, Gallup observed that 30% expect Social Security to be...
  • Should You Take Social Security at 62, 66, or 70?

    08/02/2018 9:22:46 AM PDT · by Red Badger · 164 replies
    The Motley Fool ^ | updated on January 11, 2018, and originally published on March 25, 2017 | Todd Campbell (TMFEBCapital)
    Social Security benefits can be claimed at any point after a recipient turns age 62, and most Americans take their Social Security as soon as they can. Claiming benefits early can be smart, but it can pay off to wait. If you're deciding when to start receiving Social Security, here's what to consider. Estimate your expenses Retirement usually means a big drop in income, and if you don't have a solid grasp on what your spending is going to look like in retirement, then you won't be able to make the best decision on when to claim. Depending on who...
  • social Security experts, I have a social security question and need some help with answers

    07/10/2018 2:39:24 PM PDT · by GeorgiaDawg32 · 82 replies
    Me | 7/10/2018 | GeorgiaDawg32
    I'm at that age where I'm trying to determine whether or not to take social security a year early or wait until I turn 66. To that end, I called social security and asked them what my benefit will be at 65. They told me. I informed them I'm going to keep working and make far more than the $45k I'm allowed without penalty next year. The social security benefits will go directly to the savings account. I don't need it to live on. My question was, since I'll get no check for the last 3 months of this year...
  • Improving the Investment Yields of Social Security Contributions

    07/05/2018 11:12:49 AM PDT · by Brian Griffin · 5 replies
    07/05/2018 | Brian Griffin
    A really big problem of the Social Security system is the low rate of return the system gets on contributions, around 2% now. The Federal Reserve lowers interest rates during recessions, which means the Social Security system gets low rates of returns for long periods of time. What I propose is a number of ways the Social Security system could tap the investment markets. Participation would be through state-managed retirement funds that each state may choose to let its residents invest in. These are generally well-managed and have decades of investing experience. The percentage amount invested would partially be a...
  • Some Thoughts for Social Security Reform to Reduce Abortion Demand and to Increase Contributors

    07/03/2018 11:32:31 AM PDT · by Brian Griffin · 18 replies
    07/03/2018 | Brian Griffin
    It would also steer Social Security towards the old-fashioned way of children helping their parents in their old age. I would add three years to each way to get standard Social Security payouts, i.e. full standard benefits would be payable at 70 instead of 67. Instead, for the three years, (1) the last year, 69, would be 50% of the SE/FICA taxes paid for the third & fourth best calendar years by the best SS contributing natural child (and its employer(s)) of the SS recipient, prior to age 55 of the recipient, (2) the penultimate year, 68, would be 50%...
  • The United States Is Even More Broke Than We Think

    06/24/2018 12:05:42 PM PDT · by SeekAndFind · 49 replies
    Seeking Alpha ^ | 06/22/2018 | Ronald Surz
    Summary The 2018 "official" U.S. debt figure of $34 trillion is 120% of GDP and projected to double as a percent of GDP within the next 20 years. It's big.If we add "off-the-books" net obligations like Social Security and Medicare, our all-in debt, or so-called "fiscal gap", rises to $110 trillion, or 390% of GDP. It's scary.Raising taxes and reducing benefits won't restore solvency. Something is going to break, and it won't be pretty. We're broke and no one seems to care. We're all aware that this country owes a lot of money, but no one cares because we're leading...
  • What Happens When Social Security's Trust Funds Run Out?

    06/24/2018 11:52:27 AM PDT · by SeekAndFind · 64 replies
    Motley Fool ^ | 06/22/2018 | Maurie Backman
    If you read the latest Social Security Trustees Report, you're aware that the program's combined trust funds are expected to run dry in 2034. And clearly, that's not great news. But before you start panicking about your benefits, it's important that you understand the implications of those trust funds running out.Social Security won't go broke The most important thing you should know about Social Security's trust funds is that they're not the program's primary source of funding. Rather, the bulk of the revenue that Social Security takes in comes from payroll taxes. Now for the first time in multiple decades,...
  • A Generation of Americans Is Entering Old Age the Least Prepared in Decades

    06/22/2018 4:14:38 PM PDT · by simpson96 · 43 replies
    Wall Street Journal ^ | 6/22/2018 | Heather Gillers, Anne Tergesen and Leslie Scism
    Americans are reaching retirement age in worse financial shape than the prior generation, for the first time since Harry Truman was president. This cohort should be on the cusp of their golden years. Instead, their median incomes including Social Security and retirement-fund receipts haven’t risen in years, after having increased steadily from the 1950s. They have high average debt, are often paying off children’s educations and are dipping into savings to care for aging parents. Their paltry 401(k) retirement funds will bring in a median income of under $8,000 a year for a household of two. In total, more than...
  • Millennials waking up to grim financial future left by baby boomers — and they're angry

    06/21/2018 2:19:46 PM PDT · by rickmichaels · 129 replies
    Financial Post ^ | June 21, 2018 | Ben Steverman
    Lately I’ve been losing track of how old everyone is. Friends, co-workers and family members are resisting middle age with vigorous exercise, careful diets and regular doctor visits. Even when 50-year-olds look like they’re 50, they often dress or party as if they’re still in their twenties. Our capacity to fetishize youth never ceases to amaze. But while older Americans definitely want to look like younger folks, they certainly don’t want their finances. That’s because the wealth gap between generations keeps widening, and their children’s future is beginning to look ugly. Just two years ago, the median American born in...
  • Don't Wait For Social Security's Crisis — It's Here

    06/11/2018 8:09:30 AM PDT · by SeekAndFind · 106 replies
    IBD ^ | 06/10/2018
    Social Security is like the classic children's tale, "The Boy Who Cried Wolf." So many warnings have been made, no one listens anymore. Well guess what? The wolf's now at the door. Are you listening now? For the first time in 36 years, Social Security will take money out of its "trust fund" — an accounting fiction that would get you jailed for fraud in the private sector — to pay retirees. The truth is, Social Security is for all intents and purposes bankrupt. Since 2010, Social Security has been spending more than it took in, making up the difference...
  • Social Security now running a deficit; insolvency set at 2034; Medicare Even Worse

    06/06/2018 6:29:23 AM PDT · by SeekAndFind · 117 replies
    Washington Times ^ | 06/06/2018 | Stephen Dinan
    Social Security will spend more than it collects this year, the program’s trustees said Tuesday, marking the first time in more than 35 years that it will run an annual deficit as it slides toward insolvency by 2034. Medicare’s main trust fund is in even worse shape, scheduled to hit insolvency in 2026 — three years earlier than last year’s estimate, the trustees said. The twin warnings add even more pressure to a budget already strained by last year’s tax cuts and this year’s deal to boost spending on defense and basic domestic needs, leaving few bright spots in the...
  • Social Security Expected to Dip Into Its Reserves This Year

    06/05/2018 6:20:11 PM PDT · by Theoria · 58 replies
    The Wall Street Journal ^ | 05 June 2018 | David Harrison
    Aging population is boosting the costs of Social Security and Medicare as growth projections ease The Social Security program’s costs will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits. This is three years sooner than expected a year ago, partly due to lower economic growth projections, according to the latest annual report the trustees of Social Security and Medicare released Tuesday. The program’s income comes from tax revenue and interest from its trust fund. The trust fund will be depleted in 2034...
  • Retirees will likely be disappointed with their social security check, here’s why

    04/25/2018 11:37:15 AM PDT · by SeekAndFind · 83 replies
    Fox Business ^ | 04/25/2018 | Jade Scipioni
    Newbie retirees may need to lower their expectations when it comes to their Social Security checks. According to a new survey released by the National Retirement Institute, more than a quarter (27%) of new retirees say their monthly checks are less than they expected. What’s more, nearly two in three of soon-to-be retirees (63%) admit that they are not confident in their overall knowledge of how Social Security works. That number is alarming because nearly one in four (26%) future retirees believe they can live comfortably on Social Security alone. “It’s problematic that so many people are planning to rely...
  • Socialism Has Only Produced One Thing That Is World ClasS and Works

    04/13/2018 3:06:23 PM PDT · by ARGLOCKGUY · 55 replies
    ME | Now | ME
    The AK-47. And liberals want to ban it.
  • How Much Do Retirees Really Depend on Social Security? Far Less Than You'd Think.

    03/29/2018 9:31:30 AM PDT · by SeekAndFind · 73 replies
    Forbes ^ | 03/29/2018 | Andrew Biggs
    The Social Security Administration says that one-third of retirees receive nearly all their income from Social Security. The true figure is only around one-third that amount. How much do Americans really rely on Social Security to get by in retirement. You can hear different numbers, some of which are truly scary. Writing for Marketwatch, Alicia Munnell of Boston College and the Center for Retirement Research cites a study that she hopes “will put the statistical debate to rest.” Sadly, I don’t see any rest for the weary on this issue. But looking at one additional study which uses the best...
  • It's Time to Create New Republics

    03/01/2018 11:42:46 AM PST · by Brian Griffin · 4 replies
    03/01/2018 | Brian Griffin
    Article IV, Section 3 of our Constitution provides that "The Congress shall have the power to dispose of and make all needful rules and regulations respecting the territory or other property belonging to the United States." A Republican-run state might buy up a few square miles of unoccupied land and sell it and the state sovereignty over it to the federal government. The federal government might then sell it off to a state-authorized private party who promises to create a new republic on it with: 1. limits on taxation/governmental fees/fines/licensing, and 2. no foreign military force, and 3. no governmental...
  • This Is What Life Without Retirement Savings Looks Like [in CA]

    02/23/2018 6:58:53 AM PST · by daniel1212 · 52 replies
    The Atlantic ^ | Feb 22, 2018 | Alana Semuels
    CORONA, Calif.—Roberta Gordon never thought she’d still be alive at age 76. She definitely didn’t think she’d still be working. But every Saturday, she goes down to the local grocery store and hands out samples, earning $50 a day, because she needs the money. “I’m a working woman again,” she told me, in the common room of the senior apartment complex where she now lives, here in California’s Inland Empire. Gordon has worked dozens of odd jobs throughout her life—as a house cleaner, a home health aide, a telemarketer, a librarian, a fundraiser—but at many times in her life, she...