When I go on public speaking tours around the country, I love to watch the faces of the audience when I talk about Social Security claiming strategies for divorced spouses. In order to collect Social Security benefits on an ex-spouse, the marriage must have lasted at least 10 years and both parties must be at […]
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Entries by mbeals
The real reason for the pending funding crunch? People are having fewer children, said Steve Goss, the Social Security Administration’s chief actuary recently at the annual meeting of the Society of Actuaries in San Diego. Read the full article at CBS MoneyWatch.
Social Security is not in financial trouble, at least not under the current laws that govern the retirement program. That’s the unequivocal answer from Steve Goss, chief actuary for the Social Security Administration, who spoke recently about Social Security’s funding challenges at the annual meeting of the Society of Actuaries in San Diego. Read the […]
Research by Notre Dame political scientist Benjamin Radcliff suggests that social programs produce a happier population. Read the full article at Los Angeles Times.
Raise the age at which you can begin collecting full Social Security benefits? Older Americans say no. They also veto reductions in the cost-of-living increase. But a poll finds support among those 50 and older for raising the cap on earnings that are taxed to fund the Social Security program so higher-income workers pay more. […]
I asked a financial services executive recently how our retirement saving system can be considered a success, considering that all but the highest-income households are approaching retirement with next to nothing saved. His reply: “They don’t have any money while they’re working, so why would they have any money in retirement?” Read the full article […]
Policymakers can boost income and payroll tax revenue by taking steps to facilitate longer working lives – for example, by changing the structure of Social Security and Medicare so that they stop punishing work at older ages. Some have objected to such recommendations, arguing that older workers who stay on the job longer make it […]
Congress has until Jan. 15 to come up with another spending plan. As they negotiate, one thing you’ll hear a lot about is overhauling entitlement programs — particularly Social Security. The program accounts for about 20 percent of federal spending. One argument in favor of cuts is that Social Security amounts to a huge transfer […]
How long does it take for a person to love their job? Possibly decades, a new study suggests. A survey released Thursday morning reports that baby boomers are more satisfied with their jobs and find more meaning in their work than younger people. Read the full article at WSJ MarketWatch.
Social Security’s retirement age is 70. The simple fact is that monthly benefits are highest at age 70 and are reduced actuarially for each year they are claimed before age 70. This is a relatively new development, which may explain why Social Security’s retirement age is the best-kept secret in town. Read the full article […]