By Alessandra Malito Published July 19, 2018 Personal Finance MarketWatch Facebook Twitter Comments Print article ( iStock ) Social Security is not going anywhere, but millennials shouldn’t count on 100% of their benefits and legislators really need to pay attention to the program, experts said. Continue Reading Below The program’s trustees said its two trust funds will be depleted in 2034, according to a June report, though that doesn’t mean Americans will stop receiving benefits. Simply put, it means the program will rely on tax income to provide its benefits as opposed to the money in those trust funds, and that benefactors will receive three-quarters of the benefits they were to be owed. “I view Social Security as the backbone of the nation’s retirement system,” said Alicia Munnell, director of the Center for Retirement Research at Boston College. “We have known for decades that it has a … [Read more...] about Social Security: What to know, what to expect, how to make it better
Maximum social security tax 2017
22 Social Security Stats That Will Blow You Away
Published July 08, 2018 Markets Motley Fool Facebook Twitter Comments Print Social Security has been around since 1935 and it provides income to around 63 million Americans, 42.5 million of whom are receiving retirement benefits. The program is largely credited with keeping generations of seniors out of poverty -- but while millions of Americans rely on Social Security to provide at least half their income, most of us don't really understand much about the program. Continue Reading Below To give you a little more insight into Social Security, check out these 22 stats -- many of which are likely to shock you. Americans don't have much confidence in Social Security The majority of Americans have serious doubts about the future of Social Security, even though the program receives broad support and will be able to pay out most benefits for the foreseeable future -- even if no changes are made. 75% of Americans believe Social Security won't be available … [Read more...] about 22 Social Security Stats That Will Blow You Away
Social Security’s Catch-22
Published May 05, 2018 Markets Motley Fool Facebook Twitter Comments Print When Social Security was signed into law back in 1935, its purpose was to provide a financial foundation for low-income workers during retirement. For many decades, it's done just that. In fact, an analysis from the Center on Budget and Policy Priorities in 2016 found that approximately 22.1 million eligible beneficiaries -- 15.1 million of which are retired workers -- are kept out of poverty solely as a result of receiving guaranteed monthly benefits from Social Security. Big trouble is on the horizon Continue Reading Below But Social Security is also facing problems. The 2017 report from the Social Security Board of Trustees hints at a program in deep trouble. By the Board's projections, Social Security will begin paying out more in benefits than it's collecting in revenue by 2022. Shortly thereafter, in 2034, the Trust's approximately $3 trillion in asset reserves will be wiped … [Read more...] about Social Security’s Catch-22
What you don’t know about Social Security could cost you a lot of money
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Get There Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Michelle Singletary by Michelle Singletary Email the author April 30 Email the author The Social Security Administration increased benefits by 0.3 percent in 2017. (Bradley C. Bower/AP) A key part of your retirement planning should be an understanding of your Social Security benefits. This monthly check is a safety net, and the timing of when you start taking benefits can be a game changer. “If you have average earnings, your Social Security … [Read more...] about What you don’t know about Social Security could cost you a lot of money
Social Security’s $34.2 Trillion Problem
BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Newsletter Signup National By Sean Williams 04/23/18 AT 2:34 PM For better or worse, Social Security is a vital program for our nation's seniors. According to an analysis from the Center on Budget and Policy Priorities, the mere fact that Social Security provides guaranteed monthly income to eligible retired workers ensures that more than 15 million of them remain above the federal poverty line. This results in a senior poverty rate of less than 9%. Comparatively, it would be an estimated 40.5% without Social Security. This article originally appeared in the Motley Fool.But as you're probably also well aware, the Social Security program is in trouble -- and it seemingly gets worse with each passing year.Social Security Is 16 Years Away From Big TroubleThe release of the Social Security Board of Trustees' annual report last summer brought with it some terrifying forecasts. According to the half-dozen … [Read more...] about Social Security’s $34.2 Trillion Problem