The video explains that this will mean automatic benefits cuts starting next decade, though I doubt that will happen. Politicians will panic and change the law. But that won’t solve the problem. Let’s go to Brian Riedl’s chart book, where we learn that Social Security revenues are stabl...
Comprehensive and meticulously documented facts about Social Security. Learn about Social Security's taxes, benefits, financial status, reform options, and more. For example: • Taxable Maximum • Causes of Fiscal Problems • Old-Age Benefits • “Looting the Trust Fund” • Personal Ownersh...
To value the trade-off of delaying Social Security - no benefits paid now, in exchange for incrementally higher benefits in the future - we must calculate the economic value of the exchange. Accordingly, the chart below shows the impact over time of not receiving $750/month (in...
Offset repeal legislation, costly and unneeded in many states with full Social Security participation, has been routinely rejected in Congress. A few years ago the estimated cost of repeal to Social Security was $61 billion to $80 billion over 10 years. Only 15 states do not provide Social Se...
Accordingly, the Social Security Administration provides a regular statement to project future Social Security benefits,assuming that you will continue to earn at your current income level (based on your earnings for the past two years).This is shown asyour “estimated taxable earnings per year afte...
Nearly 40 million people receive retirement benefits with an average monthly benefit of $1,335. Another 9.5 million people receive disability benefits with an average monthly benefit of $1,165. Nearly 90 percent of people age 65 and older receive Social Security benefits, representing nearly 40 pe...
This change would increase the cost-of-living adjustment for Social Security benefits by an estimated average of close to 0.2 percentage point per year. Senator Warren's plan also includes sig- nificant changes to the sources of revenue used to finance the Social Security sys- tem. It will:...
The first page of the statement contains a host of really important information for your benefit. Under “Retirement Benefits” you’ll find your Full Retirement Age (based on your date of birth), and to the right of this paragraph you’ll find a chart with the estimated monthly benefit tha...
Social Security won’t “go broke,” but adjustments will be made. It simply means that workers will have to pay more, or benefits will get trimmed, or both. Social Security has been fixed before. So adjustments will be made before the depletion date. ...
Because it is a compulsory government entity, Social Security will always be taking a lot of money and paying “something” in benefits unless a majority of Congress has the gumption to call “Bravo Sierra” on the wealth-transfer scheme and pull the plug. It matters not a whit that Social...