The internet is truly an amazing piece of technology.
The past couple of days I have been watching the Cato Instituion’s four hour presentation on Social Security that Michael Tanner (their head of Social Security reform) gave to congressional staff in February. The links are not that easy to find on the web-site, however, once you do find them they are extremely informative.
Even if reform is defeated this year, this issue will not go away.
Social Security–Video

With the debt deal behind us, it’s time to pick up the pieces and ask the question: “What happened?”  As it turns out, very little was accomplished, at least as it pertains to the specifics of future changes.  While most of the hard work has been delayed a short while, certain decisions were made. one clear line in the sand was the carving out of Social Security from any automatic reduction in spending. (The same cannot be said for Medicare).  Still, as I discuss in Should your Retirement planning Change …

I think a little historical perspective is needed when thinking about the year when Social Security’s income from all sources (payroll tax, interest on the Trust Fund, taxes on the benefits paid) will become fall short of the benefits it has promised to pay. 2018 seems to be the year most everyone agrees that Social Security will begin to operate at a deficit.
2018–That seems a long way off. Most of us still have a hard time believing we are in the sixth year of the 2000’s. but 2018 is only …

Q: how much money can I contribute to my 401(k) retirement plan at work? how much can I contribute to an IRA? I am paid a salary at my primary job, and I also work as an independent contractor. Can I contribute to my employer-provided 401(k) and also contribute self-employment income to a solo 401(k)?
a: your questions highlight some important but often misunderstood facts about 401(k) plans and individual retirement accounts (IRAs).
More workers are gaining awareness of the need to save for their own retirement. Companies that once …

With the debt deal behind us, it’s time to pick up the pieces and ask the question: “What happened?”? As it turns out, very little was accomplished, at least as it pertains to the specifics of future changes.? While most of the hard work has been delayed a short while, certain decisions were made. one clear line in the sand was the carving out of Social Security from any automatic reduction in spending. (The same cannot be said for Medicare).? Still, as I discuss in Should your Retirement Planning Change …

As a result of the recent debt deal, everything – even Social Security – will be on the table as a possible way to close the enormous budget gap.
What Changes Do You Think Are Going to Be Made to Social Security?

Sorry for the non-blogging today, but I have been working on an educational program regarding Social Security and its possible reforms.
It is amazing how easy research is now that just about everything can be found on the internet. The Social Security and Census web-sites were very helpful. The federal government is not entirely wasteful. Google was not bad either.
Social Security Reform

So, you are planning to retire. what are you going to do? do you have a vision? what kind of financial plan do you have in place to support your vision?
Before our very eyes, graying Americans are redefining retirement. the old vision of working until you were 65, moving to warmer climes and playing golf 2-4/7, is no longer likely. in 1935, when social security was founded, the average life expectancy was 65. now it is 73 and along with this, the meaning of retirement is changing.
In fact, my grandfather, …

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The Great Recession has many older Americans considering staying in the workforce past their normal retirement age. this trend is not a new phenomenon.
According to a research report from the Social Security Administration, nearly 31 percent of individuals between the ages of 70 and 74 reported income from employment in 2008, the latest year data is available. among a younger age group, those between 65 and 69, approximately 48 percent had income from a job.
Some remain employed for personal reasons, such as a desire …

The current maximum normal retirement age for Social Security is 67. That was not a typographical error. while seemingly everyone believes Social Security starts at 65, for those people born after 1937, a Social Security full retirement benefit won’t start until age 67. (Remember: just about anyone can receive a reduced early retirement benefit beginning at age 62, however.)
Recent conversations in Washington suggest the normal retirement might increase in order to slow the growing cost of Social Security. while such changes would presumably transition slowly (i.e., people over a certain …