Governor CHRIS CHRISTIE doubled down on his destructive proposal to turn Social Security into a means-tested welfare program. Cris Hollingsworth is a Retirement Income Certified Professional and Social Security Plan Specialist that works to insure all Stages of Retirement for his clients.
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The Social Security program that your parents once knew will be changing sometime in the next 18 years, whether we want it to or not. “The trustees that oversee Social Security project that the fund could be depleted by around 2035, and at that point, payroll taxes are only projected to support roughly 75 percent of retiree benefits”, he continued.
Alliance members and allies continued to hold more celebrations this week in honor of Medicare’s 50th anniversary and Social Security’s upcoming 80th anniversary on August 14th.
In the Republican debate, Americans got a glimpse at what their economic future might hold if one of the Republican candidates becomes president – and the picture wasn’t pretty.
The government will have to raise the retirement age from 67 to 70, he said, “or you bankrupt the whole system, destroy our country, our currency, everything, by printing up more money and borrowing”.
First, Social Security numbers were assigned to 27 million eligible workers.
Regrettably, the sad truth is Social Security is now on a road to insolvency.
Delivering his answers in simple terms, TD Ameritrade director of Retirement and Annuities Matthew Sadowsky spoke to Fox Business in an FAQ-style blog article, as he addressed several Baby Boomer concerns about the future of Social Security. Under- or over-valuing your Social Security retirement benefits could keep you from getting a accurate picture of your retirement financial needs. Social Security benefits are tied to a worker’s pre-retirement earnings. In return, they are promised retirement benefits in old age. Additionally, this proposal would do very little to improve its solvency. Americans seem aware that Social Security should be only one component of their overall retirement financial plan. However, tying the initial benefit to inflation instead of wages, as Cruz has proposed, would cut benefits for each new generation of retirees. These have averaged almost 3 percent over the last 30 years and represent an important and substantial increase in our benefits. This is worse than doing nothing — no benefit or tax increases — where benefits would be about 21 percent lower.
I urge you to consult a Social Security specialist and make an informed decision.
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Christian Weller is a fellow and Rebecca Vallas is director of policy for the poverty to prosperity program at the Center for American Progress. “And the blog lets you provide meaningful feedback that can help us serve the public more effectively” is said in a statement by the Social Security Administration.
