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GAO: Social Security Series Part 3: Options for Reform GAO-24-107240 Published: Jul 31, 2024. Publicly Released: Jul 31, 2024. https://lnkd.in/g5PisPYN or https://lnkd.in/gfatrHTd Fast Facts Social Security is a fundamental source of income for millions of retirees and their families.   In Part 1 -- https://lnkd.in/gzBT-_Gp of this series, we reported that Social Security faces financial challenges and could be unable to pay full benefits starting in 2033.    In Part 2-- https://lnkd.in/gAFZGRpG, we identified criteria for policymakers to consider when evaluating potential reforms.   This third brief explores several reform proposals from Congress, academia, and other experts. For example, some of these ideas might address financial concerns by reducing benefits or increasing revenues. Other proposed changes might pursue goals such as modernizing the program, but increase financial pressures.

What you don’t know about Social Security Social Security increase every year you wait  8% to be exact (until age 70) Social Security can be reduced if you are still working  By up to 50% Social Security is taxed once you reach an income threshold  $25,000 for single and $44,000 for joint When your partner passes…  you only keep the highest SS Social Security Is subject to COLA raises  Cost of Living Adjustments 😊 The break even point for your Social Security is not as late you may think  I have seen it as early as late 70s to early 80s Choosing when to take Social Security can be difficult…don’t decide on your own I'm Goose 🖐️ Leading manufacturing and construction professionals to a more tax efficient and work optional lifestyle Ex-Paper Maker making finance easy #Leadership #Manufacturing #Construction #Planning #Execution

Ever wonder how your Social Security benefits are determined? Well, they're based on 3 key metrics: - Your best earnings from a 35-year period - Your average monthly wage - Your current age Using these metrics, the Social Security Administration determines the benefits you should receive and grants them to you through regular payments. #financialplanning #retirementplanning #money

The Social Security Fairness Act will lead to tens or hundreds of thousands of dollars in lifetime benefits for public sector workers… but will expediate an already-tense situation when it comes to program solvency. Including data from HealthView Services, this article reviews the bill’s impact on individuals and Social Security as a whole.  https://lnkd.in/ewQWnaBN

All US employees must monitor the solvency of the Social Security system closely. Congress has the capacity to address this issue with the right political will. Anticipating legislative action in the future, I expect Social Security benefits to remain intact after 2024, but maybe I'm being overly optimistic. Stay tuned! #SocialSecurity #USCongress #FinancialPlanning

The Social Security Administration has adjusted benefits payments annually for inflation since 1975. According to the SSA, Social Security benefits and Supplemental Security Income (SSI) payments are adjusted to reflect any increase in the cost of living as measured by the Consumer Price Index (CPI). Read the article to learn more.

Good insights and call for action in this article on the need to reform the Social Security. One excerpt to ponder: "When the United States had a surplus in accounts in the early 2000s, thanks to the 1990s technological boom, President George W. Bush proposed a policy adjustment resulting in tax cuts to the American people, unfortunately. The tax cuts themselves were not necessarily the issue; the problem was that there were no corresponding funding cuts coinciding Bush’s tax cuts. What did coincide with the tax cuts was increased national security funding for wars in Afghanistan and Iraq." And..."One 2023 projection by the Social Security Administration predicts that Social Security reserves will be depleted by 2033. This suggests that future generations like Generation X and millennials may not get the full Social Security benefits that current recipients enjoy." The trajectory is clear, but what will be the solution?

What's up with Social Security? Demographic trends pose challenges for Social Security, and its reserves are projected to deplete by 2035. Without intervention, future retirees may face reduced benefits by an estimated 23%. Learn more about Congress's potential solutions.

The future of Social Security is looking grim, with insolvency and benefit cuts looming as a possibility in 2034. The recent exchange between the two candidates highlighted the importance of this issue in the upcoming election. Regardless of who wins this November, Social Security will undoubtedly be a central concern in the next presidential term. It's crucial that we address this issue head-on and work towards a solution to ensure that this vital program remains sustainable for future generations.

We spend so much of our lives paying into Social Security that we almost expect it’ll live up to its name. After all, most of us—from the self-employed entrepreneur to career professionals—have been handing over a hefty percentage of our income to Social Security for longer than we care to remember. However, while you can count on receiving some benefits when you retire, you can’t expect Social Security to cover the entirety of your living expenses. Check out this Frequently Asked Question > https://loom.ly/Q_Kt03Y