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But a newly updated financial analysis shows that what people paid into the system doesn't come close to covering the full value of the medical care they can expect to receive as retirees.
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Officials have settled on the dates when millions of people will no longer be able to get their Social Security and other benefit checks by mail. New recipients of benefits will have to accept paperless payments starting on May 1 of next year, thr
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Social Security taxes "ought to be held sacrosanct. When you start to signal that the (Social Security) tax levels are negotiable, you end up in long-term trouble, I think, in terms of making absolutely certain that the entitlement funding streams ar
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House and Senate Republicans thwarted Democratic efforts to award $250 checks to Social Security recipients facing a second consecutive year without a cost-of-living increase. President Obama and Democrats urged approval of the one-time payment
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Judges who hear Social Security disability cases are facing a growing number of violent threats from claimants angry over being denied benefits or frustrated at lengthy delays in processing claims. There were at least 80 threats to kill or harm admin
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The US Treasury has needed to borrow money to pay Social Security benefits in 15 out of the last 25 months on record because the Social Security system was in deficit in those months, with the cost of monthly benefit payments exceeding
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President Barack Obama said on Thursday he favored raising more revenue for Social Security to prolong the solvency of the U.S. retirement fund, rather than just cutting benefits or making people work longer.
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According to the SSA's own statistics, roughly 58 million Americans are receiving Social Security checks. For the second time in two years they've been informed that no cost of living increase will be granted because according to the numbers being
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The report did not highlight the fact that over $300b of assets held by the Fund were in fact contributions from illegal aliens. As much as 13% of the Funds holdings are tainted. Without this funny money the Fund would today be running substantial...
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As the first of the 80 million Baby Boomers have begun to retire, it has become increasingly apparent that the United States is facing a pension crisis of unprecedented magnitude. State and local government pension plans are woefully underfunded...
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The 1983 payroll tax hike has generated approximately $2.5 trillion in surplus Social Security revenue which is supposed to be in the trust fund for use in paying for the retirement benefits of the baby boomers. But the trust fund is empty!
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If your junior-high soundtrack was more Bangles or Britney than Beatles, I am going to try to scare some sense into you with three words about life in retirement, based on personal experience: The paychecks stop.
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Young Americans might not get full Social Security retirement benefits until they reach age 70 if some trial balloons that prominent lawmakers of both parties are floating become law. No one who's slated to receive benefits in the next decade or t
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House Minority Leader John Boehner (R-Ohio) . . . that the Social Security retirement age should be raised to 70. . .Ensuring there's enough money to pay for the war will require reforming the country's entitlement system, Boehner said
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-I am stunned by the continued drop in FICA/SECA tax receipts. There are many metrics on the overall economy that have shown YoY improvement. The SS revenue numbers are telling us something different.
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Social Security faces a $5.3 trillion shortfall over the next 75 years, but a new congressional report says the massive gap could be erased with only modest changes to payroll taxes and benefits. Increasing payroll taxes, reducing cost-of-living incr
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Now the interesting part of the game begins.... This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes -- nearly $29 bil
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The retirement nest egg of an entire generation is stashed as $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It's time to start cashing them in as it is projected to pay out more than it collects in
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Social Security to start cashing Uncle Sam's IOUs AP By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 2 mins ago PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in
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The raw numbers show clear acceleration of the deterioration in the Funds dynamics. They also give us some insights into the employment situation in the country. The conclusions are not good.
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A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–lim
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A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–limits
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The Congressional Budget Office had projected it would operate in the red in 2010 and 2011, but a deeper economic slump could make those losses larger than anticipated.
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Bob Chapman on Radio Liberty; damning show part 1 http://www.youtube.com/watch?v=ISvqPPivKzw part 2 http://www.youtube.com/watch?v=LgdAifO6o94 part 3 http://www.youtube.com/watch?v=Vq-8SCi0L2A part 4 http://www.youtube.com/watch?v=jRurnjqnCXY pa
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"Early Retirements Strain Social Security System." Strain? How about calling a spade a spade and letting people know up front that Social Security is about to run a deficit?
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A new bill introduced in the U.S. House of Representatives would give the average beneficiary an additional $415.20 in Social Security payments in 2010, a boost of $34.60 per month.
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The Social Security Trust Fund reported an August net deficit of $5.865 Billion. This is the largest monthly deficit in nineteen years. Base on recent years data it was not surprising the Fund ran a deficit in August. But the magnitude of the shortfall was a surprise to me. This deficit is now the seventh in the past twelve months. That pace has never been seen before. We deal with very big numbers these days. 100rds of billions and trillions are how we measure things. So a $6b monthly deficit for the Fund would appear to be a ho-hum. That is not correct. This is an important number. The Actuarial analysis of the Fund is misdirected. Their focus is based on the future value. It should be focused on the here and now. In the June annual report the Trustees concluded that the Fund would be broke in 2037. This conclusion is so far into the future that it is easy for everyone involved to say, “this is a next year problem, health care comes first”. Stephen Goss the Fund’s head honcho s
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Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next 2 years. That hasn’t happened since automatic increases were adopted in 1975.
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The CBO's annual Social Security Update is out, and its pretty ugly: This is pretty ugly; we were not supposed to have a negative income-to-outlay view on Social Security for another decade or so. Well, the recession fixed that. Tax receipts are in the toilet but outlays sure aren't. This is a major problem - everyone wants to point to the "zero hour" for Social Security when the "trust fund" goes negative, as is shown in this graph: This, unfortunately, is terribly misleading. The Social Security "Trust Fund" contains nothing other than IOUs. That is, it does not contain money, it contains "special" Treasury Bonds that form part of the "public debt." How much? According to Treasury, about $4.3 trillion dollars worth.
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Here's a frightening prediction: The public pension system's trust fund could go into the red in the next year, far sooner than expected. Will it get the next huge bailout? The debate over health care has captured everyone's attention, but it appears the next big government program that needs to be addressed will be Social Security. That's the focus of the July 30 article "The next great bailout: Social Security" by Allan Sloan, Fortune's senior editor at large. Given that so few people really understand the Ponzi nature of the current Social Security financing scheme -- created in 1983 by a commission chaired by none other than the world's greatest serial blower of bubbles, Alan Greenspan -- I decided to reprise Sloan's article. (The Social Security problem is especially important because it likely will put additional pressure on the dollar and on bonds, and exacerbate the funding crisis down the road.)
