Social Security News, Information and Guidance

Proposed Increase to the Retirement Age

Do you think Social Security will be around for your children or grandchildren?  Senator Tom Carper of Delaware was quoted as saying, “My sons are 21 and 22; neither of them thinks Social Security is around for them.  I want to make sure that it is.”  But how?  Obviously if we knew how to answer…

Hey! I’m Not Dead!

Imagine walking to your local bank to make a transaction and you find all of your accounts have been closed because you’ve been declared dead.  It sounds impossible, but it happens more than you think.  Each year, Social Security declares 14,000 wrongly dead. That averages out to 38 mistakes a day!  While it may seem…

Non-Working Spousal Retirement

When most people think of the tools used for planning their retirement, they think about 401k’s, pensions and other funds that are typically associated with employed wage earners.  But what happens if you or your spouse forgo a paycheck and stay at home?  What kind of retirement planning is available to you? One way to…

Is AARP in Favor of Social Security Cuts?

Last week, AARP announced that it is in favor of “modest reductions” in Social Security benefits, which confused many.  The powerhouse Senior Lobby group has always been one of the biggest opponents to any cuts to the program, which is why their new stance caught many by surprise. AARP still stands firmly by their position…

Should Seniors WANT Higher Oil Prices?

It may sound crazy, but some are suggesting that it’s a good thing for seniors if gas prices keep rising.  Why?  It has to do with the annual Cost-of-Living Adjustment (COLA) for Social Security benefits.  Third-quarter prices are used to determine the next year’s adjustment, so if oil prices are high, then COLA will be…

Could You Make it on Social Security Alone?

34 percent of retirees ages 65 and older, get 90 percent of their retirement income from Social Security.  While the old adage, “don’t put all your eggs in one basket” definitely rings true for retirement plans, the reality is that many people have to rely on Social Security.  Here are a few ways to make…

Tea Party Takes on Social Security

Up until now, both parties have been reluctant to target entitlement programs such as Social Security and Medicare for cuts.  Recently, however, many new Republicans have begun to talk about reducing benefits for future or even current retirees. The article explains just who is making these claims, and what they think should be done with…

Social Security: The best time to enroll in Medicare Part B

Chatanooga Times, January 13th, 2010 Q: I didn’t enroll in Medicare Part B back when my Part A started a few years ago. Can I enroll now? A: Yes, but if you want to do it this year, you’ll have to act soon. The general enrollment period for Medicare Part B medical insurance began Jan….

Could You Retire Without Social Security?

The Wall Street Journal, December 17th, 2010 This week’s landmark tax deal sharply changes the financial outlook for Social Security. That has huge implications for your retirement. And most people don’t have a clue what’s coming. The deal, by cutting payroll taxes for one year, weakens Social Security’s funding. It puts those payroll taxes “in…

Social Security cuts are part of deficit plan

AP Newswire, November 30th, 2010 Divisions remain within President Barack Obama’s deficit commission on politically explosive budget cuts and slashes in Social Security benefits, even as the panel’s co-chairmen go public with a revised plan to tame the runaway national debt. The new plan by co-chairmen Erskine Bowles and Alan Simpson, to be unveiled Wednesday,…