Social Security – The News Desk

Where the Presidential Candidates Stand on Retirement | Retirement

16Apr

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Money

Where the Presidential Candidates Stand on Retirement | Retirement

Key Takeaways: The Social Security retirement trust fund and Medicare Hospital Insurance trust fund will both be depleted within the next decade if no action is taken. Joe Biden proposed increasing taxes on high earners to shore up the two trust funds. Donald Trump said he supports the programs but has provided no details about how he plans to address the trust fund shortfalls. Independent and third-party candidates have various approaches to retirement topics, but none are expected to win the presidency and implement their policies. This November, voters will head to the polls to decide who should be president for the next four years. And while debates rage over topics such as border security, immigration and abortion, people shouldn’t overlook the importance of retirement issues.The...

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

2Apr

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Money

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if at all. The federal government offers some tax breaks for expats, but they may not always transfer to state tax forms. Living or retiring abroad can be exciting, but it isn’t necessarily easy. You’ll need to navigate visa and residency requirements, find housing and maybe learn another language before moving. And once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens as well as what their host country might require.Here are some ...

What Are the Average Retirement Ages Around the World? | Retirement

2Apr

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Money

What Are the Average Retirement Ages Around the World? | Retirement

Key Takeaways: Global life expectancy is increasing, leading some countries to raise their retirement ages. The retirement age varies significantly around the world, with some countries, such as Iceland, having a retirement age of 67 and others, such as Saudi Arabia, of 47. The shift in the U.S. from company pensions to individual retirement accounts puts more responsibility on workers to save for retirement. Financial considerations like Social Security benefits and health care access play a major role in determining your ideal retirement age. Global life expectancy improved from 46.5 years in 1950 to 66 years in 2000 and is anticipated to increase to 76 by 2050, according to the United Nations Population Division. As a result, some countries are revisiting their retirement ages and ...

Some Americans are getting a second Social Security check today. Here’s why.

30Dec

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Money

Some Americans are getting a second Social Security check today. Here’s why.

About 1 in 10 Social Security recipients will receive a double December payment, with their second monthly check arriving on December 29. That's because of a quirk in the system for the Social Security Administration's Supplemental Security Income (SSI) program, which provides support for disabled people and older Americans with low incomes. Typically, SSI recipients receive their payments on the first of each month, which means the program's 7.5 million enrollees received their December payment on December 1. But because January 1 is a holiday, SSI recipients are getting their January check on the last weekday before the New Year, with deposits landing on December 29. SSI recipients will get another bonus with their December 29 payme...

What Is the Social Security Administration? | Social Security

21Dec

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Money

What Is the Social Security Administration? | Social Security

Almost all working Americans eventually receive Social Security benefits. These funds are collected and distributed by the Social Security Administration, a federal agency that serves to fight poverty. The SSA's programs pay benefits to almost 67 million people, including retirees, children, widows, widowers and those with disabilities. As you manage your finances and prepare for retirement, it can be helpful to understand the workings of the SSA, including the following: Introduction to the Social Security Administration. History of the Social Security Administration. Functions of the Social Security Administration. How the Social Security Administration works. Role of the Social Security Administration in the U.S. economy. Challenges of the Social Security Administration. The fut...

Social Security is boosting benefits in 2024. Here’s when you’ll get your cost-of-living increase.

20Dec

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Money

Social Security is boosting benefits in 2024. Here’s when you’ll get your cost-of-living increase.

Former Maryland Gov. Martin O'Malley confirmed as leader of Social Security Administration Former Maryland Gov. Martin O'Malley confirmed as leader of Social Security Administration 00:25 The nation's 72 million Social Security recipients are just days away from getting a boost to their monthly benefits. The 2024 cost-of-living adjustment, or COLA, has been set for a 3.2% bump — the smallest increase in three years. That's because the Social Security Administration ba...

10Dec

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Health

No, Social Security Isn’t ‘Earned’

Joe Biden and Donald Trump have something in common: Neither wants to touch Social Security. The program’s benefits “belong to the American people,” Mr. Biden said in February. “They earned them.” A month later Mr. Trump said: “We’re going to take care of our Social Security—people have earned that.”Both men have used the program as a cudgel against political opponents who have supported reining in benefits to balance the program’s troubled finances. The same goes for Medicare, which the progressive group Social Security Works has described as “an EARNED benefit,” adding that “anyone who proposes cuts to this program is reaching into your pockets and stealing from you!”Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 ...

Can Nikki Haley’s ‘Strategy of Conviction’ Beat Trump?

10Dec

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Business

Can Nikki Haley’s ‘Strategy of Conviction’ Beat Trump?

New YorkNikki Haley has a theory about Donald Trump. When he “senses one ounce of weakness, he topples you,” she says. If he runs into “any amount of strength, he walks away from you.” Mr. Trump’s former ambassador to the United Nations is describing how she plans to confront—and defeat—her old boss in the Republican presidential primary. “I’m not movable when it comes to what I believe, and I call you out like it is. He knows that.” Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

What Is the Outlook for Retirement in 2024? | Retirement

2Dec

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Money

What Is the Outlook for Retirement in 2024? | Retirement

In 2024, factors such as inflation and two years of stagnation in the S&P 500 index, despite short-term rallies, have the potential to affect retirement."We are in a new world of higher interest rates that we haven’t seen for 10-plus years since the Great Financial Crisis," Jeff Rosengarten, a principal at Homrich Berg in Atlanta, said in an email.Rosengarten said in today’s market, a retiree can dial down portfolio risk while earning about 5% per year on assets such as Treasurys that will still deliver a reasonable return.Here's what to know about the retirement outlook for 2024.Factors Shaping the 2024 Retirement LandscapeThe need to plan for long and potentially expensive retirements continues to shape the retirement landscape for 2024. For example, a person who retires at age 62 w...

How I Save Money by Living Simply in Retirement | Retirement

1Dec

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Money

How I Save Money by Living Simply in Retirement | Retirement

Embracing a simple lifestyle in retirement can help you relax, appreciate what you have and save money over the long term.Janet Ruth Heller and her husband, Michael, both former college professors in Portage, Michigan, accomplish this by staying active but keeping a close eye on spending. "Both of us earn some income each year from part-time work," Heller said in an email. "However, we rely on our savings and some investments for most expenditures. We do not want to live extravagantly."If you’re also looking to save money by living simply in retirement, here are some ideas from Heller and financial experts : Create an income plan. Track each dollar. Keep living expenses low. Get involved in groups. Avoid impulse spending. Choose activities thoughtfully. Create an Income PlanAs you c...