6 Ways to Fix Social Security’s Finances

The Social Security program currently has enough resources to pay out all promised benefits for nearly two decades. However, the Old-Age and Survivors Insurance Trust Fund is projected to be depleted in 2035. After that, the program expects to have enough tax revenue coming in to continue to provide about 77 percent of scheduled benefits. There are several Social Security tweaks that would correct the problem. A recent Government Accountability Office report examined several Social Security changes and how far they would go toward fixing Social Security's long-term projected deficit. Here's a look at how several potential Social Security solutions would change the system's finances.

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

 

How Your Social Security Benefit May Be Unfair

Are you happy with Social Security? If you are, bravo. If not, read this discussion of benefit calculations and get angry.

Don’t take my word for it that the payout formulas are screwy. Recently published comment from Eugene Steuerle, budget expert at Urban Institute:

“Social Security spousal and survivor benefits are so peculiarly designed that they would be judged illegal and discriminatory if private pension or retirement plans tried to implement them.”

Continue reading source article here.

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755

How Retirement Benefits Will Change in 2016

While a new type of retirement account will emerge, several Social Security claiming options will soon disappear.

Retirement savers will get the option to participate in a new type of retirement account next year, the myRA. There will also be fewer Social Security claiming options for married couples and a small Medicare premium increase for some beneficiaries. Here are some of the important ways retirement benefits will change in 2016.

Continue reading source article here. 

Damian J. Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755