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The Trustees (finally) acknowledged that the SSTF had entered a period of perpetual annual cash deficits. This is a very critical milestone and the Trustees of the Fund didn’t see it coming. They missed this tipping point by six years.
Two of the government's most popular programs for the elderly, Medicare and Social Security, will run out of money sooner than thought earlier as a slow-growing economy saps revenues, a report on Friday said. Trustees for the two funds said the Me
The findings of the latest Wall Street Journal/NBC News poll show that most Americans are clueless and unethical. Eight out of 10 Americans probably know what Charlie Sheen did last night but are apparently unaware of the following:
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.
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
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
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
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.
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
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...
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...
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!
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
-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.
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
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
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
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.
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
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
"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?
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
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.
As Congress agonizes over health care, an even more daunting and dangerous challenge is bearing down: how to shore up Social Security to keep it from burying the nation ever deeper in debt. What to do about mushrooming government payments as millions of baby boomers retire? How about a giant federal Ponzi scheme? That might work for a while. But wait. That's pretty much the current system. Social Security takes contributions from today's workers and uses them to pay the old-age benefits that were promised to retirees. But there are serious concerns how long that can last. President Barack Obama has said he'll tackle Social Security and related "entitlement" programs when the health care overhaul is resolved
A Social Security Administration motivational management conference
held at a high-end Valley resort last week cost $700,000, the SSA told
the ABC15 Investigators.
Costs for the conference at the Arizona
Biltmore Resort & Spa included airfare, hotel entertainment,
dancers, motivational speakers, and food, an administration official
said.
A spokesperson outside the SSA's Phoenix office declined to comment.
Medicare and Social Security will go broke sooner rather than later because of the recession. With millions of baby boomers beginning to leave the work force, the cost of these popular benefit programs threatens to swamp the government in debt
The financial health of the Social Security system has eroded more sharply in the past year than at any time since the mid-1990s. Medicare has become more fragile as well and is at greater risk than Social Security of imminent fiscal collapse.
The financial health of the government's two biggest benefit programs may have slipped over the past year, reflecting the deep recession that has already bitten into other areas of the budget. The trustees for Social Security and Medicare are
(It's over folks) Here's the good news: future costs of Social Security and Medicare won't require higher taxes. Now here's the bad news: the reason these programs won't require higher taxes is that they'll be so expensive
Decline Medicare, and you won't get any Social Security.
