The Future of Social Security
No images? Click here By Elizabeth O'Brien | Sept. 11, 2022 Social Security faces a reckoning. The program will celebrate its centennial in 13 years, right around the time the old-age and survivors insurance trust is set to run dry. If Congress doesn’t act before then, benefits will be reduced by 23%. It probably won’t come to that, but the prospect has some folks understandably nervous. One of the fixes to shore up Social Security could involve raising the FICA payroll tax that supports the program. FICA stands for “federal insurance contributions act,” and instead of a tax some experts say it's actually an insurance premium. After all, Social Security is longevity insurance that’s more generous than any annuity you can buy on the private market. I don’t know about you, but I wouldn’t object to paying a bit more to secure the long-term solvency of a social insurance program that President Franklin D. Roosevelt envisioned as a safeguard "against the hazards and vicissitudes of life." Please read on to learn more about the financial challenges that Social Security faces, and the ways they might be resolved. Social Security Will Hit a Breaking Point. What It Means for Young Workers This Is the Most Important Social Security Decision You'll Make Don't focus too much on the breakeven point. Move Over Letterman: Our Top 10 Retirement Stories.Here's are our most read Barron's retirement stories of the year. The Crushing Financial Penalties for Marriage in Your Later Years Financially speaking, you might be better off not tying the knot. What Queen Elizabeth's Death Can Teach the Rest of Us About Estate PlanningGet your documents in order, then review them regularly. These Funds Hold Just 1 Bond. Why They're Revolutionary.They're a good alternative for those looking for targeted exposure.
*** Stay on top of the tech trade with a daily rundown of top-performing tech stocks and the big names making news. Sign up for the Tech Report newsletter by Investor's Business Daily here. This mailing was sent to aymentanaze.news@blogger.com, . |
Commentaires
Enregistrer un commentaire
Thank you to leave a comment on my site