His $5,000 Employer Disability Check Reduced His Social Security. Six Months Later, It Stopped Counting.
The program’s average retirement benefit is just under $2,100 a month, and lawmakers face a choice between cutting benefits or raising payroll taxes.
- Social Security faces potential insolvency, with benefits facing a 22% cut by 2032 if Congress fails to act. The program, established under President Franklin Roosevelt, serves as a universal social insurance system.
- Congress faces two primary choices to address the shortfall: reducing benefits or raising payroll taxes. Keeping the original Social Security compact, where contributions function as an insurance premium, remains essential to the program's viability.
- Given the average retirement benefit is slightly under $2,100 a month, treating Social Security as insurance rather than welfare protects public support. Maintaining universal benefits ensures coverage for all contributors regardless of income.
- AARP strongly champions preserving universal benefits, arguing against reducing payments for high-income earners. Eliminating wealthy recipients' benefits would undermine the principle that everyone who pays is covered.
- Potential long-term solutions include raising the wage cap above $176,100 or delaying the full retirement age beyond 67. Addressing these funding gaps soon is critical to preventing the projected 22% benefit reduction by 2032.
40 Articles
40 Articles
Op-Ed | Don’t wait until retirement to check your Social Security
Ask most New Yorkers what they can expect to receive from Social Security when they retire, and many would probably shrug, or be off by thousands of dollars. That’s remarkable when you consider that most of us spend our entire working lives paying into Social Security with every paycheck. We earn this benefit year after year, yet too many people, whether they are decades from retirement or quickly approaching it, never take the time to see what …
His $5,000 Employer Disability Check Reduced His Social Security. Six Months Later, It Stopped Counting.
The post His $5,000 Employer Disability Check Reduced His Social Security. Six Months Later, It Stopped Counting. appeared first on 24/7 Wall St.. Picture a 63-year-old electrician who injured his back on a job site in December. His employer’s short-term disability plan began paying $5,000 a month, roughly two-thirds of his former wages. Worried about household expenses, he also filed early for Social Security retirement benefits in January. On …
Your Money: Misconceptions over Social Security
Social Security is a major part of retirement planning for millions of Americans, but there are still plenty of misconceptions about how the program works — and what its future may look like. Joining us was Tina Masucci, a financial advisor with Edward Jones, to help separate some of the myths from the facts.
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Bias Distribution
- 79% of the sources are Center
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