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Latest Social Security debate Stories

2009-08-13 14:43:11

Jeffrey R. Brown and Scott Weisbenner say the unique study shows that unexpected inheritances hasten retirement, lending new credence to widely held economic theory that people value leisure time and will parlay newfound wealth into less work."This study shows that at least some people approaching retirement work just for the money, not for love of the job," Brown said. "When unexpected wealth comes their way, a significant number respond by retiring early, not by continuing to work and...

2009-08-01 00:15:00

WINTER HAVEN, Fla., Aug. 1 /PRNewswire/ -- "The Social Security trust fund is empty," says economist Allen W. Smith, Ph.D. in a new book to be released August 1 by Ironwood Publications. "THE BIG LIE" chronicles the economic policies of the past 28 years, with special emphasis on the period between the presidential election of 2000 and the great economic collapse of 2008. The book focuses heavily on government economic malpractice. Smith says that mainstream professional economists were...

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2009-06-26 13:12:41

The Congressional Budget Office said Friday the U.S. budget deficit could double as a percentage of the gross domestic product between 2023 and 2040. Continuing with tax cuts granted by the Bush administration, lowering the minimum alternative tax and ignoring a scheduled reduction in the Medicare program would push the gap to 100 percent of the GDP by 2023 and to 200 percent sometime before 2040, the CBO said. Under current law, the federal budget is on an unsustainable path, the report...

2009-05-12 17:01:00

RetireSafe Calls for Action to Protect Older Americans RESTON, Va., May 12 /PRNewswire-USNewswire/ -- In response to the dire warnings issued in today's Social Security and Medicare Trustees Report, RetireSafe and its 400,000 senior supporters called on the President and Congress to take immediate action to secure the promised benefits older Americans rely on. "With unfunded liabilities of up to $100 trillion and the Social Security Trust Fund scheduled to pay out more than it takes in by...

2009-02-16 06:52:33

A study of recent data found state and local U.S. governments are looking at more than $1 trillion in unfunded retirement benefits Cities, public schools and other local authorities are facing a shortfall of $500 billion, while state governments have $445 billion in unfunded medical benefits for retirees on their books, USA Today reported Monday. On top of that, the federal government has $1.2 trillion in unfunded obligations for medical benefits for retired workers. As baby boomers age,...

2009-01-29 13:33:00

Only $57 Billion in Surplus Forecast for 2010, But $80.8 Billion Needed for Stimulus Plan's Payroll Credit WASHINGTON, Jan. 29 /PRNewswire-USNewswire/ -- The Congressional economic stimulus plan would place the Social Security Trust Fund into deficit for the first time ever next year, if the current economic stimulus package is passed by both Houses of Congress. Social Security is funded by payroll taxes that employees and their employers pay into the system. Money that comes into the...

2008-10-16 15:15:00

Social Security recipients will see a 5.8 percent jump in their monthly benefits beginning in January, the U.S. Social Security Administration said Thursday. The cost-of-living increase for Social Security and Supplemental Security Income is the largest hike since 1982, the administration said in a release. Social Security and SSI benefits increase automatically each year based on the third-quarter, year-over-year increase of the U.S. Bureau of Labor Statistics' Consumer Price Index for...

2008-10-13 15:00:23

The news that retirement accounts have lost $2 trillion in value in little more than a year was a sobering reminder of the severity of the ongoing financial crisis. Although the huge losses are on paper for now, they highlight the difficult choices for not only those hoping to soon retire, but for all expecting their retirement accounts to see them through their golden years. Because of the stock market slide, retirement accounts - both pensions and the more prevalent 401(k)s - have lost 20...

2008-07-18 09:00:33

By Associated Press KANSAS CITY, Mo. -- Although Republican presidential candidate John McCain has called Social Security "a disgrace," he still cashes his own retirement check every month. "I'm receiving the benefits, the system is broken and, unfortunately, my children and grandchildren, according to the trustees of the Social Security system, will not have the same benefits the present retirees have," McCain told reporters Thursday on his campaign bus. McCain's 2007 tax return shows...

2008-07-13 09:00:29

If middle-class Americans don't want to outlive their savings, a study says, they must reduce their standard of living by 24 percent. By Nancy Trejos The Washington Post WASHINGTON Nearly three out of five middle-class retirees will probably run out of money if they maintain their pre-retirement lifestyles, a new study from Ernst & Young has concluded. The study, set to be released Monday, finds that Americans will have to drastically reduce their standard of living before...


Word of the Day
siliqua
  • A Roman unit of weight, 1⁄1728 of a pound.
  • A weight of four grains used in weighing gold and precious stones; a carat.
  • In anatomy, a formation suggesting a husk or pod.
  • The lowest unit in the Roman coinage, the twenty-fourth part of a solidus.
  • A coin of base silver of the Gothic and Lombard kings of Italy.
'Siliqua' comes from a Latin word meaning 'a pod.'
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