Social Security benefits
For millions of retired Americans, Social Security benefits barely beat earning the minimum wage, while rich retirees who don't need the money receive much larger checks. With the iconic safety net program in budget trouble, should the wealthy be forced to sacrifice those benefits?
What Social Security Gets You: A Minimum-Wage Lifestyle
12:00PM 12/20/2011
Good news: Retirees will get a 3.6% Social Security cost-of-living adjustment in 2012 -- their first boost since 2009. Bad news: The average benefit is $1,229 a month, about the equivalent of working for minimum wage.
Social Security spent $49 billion more in 2010 than it took in as tax collections. By the time 2011 ends, it expects to outspend collections by another $46 billion. At this rate, the program's much-touted "Trust Fund" is expected to be depleted by 2036; without that fund, benefits are expected to fall to about three-quarters of current promised levels.
Social Security recipients, 55 million strong, will get a 3.6% cost of living increase next year. There has not been a cost of living increase from the fund in three years. This one is so small that it may harm consumer spending. It certainly won't help -- another likely drag on GDP.
Social Security to Hand Out First Raises Since '09
3:00PM 10/18/2011
Social Security recipients will get a raise in January -- their first increase in benefits since 2009. It's expected to be about 3.5 percent. Some 55 million beneficiaries will find out for sure Wednesday when a government inflation measure that determines the annual cost-of-living adjustment is released.
Social Security Mistakenly Declares Thousands Dead Each Year
2:30PM 8/17/2011
Each year, some 14,000 people are wrongly declared dead by the Social Security Administration, CNNMoney reports. Data-entry errors can lead to major financial turmoil for victims of these mistakes, who they can lose their benefits and credit.
What Is Social Security Worth to You?
11:31AM 8/09/2011
By Chuck Saletta, The Motley Fool
Retirement, Investing, Stock Picks, Investment, Personal Finance
In many ways, Social Security is just like any other asset you hold in your retirement nest egg. Yes, it's a key asset -- one that promises a lifetime, inflation-adjusted payout to everyone who vests into the system, based on their age, salary, and years of contributions. But, as with any holding,...
In all the hype and emotion surrounding the debate, it's easy to miss the real point about Social Security -- whether it's worth it for most Americans.
As with most government programs, Social Security has winners and losers. It provides at least basic subsistence-level benefits for most retired...
Seniors are more likely to decide to delay their retirement when they consider the benefits of waiting before they think about the advantages of retiring early, a new study finds. Here's why you should consider the future first.
Could you live on less than $30 a day? If you don't have a pension or adequate personal savings, that's what the typical retiree will get in 2036, even setting aside the near-term risks facing Social Security. But don't despair: There are ways to boost your benefits, and ensure that old age doesn't equal penury.
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