The annual Social Security trustees’ report is to advise Congress on the financial condition of the Social Security system over the next 75 years. If they project that 100% of benefits will be paid, it’s said to be in balance and no action will be needed. If they project a shortfall, they call on Congress to fix the problem by either raising taxes, cutting benefits, or some combination of the two.
Have you checked your Social Security statement on the SSA’s website? You should; there’s a lot of good information there!
If you’re a baby boomer, you may want to begin your Social Security planning early – and it’s especially true when it comes to claiming Social Security! Today it’s different from when your parents filed their claims: they just went down to the Social Security office and put in the paperwork! Today, it’s far more complicated.
Social Security claiming mistakes can result in more than just lost income; you might end-up paying thousands in extra taxes later!
Have you tried to call Social Security lately? If so, this won’t come as much of a surprise – customer service is all but non-existent.
RMD age hikes may not be the blessing you think. The question just might be who is more secure? Retirees or future government spending?
