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 NY/NJ/PA Tripoint & Delaware River
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Happy news on the newswire: For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year. Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits [...] 
Some happy thoughts courtesy of Paul Farrell at MarketWatch: Retire? You can fuggetaboutit if the new Global Debt Time Bomb is detonated by any one of 20 made-in-America trigger mechanisms. Yes, 20. And yes, any one can destroy your retirement because all 20 are inexorably linked, a house-of-cards, a circular firing squad destined to self-destruct, triggering the [...]
It looks like the AP has picked up on one of the unintended consequences of the recession: Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the [...]
Thanks to a tweet from @PensionNews, I came across an interesting news article at the BBC: The High Court has upheld the law that allows UK employers to force workers to retire at the age of 65. In the UK, a worker can see their employment end at the age of 65 without any redundancy payment – [...]
Still catching up on reading… There has been debate recently in some circles on whether it would be Constitutional for the federal government to mandate that Americans purchase health insurance, a critical component of any plan to remove coverage limits and pre-existing condition restrictions as part of health insurance reform. (To put it bluntly, if health insurance [...]
With all of the press currently about health care/insurance reform, it’s easy to forget that Social Security remains on a path towards a fiscal wall. So, I would be remiss if I didn’t mention that Andrew Biggs has brought to the ’net’s attention a new publication by the Office of the Chief Actuary of the Social [...]
Well, there is some good news and some bad news. Good news: Inflation has been nil – to – negative, thanks to an easing of energy prices from the high levels of the past couple of years. Bad news: Current projections are that recipients of Social Security benefits will see no cost-of-living increases for the next couple [...]
You probably saw the announcement elsewhere, but in case you haven’t… the actuarial projections on the fiscal health of Social Security have been released. The punchline, from the report’s highlights: Under the intermediate assumptions, OASDI cost will increase more rapidly than tax income between about 2012 and 2030 because the retirement of the baby-boom generation will [...]
The downside of having a busy, but productive, spring at the day job is that I find myself playing “catch up” more than “staying on top of” matters in the realm of current events. Well, today, I once again am playing the “catch up” game. In my reading from the past couple of days, I’ve noticed a [...]
It’s a little encouraging to see that the impact of the financiapocalypse is attracting a bit more mainstream media attention. Seen at the USA Today opinion page: Preliminary damage estimates by the Congressional Budget Office aren’t pretty. Projected Social Security surpluses over the next decade have all but disappeared. Next year’s operating surplus, previously estimated at [...] |
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