Outlook for 2022 It’s a new year, full of new possibilities for what may lie ahead. Provided by AAA RETIRE By any measure, 2021 was a strong year for investors. But what’s in store for 2022? From my perspective, I expect that many of the same forces that influenced markets […]
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WHEN YOU ARE WITHIN FIVE YEARS OF RETIREMENT If your anticipated retirement date seems about five years away, think about some of the proactive steps you could take before that date arrives. Acting now could save you some stress later on when you move from your full-time career to the […]
MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES PRESENTED BY AAA RETIRE – DECEMBER 2021 QUOTE OF THE MONTH “Often when you think you’re at the end of something, you’re at the beginning of something else.” FRED ROGERS WHEN YOU ARE WITHIN FIVE YEARS OF RETIREMENT If your anticipated […]
Your Year-End Financial Checklist Aspects of your financial life to review as the year draws to a close. Provided by AAA Retire The end of the year can help remind us of last-minute things we need to address and the goals we want to pursue. To that end, here are […]
Biden Signs Infrastructure Bill The bill will create jobs in many parts of the country. Provided by AAA Retire At the White House on Monday, President Biden signed a $1T bipartisan infrastructure set to enable enhancements for transportation and utilities over the next five years.1 Over those five years, $550 […]
What is a final way that Social Security may address the potential shortfall? A final possibility — though history would suggest it is unlikely — is that there will be no reform, and the Social Security trust fund will be completely depleted. Were that to happen, a 24% benefit cut […]
The third way to possibly put the Social Security system back on track is to follow the route that other entitlement programs, Medicare, has done. Medicare premium has been means-based tested. Meaning, the more you make the more you pay. For example, if you are married and make less than […]
A second potential way to put the Social Security back on track would be to increase the full retirement age (FRA) for younger workers. Increasing the FRA in this way is a form of cut that was first introduced in the 1983 amendments. At that time, FRA was 65. The […]
One of the first way to put the Social Security back on track is increasing the payroll tax. Currently, the worker pays 6.2%, and the employer pays 6.2% for 12.4% total payroll tax. Those who are selfemployed pay the full 12.4%. Increasing the payroll tax by 1.6% for both the […]
It is essential to know that changes to the Social Security system is not new and have occurred regularly throughout history — often with a minimal negative impact on current retirees. Historically, when the United States has struggled with Social Security challenges, legislation has been drafted to address these issues. […]