Senator Bernie Sanders’ attempt to pass the Social Security Expansion Act, which would increase benefits by $2,400 annually, was blocked by Senator Mike Crapo. The Act, supported by numerous advocacy groups, would fund itself by extending payroll taxes to incomes above $250,000. This action comes amidst concerns over the Trump administration and Elon Musk’s efforts to drastically reduce the Social Security Administration’s workforce. Critics argue these actions represent an attack on Social Security and threaten the financial security of retirees.
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The full retirement age (FRA) for Social Security benefits is increasing to 66 years and 10 months for those born in 1959, impacting retirement planning for Americans in their 40s. This rise, along with insufficient savings among younger Boomers and Gen Xers, highlights the urgency for improved retirement preparation. Many in these demographics are projected to rely heavily on Social Security, despite its intended role as a partial retirement income replacement. Delaying Social Security benefits until age 70 maximizes benefits, but few currently utilize this strategy.
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Millions of Americans stand to receive larger Social Security checks if President Biden signs a new bill currently making its way to his desk. This potential increase is a significant development, impacting a large segment of the population who rely on Social Security for their retirement income.
However, this positive outcome comes with a counterpoint: concerns about the long-term solvency of the Social Security system itself. The bill, while offering immediate relief to millions, may exacerbate existing financial challenges facing the program in the future. This raises important questions about the sustainability of the system and the need for broader reforms to ensure its long-term viability.… Continue reading
John Q. Hosedrinker 
Matt Underwood