social security
The US national debt now stands at $40 trillion
WASHINGTON | The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending. The milestone figure was recorded just five months after the U.S. hit a record $39 trillion […]
3 big questions to ask your aging parents
One of the toughest things to go through as an adult is helping your parents as they get older. Life is finite, and both you and your parents might be reluctant to talk about what type of support they might need. But as difficult as these conversations can be, it’s important to make time for […]
You just retired (or are about to). Now what?
If there’s one group likely to be experiencing the most consternation over inflation and economic uncertainty, it’s those who have just retired or are about to. To make it through this period with their sanity intact, they should focus on what they can control. Assess spending rate People who have just retired or are about […]
Social Security’s retirement trust fund faces a funding shortfall a year earlier than expected
The looming challenge for the programs is a partial funding gap, not a collapse. Even after trust fund depletion, the system will continue issuing benefits, albeit at reduced amounts. Last year, Medicare’s hospital insurance trust fund go-broke date was pushed to 2033 from 2036 the year before that, according to the report from the programs’ […]
Take this simple step as you approach retirement
An important job in the two or so years leading up to retirement—right up there with figuring out your healthcare coverage and winding down your work activities—is building up a cash cushion. In addition to being there as a source of funding when you eventually retire, cash has the salutary effect of providing a buffer […]