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Social Security Wrestles With $63 Trillion in Unfunded Liabilities Findings complement other reports identifying the fiscal deterioration of Social Security. - Social Security is facing $63 trillion in long-term unfunded liabilities, according to the 2024 Old Age, Survivors, Disability Insurance (OASDI) trustees report. - The OASDI report assessed the infinite horizon unfunded obligation and a 75-year projection. The former highlighted a shortfall of $62.8 trillion, and the latter projected a deficit of nearly $23 trillion. - Officials say that the summarized deficits reflect annual cash-flow shortfalls in the years following the depletion of trust funds reserves. - OASDI trustees note that the shortfall could be eliminated if the combined payroll tax rate was raised to “about 17.0 percent” or if there were a “permanent reduction in benefits for all current and future beneficiaries by about 26.5 percent.” https://lnkd.in/gP-nPuri

𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐒𝐡𝐨𝐫𝐭𝐟𝐚𝐥𝐥 "𝑨𝒕 𝑻𝒉𝒆 𝑴𝒐𝒏𝒆𝒚" A dual-income couple with medium income could lose $16,500 annually starting in 2033 if, as projected, the Social Security Old-Age and Survivors Insurance (OASI) trust fund is depleted by 2033. A typical single-income couple would face a $12,400 nominal reduction in annual benefits. A dual-income couple with high lifetime earnings would see a loss of $21,800 a year. By law, the Trust Fund's depletion would call for a 21% across-the-board reduction in annual benefits. (A dual-income couple with medium income could lose $16,500 annually starting in 2033 if, as projected, the Social Security Old-Age and Survivors Insurance (OASI) trust fund is depleted by 2033. A typical single-income couple would face a $12,400 nominal reduction in annual benefits. A dual-income couple with high lifetime earnings would see a loss of $21,800 a year. By law, the Trust Fund's depletion would call for a 21% across-the-board reduction in annual benefits. (https://lnkd.in/dBY_nbKt ) as previously reported by the Social Security Trustees and Congressional Budget Office (CBO) Contact me to strategize an income gap plan. Hope it doesn't happen? This is not a plan.

𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚 𝐏𝐏𝐒 𝐧𝐮𝐦𝐛𝐞𝐫 𝐞𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 '𝐖' 𝐨𝐫 𝐝𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐬𝐨𝐦𝐞𝐨𝐧𝐞 𝐰𝐡𝐨 𝐡𝐚𝐬 𝐚 𝐏𝐏𝐒 𝐧𝐮𝐦𝐛𝐞𝐫 𝐞𝐧𝐝𝐢𝐧𝐠 𝐢𝐧 '𝐖'? If so, please be aware of the following information. In Ireland, your personal public services number (PPS), which was previously known as your PRSI number (Pay Related Social Insurance), is normally issued using a format of 7 numbers followed by either 1 or 2 letters, eg. 1234567A. Since 2000, every child born in Ireland is now automatically issued a PPS number at birth. This number is used by the Revenue Commissioners in order to deduct taxes from you and also the Department of Social Protection, to identify you, keep record of PRSI contributions made by you, and also to pay out social benefits such as State Pension. However, before 2000, the system worked differently for married women. When a woman married, her original PPS number would be changed to the PPS belonging to her husband, but with the letter 'W' at the end. Even though the Department of Social Protection started to phase out this practice of differentiating PPS numbers based on gender and marital status in 2000, any women who were issued PPS numbers ending in "W" before 2000 were allowed to keep their numbers without needing to change them. 𝗧𝗵𝗲𝘀𝗲 '𝗪' 𝗣𝗣𝗦 𝗻𝘂𝗺𝗯𝗲𝗿𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝘃𝗮𝗹𝗶𝗱 𝗮𝗻𝗱 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻𝗮𝗹 𝘁𝗼𝗱𝗮𝘆, 𝗯𝘂𝘁 𝗰𝗮𝗻 𝗰𝗮𝘂𝘀𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲𝘀𝗲 𝘄𝗼𝗺𝗲𝗻 𝗮𝗰𝗰𝗲𝘀𝘀𝗶𝗻𝗴 𝘀𝗼𝗺𝗲 𝗽𝘂𝗯𝗹𝗶𝗰 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. As I have recently discovered, when representing a female client who had worked for most of her adult life, and when she retired, claimed her State pension, obtained her medical card and travel pass - all using her PPS number ending in 'W'. Only then to find herself suddenly unable to access particular public services with this long established PPS number, and being forced into applying for a new number at a time when she was struggling to deal with the recent loss of her husband. A time when she could have done without the extra stress of having to apply for a new PPS number and notify all the relevant authorities about the change. And so I would like to draw attention to these issues, so that the women of Ireland, who currently do use a PPS number ending in 'W' can choose to apply for a new PPS number ahead of time, if they wish. In order to avoid stress and anxiety in the future. For more information on these potential issues, and also information on how to get started on applying for a new PPS number:

"Increases to pay related social insurance (PRSI) proposed by the Government are broadly “progressive” in nature, with the burden of higher contributions falling mostly on higher income households, new research has found. Still, further increases will be required after 2028 to deal with projected deficits in the State pension. The findings are contained in two Economic and Social Research Institute (ESRI) reports published on Wednesday. Researchers examined the impact of the proposed increases to PRSI contributions, which are to be implemented each year from 2024 to 2028 under the roadmap set out by the Coalition last year to combat a widening shortfall in the Social Insurance Fund out of which the State pension is paid." 💡 Read the key findings from Budget Perpsectives 2025: https://lnkd.in/e_QU4TCW 📰 Read coverage in The Irish Times:

In an era where the value of social safety nets is often debated, one thing remains crystal clear: Social Security and Medicare are not mere handouts or entitlements. They are pillars of societal support, designed to ensure dignity, security, and stability for our aging population. It's time to dispel misconceptions and vigorously defend the expansion of these vital programs. First and foremost, let's address the misnomer of entitlements. Social Security is not a giveaway; it's an annuity earned through years of hard work and contributions. Similarly, Medicare operates as an insurance plan, providing essential healthcare coverage for seniors who have paid into the system throughout their working lives. These programs are not gifts from the government; they are earned benefits that Americans rightfully deserve. Moreover, it's crucial to recognize the fundamental principle of insurance: risk pooling. Just like any insurance plan, Social Security and Medicare rely on the contributions of many to support the needs of the few. Some individuals may pay more into the system than they receive in benefits, while others may require more assistance than they contribute. This is the essence of solidarity and mutual support, ensuring that no one is left behind in times of need. Contrary to the rhetoric espoused by some, the push to cut or dismantle these programs is not only shortsighted but also morally bankrupt. Allowing our elderly population to struggle with inadequate support goes against the values of compassion and decency that define us as a society. It's not just about dollars and cents; it's about human dignity and respect for our elders. Furthermore, let's look beyond our borders and learn from other civilized societies. Nations around the world recognize the importance of caring for their older citizens, understanding that a society's greatness is measured by how it treats its most vulnerable members. It's time for the United States to follow suit and prioritize the well-being of our seniors. Now, more than ever, there is a concerted effort to undermine Social Security and Medicare under the guise of fiscal responsibility. But we must see through the thinly veiled attempts to strip away these crucial lifelines. Instead of retreating, we must advance. We must demand not only the preservation but the expansion of these programs to meet the evolving needs of our aging population. There is strength in our numbers, and together, we have the power to shape the future we want to see. Let us stand united in defense of Social Security and Medicare, advocating for increased benefits that reflect the dignity and worth of every American senior. It's not just a matter of policy; it's a matter of principle. And on this, there can be no compromise.

Dear Social Security Administration - if you can't earn money on the investment you require us to make, move it to Empower where they can make money moves to keep the system solvent. Then, keep congress' greasy little fingers out of the pie and remove the Maximum Taxable Earnings limit... Problem solved... SOCIAL SECURITY ADMINISTRATION Sec. 701. [42 U.S.C. 901] (a) There is hereby established, as an independent agency in the executive branch of the Government, a Social Security Administration (in this title referred to as the “Administration”). (b) It shall be the duty of the Administration to administer the old-age, survivors, and disability insurance program under title II and the supplemental security income program under title XVI. The Social Security Act was signed into law by President Roosevelt on August 14, 1935. Meaning the act was already passed congress, in 1935, making the Social Security Administration an independent agency under the executive branch, not under the legislative branch. https://lnkd.in/gBTjBhqH

New Post: Trump suggests he’s open to cuts to Medicare and Social Security after attacking primary rivals over the issue -CNN  —  Former President Donald Trump on Monday suggested he was open to making cuts to Social Security and Medicare after opposing touching the entitlement programs and attacking his GOP presidential primary rivals over the issue. Trump was asked in an interview with CNBC whether he had changed his outlook on how to handle entitlement... CNN  —  Former President Donald Trump on Monday suggested he was open to making cuts to Social Security and Medicare after opposing touching the entitlement programs and attacking his GOP presidential primary rivals over the issue. Trump was asked in an interview with CNBC whether he had changed his outlook on how to handle entitlement programs like Social Security, Medicare and Medicaid in order to tackle the national debt. “There is a lot you can do in terms of entitlements, in terms of cutting and in terms of also the theft and the bad management of entitlements,” Trump said on CNBC’s “Squawk Box.” He added: “There’s tremendous amounts of things and numbers of things you can do.” Following the interview, President Joe Biden responded to a clip his campaign made of Trump’s comments: “Not on my watch.” Trump campaign spokeswoman Karoline Leavitt later told CNN that Trump was “clearly talking about cutting waste, not entitlements.” “President Trump delivered on his promise to protect Social Security and Medicare in his first term, and President Trump will continue to strongly protect Social Security and Medicare in his second term,” said Leavitt, who argued: “The only candidate who poses a threat to Social Security and Medicare is Joe Biden.” “By unleashing American energy, slashing job-killing regulations, and adopting pro-growth America First tax and trade policies, President Trump will quickly rebuild the greatest economy in history and put Social Security and Medicare on a stronger footing for generations to come,” Leavitt said. When Trump was president, his administration’s budget proposals included spending cuts to Social Security, primarily by targeting disability benefits, and Medicare, largely by reducing provider payments. Trump also signaled in an interview with CNBC in 2020 that he was open to cutting federal entitlements to reduce the federal deficit. But Trump has vowed repeatedly on the campaign trail this election cycle to “always defend Medicare and

From AARP-Social Security COLA Set at 2.5% for 2025! Social Security beneficiaries will get a 2.5 percent increase in their monthly payments next year, the Social Security Administration (SSA) announced Oct. 10. The 2025 cost-of-living adjustment (COLA) is the lowest since 2021! Not much but The 2.5 percent COLA will bump up the estimated average Social Security retirement benefit by $49 a month, from approximately $1,927 to $1,976, starting in January, according to the SSA. The estimated average survivor benefit will rise from $1,788 to $1,832 and Social Security Disability Insurance (SSDI) from $1,542 to $1,580. “Some may feel the increase for 2025 is low relative to the inflation they feel in their pocketbooks, Inflation is clearly top of mind, not just for retirees, but for Americans generally, and the annual COLA provided by Social Security is a critical feature of the system,” says Rob Williams, managing director of financial planning at Charles Schwab. If you have Equity in your home - Please consider a Reverse Mortgage- It definitely can help.

What a wonderful day, it is time to learn how Global Wealth Management Group can help in English and Spanish with Estate Planning consisting of, Banking, Wills, Trust, Deeds, Medical Power of Attorneys, Financial Power of Attorneys, Long Term Care, Disability Insurance, Social Security questions, with a focus on money management to preserver wealth. " _ https://lnkd.in/eB-qNEXY?utm_source=linkedin _ “, “ John.Valencia@mygwm.com?utm_source=linkedin “, 813-260-3820, Sincerely John Valencia. Positive news for Social Security and Medicare recipients! 🎉 The latest report shows that the projected depletion dates for both programs have been pushed back, offering a welcome respite. This positive development is largely due to a stronger economy and higher payroll tax income. However, it's important to remember that this doesn't eliminate these essential programs' long-term financial challenges. 🧐 Feel free to reach out if you have any questions or concerns. #SocialSecurity #Medicare #RetirementPlanning Source: https://lnkd.in/e28Nsig4 TinyURL: https://lnkd.in/e3PJPubg