Mark At HealthInsurance4Everyone’s Post

This week, Social Security and Medicare Trustees released their annual report on the financial health of the various Trust Funds under their purview. The modestly good news, if there is any, is that the projected depletion dates for the trust funds remained generally stable relative to last year’s forecasts. It was feared that the insolvency dates, particularly for Social Security’s old-age benefit program, could be pulled forward. Though not ‘new’ by any means, the very difficult long-term financial situation of these programs remains very clear and very consequential. Trust Fund administrators now forecast that payments out of Social Security’s Old-Age & Survivors Insurance (OASI) Fund will take a 21% haircut at some point in 2033 when the Trust Fund assets dedicated to the program are projected to become depleted. The “good news” is that in 2023, the public statement was that there would be a 24% cut in 2033. Now, there is a 21% cut. At that time, under current law, payments to all program recipients would be adjusted to match the dedicated payroll taxes coming into the fund. Trust fund administrators calculate that tax in-flows at that time would be equivalent to about 79% of benefit payments. As such, all OASI program payments (aka Social Security income checks) would see an immediate 21% haircut. In 2023, Social Security’s OASI program paid-out $1.23 trillion in payments to recipients while taking-in $1.05 trillion from the payroll taxes dedicated to the program. The Social Security “trust fund” is being depleted each year and this is projected to continue without Congressional fixes and solutions. How is your retirement plan looking with a possible future cut? I can help you look at how this might impact you. Give me a call at 513-346-1771 or message me and perhaps we can have a virtual meeting?

According to a survey published by the Peter G. Peterson Foundation, only 30% of Americans know that the Social Security Old Age and Survivors Insurance Fund is projected to become insolvent in 2033. Once made aware of the cuts, 97% of those respondents agreed that leaders elected in November of this year should take action to help shore up the funds, a think tank focused on addressing fiscal challenges including the national debt. Social Security has already been a talking point for both presidential candidates, and was a subject of President Joe Biden’s State of the Union Address earlier this year. According to the Social Security Administration’s 2024 Trustee Report, the OASI Fund on its own is projected to have to cut benefits by 21% in 2033 when it exhausts its reserves. Details here: https://lnkd.in/gWxsuyiU #soxialsecurity #retirement #hr #humanresources

https://lnkd.in/ebrxQFm8 Interesting read - The Congressional Budget Office (CBO) released a new report that estimates the benefit payment schedule of the Social Security program, saying that the Old-Age and Survivors Insurance (OASI) Trust Fund will “decline to zero” in fiscal year 2034 and the Disability Insurance (DI) Trust Fund will do the same in 2064. We need to take charge of our own retirement planning. Failure to plan is planning to Fail.  #retirementplanning #estateplanning #taxdiversification #wealthmanagement

Did you know Medicare Part B premiums are cost-adjusted using a different formula than what determines increases to Social Security benefits? This year, Medicare Part B premiums went up nearly 6%, but SSA benefits only rose 2.5%. While not a surprise to many people approaching retirement or currently retired, Social Security isn’t keeping up in more ways than one. At our current rate, the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds will be depleted in 2035, after which only 83% of benefits will be covered by current income to the program. Planning for a financial future that accounts for this reality is more important than ever.

The question everyone has: Will Social Security be around for you? For most Americans, #SocialSecurity has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of "FICA" and "OASDI" (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away. Yet, some Americans now sit on the cusp of drawing on the promise that was made with those payments. Read this → https://lnkd.in/ej3g_bk2

Nearly 50% of U.S. workers have no retirement savings. If that's not enough bad news, the Social Security Trustees just reported that the Trust Fund will be exhausted by 2035 (and Medicare by 2036). Unlike our Federal Government (which, by the way, currently has a national debt of $34 TRILLION and counting), the Social Security Trust Fund can't borrow or "print money." In 2035, the fund will hit "ZERO" and will only be able to make payments based on what is being paid in. That means an automatic cut of 17% in benefits for everyone. Do you have a plan? 🤔 Our Government doesn't. https://lnkd.in/geZTSd4U

Without equivocation, this marketing approach of 20% SS(Social Security) benefit cut is absolutely wrong. How about offering solutions to rectify the sustainability of Social Security especially for seniors whose sole income is SS. The facts that the monies any individual contributed over 35 years of employment would have produced a greater monthly income than what SS offers and it would have lasted a lifetime. We must acknowledge that SS takes part of our retirement contribution to support wives who have never worked, disabled children who will never work and disabled workers. There are fewer workers today than in previous decades supporting a larger base of retires. The modeling needs to be changed with increase in SS payments by current workers. The current model functions with current workers supporting current retirees. When a worker contributes that money should have been set aside to ensure collection of SS retirement. This is not a gift or benefit. Workers paid into this government retirement so it is not a gratis pension. Older people in their late 70s, 80s, 90s and up cannot return to work and do not need additional stress. Since few companies offered defined benefit plan then I have a suggestion. How about all corporations offering as an additional benefit, all companies paying for the services of CFP, ChFC, CFA, RIA, or CLU to guide workers for their future retirement as long as they are with the company. The corporation could pay for it or it could be a split cost. Our fiduciaries are attacking the problem after the fact in lieu of addressing when the worker commences his work life.

Before every one jumps to conclusions please read the Social Security Fairness Act. This was a very old bill introduced to congress years ago and put on a back shelf. It was reintroduced in November and December. The bill never got support until now. The bill is signed and now social security will have to look at all the people that receive a reduce level of social security due to Windfall Elimination Providion (WEP) or the Government Pension Offset (GOP), we still had to pay 1.7 % into Social security for Medicare. We were penalized for working a second job covered under full social security being taken out of our pay checks. We received only1/3 of the social security benefits we earned. So if a person severed in the military as a reservist and earn full benefits you were reduce because of your offset pension for social security benefits (pay.). Please remember no matter what pension you get you still had to pay into it. Monthly Medicare medical insurance wasn’t pro rated. We still pay the same as people getting full benefits. BTW it is now $185.00 a month. Not complaining. No one is getting free money, not the way I read it. Please read the bill.

#YOURMONEY Good news...technically...I guess "Every year we get closer to the deadline, we seem to get further away from the solutions," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. The Social Security Administration's annual report predicts that the program will exhaust its reserves by 2035 unless changes are made. The "good news" is that this estimate is one year later than last year's report. Increased payroll tax revenue helped with the extension, but major demographic trends like more beneficiaries and declining birth rates remain a long-term strain. The report outlines several potential consequences of Social Security's depletion, including a 24% reduction in benefits for all recipients starting in 2035. This reduction could significantly impact retirees, disabled individuals, and survivors who rely on Social Security as a crucial source of income. Additionally, the Disability Insurance Trust Fund is expected to deplete its reserves by 2057, further exacerbating the program's financial woes. The problem is fixable, and solutions exist, including increasing payroll taxes, raising the retirement age, adjusting benefit formulas, or implementing means-testing to target benefits toward those most in need. However, finding consensus remains a significant challenge. Ultimately, securing Social Security's future requires bipartisan cooperation and a willingness to explore a range of policy options. While there is no easy solution, addressing the program's financial challenges promptly and comprehensively is essential to ensuring its sustainability and fulfilling its commitment to providing economic security for current and future generations. https://lnkd.in/e9pTpGiN

#CBUS has been in the political news lately relating to delays in payouts however readers might not realise that many of these matters are usually more complex that #ASIC or Senator Andrew Bragg are making it seem to be. The following links to an article by a journalist implies wrongdoing by the SuperFunds however I know of two current cases where there is potential for a level of fraud or misinformation may be involved and any claims officer dealing with claims need to be mindfull more about investigating obtaining full information than worried about the public outcry about the time it takes to process claims by Cbus Super Fund but how do other super funds such as Australian Retirement Trust Aware Super Hostplus Superhero Colonial First State UniSuper HESTA Catholic Super Vanguard Australia Super and numerous others process their claims for Death & Disability more efficiently? Read what the #ATO has to say about the topic on their website. Superannuation Death & Disability Claims A new battleground "As ASIC prepares to release a claims handling report covering death and disability claims into super early next year and is widely expected to bring a few more cases like Cbus to fruition, the new battleground will be trust, customer service, transparency, liquidity and accountability. Liberal senator Andrew Bragg, who chairs the senate inquiry into super, says industry funds have an unsustainable governance model. He told the ABC the committee will release its report into super next February. He said it will look at capital requirements, governance and board relationships with sponsoring organisations as well as claims handling in light of ASIC's decision to Cbus alleging systemic claims-handling failures, after lengthy delays in death and disability claims." A new battleground is starting to open up over superannuation — and members will be paying attention - ABC News https://lnkd.in/g39wFVdc https://lnkd.in/gkiD2AZA I am currently offering a #Free Service for staff concerned about their employer not paying supernnation contributions to their super fund. For further information #MessageMeOnLinkedIn