Peoples & Co. Private Wealth Stewardship’s Post

(MSN MONEY) - "Social Security Trust Funds Shrank by $41 Billion Last Year. Here's What That Means for Retirees." The Social Security program's trust funds shrank by $41 billion in 2023, and we expect these deficits to continue over the coming years. In the near term, this won't affect Social Security's beneficiaries, but the long-term consequences could take a huge toll on everyone who counts on their benefits to make ends meet. Find The Most AFFORDABLE Health & DENTAL Insurance At: HI4E.org #MedicareInsolvency #DebtCeiling #SocialSecurity #SSICostOfLivingIncreases #CostOfLiving #SSIBenefits #HealthInsurance4Everyone #RetirementBenefits #SocialSecurityInsolvency #SSITaxes #MedicareSpending #CostOfLivingIncreasesForSSI #Retirees #SocialSecurityIncrease #SSICOLAIncreases #SeniorBenefits #COLA #SocialSecurityFundsDepleted #OldAgeSurvivorsInsurance #OASI #SocialSecurityIncrease #MedicareHospitalInsuranceFunds #HealthAndLifeSolutions #SocialSecurityReform #SSIBenefitsCuts #RetirementFunds #PensionPlans #RetireeBenefits #SocialSecurityTrustFund

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

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

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

The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. https://lnkd.in/gWU4Auuu

#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

"The financial health of Social Security and Medicare, two of the nation’s most crucial safety net programs, improved this year as a stronger-than-expected economy attracted more workers to the labor market. But the overall financial outlook of the popular programs remained grim. Annual reports released on Monday by trustees of the old-age and retirement programs showed that both still faced long-term shortfalls that could ultimately result in reduced retirement and medical benefits. The reports showed that the Social Security and disability insurance programs, if combined, would not have enough money to pay all of their obligations in 2035. Medicare will be unable to pay all its hospital bills starting in 2036. About 70 million people receive Social Security benefits, and more than 66 million participate in Medicare." https://lnkd.in/g2DPUCfD

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.

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