A top House Republican said the GOP is not going to touch Social Security or Medicare during negotiations with Democrats regarding raising the debt ceiling. Rep. Jim Banks (R-Ind.), the former chair of the Republican Study Committee and a 2024 Indiana Senate candidate, told reporters this week that the “debt limit sets up an opportunity…
Top Republican Reveals Whether GOP Will Cut Social Security and Medicare
January 25, 2023
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PayPal Hack Exposes Customer Names, Social Security Numbers
Some 35,000 PayPal user accounts have been hacked by “credential stuffing,” resulting in exposed names and Social Security numbers, according to a notification posted on a government website. Through its lawyers, the California-based payment processor sent a notice to Maine’s attorney general. The company also sent a letter, dated Jan. 19, about the data breach…
Social Security Will Be Bankrupt by 2033 on Current Trajectory: CBO Report
A recent report by the Congressional Budget Office (CBO) projects that two major Social Security funds in the United States will dry out in the coming decades, with one of them running out within the next 10 years as younger members in the programs are set to lose more than older members. “If the gap…
The Savings Game: Timing Regular and Charitable IRA Distributions
By Elliot Raphaelson From Tribune Content Agency Question: I recently read that in order to take a qualified charitable distribution from your IRA, you had to take it first before any other withdrawals. Is that correct? Answer: No. It is not necessary to take a qualified charitable distribution (QCD) as your first Individual Retirement Account (IRA)…
Trump Issues Warning to Republicans About Social Security and Medicare
Former President Donald Trump on Friday urged Republicans in Congress not to cut Social Security or Medicare as some GOP lawmakers have signaled they would use the looming debt ceiling battle as leverage to push for more spending cuts. “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security,”…
Social Security Payments ‘Going up at a High Rate,’ Says CEO
American consumers are still in “pretty good shape” despite the Federal Reserve setting interest rates to their highest levels in decades to tame inflation, Bank of America Chief Executive Brian Moynihan said at the World Economic Forum’s annual meeting. “So it (growth) is solid. And that consumer spending, it goes back to the question of…
The Problems With Running a Disability Program
Several readers recently sent me copies of a news story that appeared in papers around the country. The author of that piece criticized the Social Security Administration for not updating a listing of jobs that benefit applicants might be able to do instead of going on the government dole collecting disability benefits. (The law says…
Social Security Inflation Adjustments Fell 46 Percent Short of Actual Cost Increases in 2022: Report
Retirees on Social Security have been feeling the effects of inflation since the start of the COVID-19 pandemic, but the financial strain was particularly pronounced in 2022 as inflation soared and inflation-based adjustments fell short by nearly half, according to a new analysis by The Senior Citizens League (TSCL), a non-partisan organization. On Thursday, TSCL…
When Social Security Recipients Can Expect First Boosted Payments to Arrive in 2023
Social Security recipients started receiving a significant increase in their benefits this week amid decades-high inflation that sparked an 8.7 percent cost-of-living adjustment last year. The first payments with the adjustment for 2023 were already disbursed for many Social Security recipients, with more coming throughout the month. The adjustment, known as a COLA, is the largest…
10 Ways You’re Blowing Your Retirement Savings
Everyone wants to retire and spend the rest of their lives in comfort and happiness. However, the harsh reality is that a comfortable retirement might take a lot of time to reach for many people unless they properly and intentionally prepare for it. More often than not, the financial decisions you make today can have…
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