Tag: Ginger Szala

Why Social Security Looks ‘Relatively Good’ — for Now

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2022/06/03/social-security-looks-relatively-good-now-long-term-outlook-still-ugly-ssa-actuary/

Graphic:

Excerpt:

In a post-mortem of the Social Security Trust Fund report released Thursday, the Bipartisan Policy Center hosted a webinar featuring speaker Steve Goss, chief actuary of the Social Security Administration. Goss looked beyond the headlines stating that the Old-Age and Survivors Insurance will run out in 2034 (a slight improvement from last year’s forecasted demise of 2033) and that the Disability Insurance fund is now solvent for another 75 years.

“We’re in a little better shape [than 2021] because the economy has come roaring back to such a wonderful extent,” Goss said.

He also pointed out that labor demand has had a “remarkable rebound.” For example, it took 10 years for the job market to come back after the 2008 Great Recession. However, the 2020 recession, which was “very deep and very abrupt,” has also reversed just as quickly and in the first quarter of 2022, “we are virtually back to the high level that we had just before the start of the recession.”

Author(s): Ginger Szala

Publication Date: 3 June 2022

Publication Site: Think Advisor

Few Retirees Leave Workforce Gradually: EBRI

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2022/05/02/few-retirees-leave-workforce-gradually-ebri/

Excerpt:

The 32nd EBRI survey found 7 in 10 workers were at least somewhat confident they would live comfortably in retirement.

Half of workers plan to retire at 65 or later, while current retirees left the workforce at a median age of 62.

Large shares of workers say they don’t understand managed accounts, ESG investments or target date funds.

Author(s): Ginger Szala

Publication Date: 2 May 2022

Publication Site: Think Advisor

Pandemic Spending Slowdown Eased Financial Stress: Survey

Mary Pat Campbell

Link:https://www.thinkadvisor.com/2022/01/11/pandemic-spending-slowdown-eased-financial-stress-survey/

Excerpt:

Despite a two-year pandemic, workers overall are more confident in their financial situation than they’ve been since 2014, according to findings in the eighth annual Stress, Finances, and Well-Being report released today by John Hancock Retirement. That said, overall stress still affects 72% of retirement plan participants surveyed, especially women (79%) and those 36 to 50 years old (77%).

Further, 71% responded said they had experienced stress, depression or loneliness during the past year.

Author(s): Ginger Szala

Publication Date: 11 Jan 2022

Publication Site: Think Advisor

Social Security COLA for 2022 Estimated Near 6%

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/09/14/social-security-cola-estimate-for-2022-dropped-to-6-to-6-1/

Excerpt:

The annual cost-of-living adjustment, or COLA, for Social Security benefits in 2022 — usually announced in October — could be 6% to 6.1%, the highest since 1983, based on Tuesday’s Consumer Price Index announcement, according to Social Security and Medicare policy analyst Mary Johnson of The Senior Citizens League, who estimated the 2022 COLA would be 6.2% a month ago.

The latest estimate, which is based on inflation of 0.3% in August, is especially significant as next year’s COLA will be calculated on the average of third-quarter, or July, August and September, CPI data.

…..

The consumer price index for all urban consumers in August rose 5.3% over the past 12 months, and 0.3% from the previous month, the Labor Department reported Tuesday. (The CPI includes food and energy.)

Author(s): Ginger Szala

Publication Date: 14 Sept 2021

Publication Site: Think Advisor

Saving Social Security Is a Bipartisan Issue: Survey

Mary Pat Campbell

Link: https://www.thinkadvisor.com/2021/02/22/saving-social-security-is-a-bipartisan-issue-survey/

Excerpt:

Most Americans of both political parties agree there Is a retirement crisis ahead.

A majority of those surveyed say COVID-19 has delayed their retirement plans.

Many stated that pension plans are better than 401(k) plans.

Author(s):  Ginger Szala

Publication Date: 22 February 2021

Publication Site: Think Advisor