Financial Resources & News

Rescuing America’s Safety Net

A March 2023 survey found that more than 90% of Americans worry about the Social Security program, and about half of those said they worry a great deal.1 A separate survey the same month found that more than 80% of Americans worry Medicare will not be able to provide the same level of benefits in the future.2 These concerns are well-founded, because both of these programs — the cornerstones of...

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Now That’s a Whopper: Medicare Funding

By:  Michael Allbee, CFP®, Senior Portfolio Manager Last week, we tackled one of America’s largest mandatory spending programs, Social Security (forecasted to account for 21% of total government spending in 2023) and answered the question, Is Social Security on life support? However, did you know Medicare and Medicaid are projected to account for 26% of total government spending in 2023?...

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Is Social Security on Life Support?

By:  Michael Allbee, CFP®, Senior Portfolio Manager Social Security isn’t in danger of going broke since it’s financed primarily through payroll taxes, but the financial health of the Social Security trust fund is declining, and benefits may eventually be reduced unless Congress acts. The Social Security Board of Trustees has estimated that its trust fund has reserves to pay all scheduled...

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Warning: Social Security Retroactive Checks

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner Deciding when to claim Social Security benefits will have a permanent impact on the benefit you receive. Claiming before your full retirement age (66-67 based on birth year) can significantly reduce your benefit, while delaying increases it. More than ever, we are seeing more individuals not collect their Social Security until they...

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