Items Tagged with 'social security'


  • Should you use home equity to delay Social Security?

    The CFPB warned against it, but experts say it works
    For some time, reverse mortgage lenders touted a strategy that involves obtaining a HECM early on in retirement in order to delay taking Social Security, therefore maximizing its benefit. But then the CFPB issued a warning against it. Now, retirement researchers and financial advisors say the strategy still has real merit, but suitability depends on a case-by-case basis.
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  • Retirement experts: Trump's order on retirement savings falls short

    Fixing the retirement problem means fixing Social Security
    Last week, President Donald Trump made a move to address what many are calling a looming retirement crisis that could cripple the country as more Baby Boomers age. While his promise to “take care of our people, to rebuild our nation, and to fight for our great American workers” sounds great, some retirement experts question whether it really amounts to much.
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  • CFPB warns about dangers of taking out a reverse mortgage to delay Social Security

    Says claiming Social Security benefits later may not be worth it
    The Consumer Financial Protection Bureau issued a warning to seniors this week, cautioning them that taking out a reverse mortgage in order to delay claiming Social Security benefits could be a financially harmful decision. In its report, the CFPB said it investigated this practice and found that the costs and risks of obtaining a reverse mortgage could exceed the increased amount of a senior’s lifetime Social Security benefits should the person wait to claim their benefits.
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  • New Calculator Helps Plan for Social Security Benefits

    A new planning tool and calculator was launched by AARP to help Americans decide when to claim benefits and prepare for retirement to best acheive their financial goals. The Social Security Benefits Calculator is designed to be an interactive tool for users to evaluate the ideal age for claiming their benefits according to their financial goals.  The calculator has been launched in conjunction with AARP's "Ready for Retirement?" campaign that offers a ten-step approach for envisioning and planning for a secure retirement. “Our research shows that many Boomers are worried about retirement because they don’t feel prepared,” said Jean
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  • Spending Cap Comes with Major Impacts

    Responding to a proposal that would established a set spending cap as a percentage of GDP is raising concerns of consumer and provider groups because of the potential impact to entitlement programs.   A proposal currently in Congress, the Commitment to American Prosperity (CAP) Act, would limit federal spending to approximately 20.6% of Gross Domestic Product and would automatically implements cuts across all federal programs in any year that projected spending exceeded that cap. Introduced by Senators Bob Corker (R, TN) and Claire McCaskill (D, MO), the bill provides a 10 year plan for pushing down spending from a
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  • AARP's Changing Stance on Social Security Cuts?

    On Friday, stories began appearing quoting AARP policy chief, John Rother stating that the powerful senior lobbying group was open to the idea of supporting cuts to Social Security in order to help influence how changes take shape.   First reported by The Wall Street Journal and later picked up by The New York Times and other media sources, the announcement was surprising considering how staunchly the organization had defended Social Security against cuts to this point. According to Rother, the reasoning for the changing position was due to the fact that it appeared that change to entitlement programs
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  • AARP Continues Defense of Entitlement Programs

    Continuing their public defense against cuts to entitlement programs, Social Security and Medicare, AARP CEO A. Barry Rand released a statement in response to the first meeting of Vice President Biden's Deficit Reduction Group.  He called on the members of the group not to subject these programs to arbitrary cuts in the efforts to address fiscal challenges.   The statement follows two announcements Thursday that launched a new advertising campaign and testimony to the Financial Services Committee's hearings on the budget to support the entitlement programs.  Included in the previous announcement was the video of the new commercial set
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  • AARP Defends Social Security & Medicare

    In two press releases, AARP has expressed their opposition to cuts to Social Security and Medicare for the sole purpose of reaching a compromise on the debt ceiling.  The announcements detail AARP's written testimony submitted to the Senate Finance Committee's hearing on Budget Enforcement and the launch of an advertising campaign to fight proposed cuts (view commercial below).   In the written testimony to the Finance Committee, AARP acknowledges budget challenges, but arbitrarily, an unnecessarily including Social Security and Medicare in across the board cuts will have too significant of an impact on beneficiaries, now and in the future.
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