Friday, August 6, 2010

Social Security changes can affect retirees wallets


By Robyn Davis Sekula

Ask anyone in their 30s if they expect to receive Social Security upon retirement, and you'll find that almost all of us think it won't be around for us. Some of us, like me, are saving aggressively for retirement to make up for it.

Statistics actually show that Social Security may be around, just not at its current levels. Even those currently on Social Security (or getting ready to retire) are affected by the changes to the program.

It's a great idea to keep abreast of developments and changes in Social Security. Here's a great piece we found from Fidelity.com, posted on Yahoo.com, about Social Security income and how seniors will be affected by raising the eligible age to 70.

Here's an excerpt:

Social Security will, according to the last annual report from its trustees, be able to pay full benefits through 2037. Then, if there are no changes in the program in the meantime, the taxes collected will be enough to pay out only about 75 percent of benefits through 2083.

So while Social Security's finances are stable in the short term, most experts agree that the program needs to be bolstered for the long term. Among the proposals circulating is one from Representative John Boehner of Ohio, the House Republican leader, who recently suggested raising the retirement age to 70 for people at least 20 years from retirement.


Read the full article here:

http://finance.yahoo.com/focus-retirement/article/110241/social-security-jitters?mod=fidelity-readytoretire&cat=fidelity_2010_getting_ready_to_retire

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