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Carroll S Golden
a book bubble about
How Not To Pull Your Family Apart
Parenting & Relationships
Author Insight
Social Security Turns 88!
What does every person wish for on their birthday? Another birthday! Social Security turned 88 on 8/14/23.If Social Security is a major contributor to the success of your or your parents’ retirement plan, let’s hope SS gets its wish for many years to come. According to the 2023 Annual Report posted by the US Census Bureau, At the end of 2022, the OASDI program was providing benefit payments to about 66 million people: 51 million retired workers and dependents of retired workers, 6 million survivors of deceased workers, and 9 million disabled workers and dependents of disabled workers. Under intermediate assumptions, the projected hypothetical combined OASI and DI Trust Fund asset reserves become depleted and unable to pay scheduled benefits in full on a timely basis in 2034. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 80 percent of scheduled benefits. The OASI Trust Fund reserves are projected to become depleted in 2033, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits. Lawmakers have a broad continuum of policy options that would close or reduce Social Security's long-term financing shortfall. Estimates for many such policy options are available at ssa.gov/OACT/solvency/provisions/. Let’s hope future Social Security birthdays reflex options that close the shortfall.
Book Excerpt
How Not To Pull Your Family Apart
Grandpa James kicks off the next zoom call. After greetings are exchanged, he shares some information, sending a signal of cooperation to the CPT. “Your mom and I spoke with a Social Security specialist. Since Social Security benefits make up a good portion of our income, we could outlive our current income or be forced to accept government assistance if our resources are depleted too quickly by paying for extended home care.”
Grandpa James wants to be clear this situation it isn’t about a lack of good budgeting. In his mind, it’s just the way the system works. Not wanting to share details of his own income, he offers a general example.
“Let me share the simple example your mom and I saw. Let’s say my current Social Security monthly income is $3,000 and Grandma receives $1,500 as my spouse. In this example, Grandma receives a spousal benefit based on my work record. She claimed at her full retirement age, so her benefit is half of my full retirement age benefit of $3,000. But when one spouse passes away, the other one is left with a diminished Social Security income to cover living expenses plus extended or long-term care expenses.”
Quickly shifting the conversation at the mention of her parents passing away, Jodi lightens the mood and encourages the CPT research more on their own. “You each should access the Social Security website at www.ssa.gov/myaccount and create an account. Make sure your personal information and work history is accurately recorded.
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