Social Security and a New Administration
Monday November 17, 2008
Now that Senator Obama is now President-Elect Obama, the Democrats will control Congress and the Presidency. What will that mean to your Social Security benefit? To retirees, almost certainly nothing. But to others, it’s a huge question, especially for those further from retirement.
The safety of your Social Security benefit has been debated for years and whether there are significant changes to it in the near-term is a question for that crystal ball you have. So focus on the areas of your retirement planning life you can impact: how much you save, what accounts you save in, and how you invest.
The safety of your Social Security benefit has been debated for years and whether there are significant changes to it in the near-term is a question for that crystal ball you have. So focus on the areas of your retirement planning life you can impact: how much you save, what accounts you save in, and how you invest.
I think he should leave it alone and don`t do anything that might get him impeached
Social Security has unfortunately been the primary retirement planning tool for too many retirees. The areas upon which you can have an impact definitely have a much bigger impact on the quality of retirement than what Uncle Sam decides to dole out.
Now if they’d do away with the non-indexing of the Provisional Income formula for calculating taxable Social Security benefits, at least retirees would be getting a fair(er) shake. As it is now, it’s an insidious, hidden tax on one class – Retirees.
Horatio W.
As a government employee under the FERS system, we were sold a bill of goods. Unlike the system in effect previously, CSRS (CSRS employees do not contribute nor receive SS upon retirement) we are required to contribute to SS, and were told part of our retirement would be our social security benefits. In reality, it gave the government more money to play with.
Should we expect any change in taxation of social security benefits?
Good comments all. It’s hard to find anyone thrilled with the current system.
@michael bash: Who knows for sure but I’d bet against many new taxes being added in the very near-term and I’d bet in favor of lots of new ones in the long-term. What will ultimately happen is anyone’s guess, of course.