Social Security – signed into law in 1935 as the Old-Age, Survivors, and Disability Insurance program – provides cash benefits to retirees and those unable to work due to disability. It is funded by payroll taxes that are collected from workers and their employers and deposited into interest-earning accounts called trust funds. Since the early 1980s, the income collected by the funds has been greater than the benefits paid to people, so the funds have been able to save money for future years.
SOCIAL SECURITY COSTS WILL BEGIN TO EXCEED INCOME IN 2018
The 2018 trust fund report for Social Security predicts that 2018 will be the first year since 1982 that benefits paid out will exceed money taken in through taxes.
Since 2008, the combined yearly surplus has been declining. Although it reversed course and increased in 2016 and 2017, the Social Security Administration predicts it will fall below zero in 2018.
Posted: Aug 15, 2018 12:01 AM (Stossel works nights).
August 10, 2018 by Korene Clopine-Seaman
Positive economic growth numbers are always cause for celebration and the second quarter GDP just went vertical. After nearly four years of sub-par growth, the real GDP hit 4.1 percent in the second quarter.
Editor’s Note: Patriot Lending and Capital Solutions of Miami Lakes, FL has stepped up their lending to support middle class seniors who are entering retirement now and to give them financial tools when financial ends don’t meet as the cost of living continues to rise against an income that doesn’t. Patriot Lending is launching a capital branch to support seniors who need financing to Fix n Flip real estate and other projects that will fill in the income gaps during retirement years. The HECM mortgage opens up home equity to support reduction of debt and income shortages. This in an effort to provide solutions to tight budgets and limiting income. The following describes the fix a lot of elder retirees find themselves in coming out of (or not) the recent recession.
By Warren Strycker, Editor in Chief
We’ve launched a new series of graphics to call attention to our New American Spirit mindset. Please visit our website as it is launched, one by one on Gofinancial.net.
As life expectancy gets longer and longer, the age of retirement is getting pushed back, too, with the highest number on record of Americans aged 85 and up working, an analysis in the Washington Post presented.
“Overall, 255,000 Americans 85 years old or older were working over the past 12 months,” writes Andrew Van Dam. “That’s 4.4 percent of Americans that age, up from 2.6 percent in 2006, before the recession.
Some of you are retired and you’ll need some extra cash to make ends meet. You can build some rentals or build to sell. But you will need some cash to pay the construction bills.
Construction loans for new-built homes are either obtained by the homebuilder or prospective owner. In pre-recession days, small builders had greater access to capital but now must frequently put the onus on the buyer to get the loan. That’s one reason most new homes rising today are simply “specs” built by big, high-credit corporate conglomerates.