July 31, 2018
Anxious Savers Want to Catch Up, but Worry They May Be Too Late
Is Social Security Sustainable? Consider Home Equity Assist
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.
Social Security is running out of money — Stossel
Big GDP numbers impact housing market, drive up appraisals, cash benefits
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.
The rate of people 65 and older filing for bankruptcy is three times what it was in 1991
Patriot Lending meets Struggling Middle Class seniors with innovative financial tools
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.
New American Spirit offers new graphic slant. You can engage.
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.
Record Number of Older Americans Working; Why, do you think?
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.
