Social Security is heading toward a financial crossroads—and under current projections, it is not sustainable as it stands. According to the latest Trustees Report from the Social Security Administration, the program’s trust funds are expected to be depleted around 2035, at which point incoming payroll taxes would only be sufficient to cover roughly 75–80% of promised benefits. That doesn’t mean Social Security disappears, but it does mean automatic benefit cuts unless Congress intervenes.
New Jersey’s pension crisis is growing, putting teachers, state workers, and retirees at risk. With billions in shortfalls and an uncertain future, relying solely on pensions or Social Security isn’t enough. At Millstone Financial Group, we help you build a personalized retirement plan to protect your savings, create additional income streams, and prepare for any future uncertainties. Plan now to secure your tomorrow.
If you are nearing retirement, then Social Security is probably on your mind. In fact, 30% to 90% of your post-retirement income could come from Social Security. Because of this, we believe it’s crucial to understand how and to what extent Social Security fits into your full retirement plan. In this guide, we will review […]
Social Security recipients will see a 5.9% increase in 2022 – the largest increase since 1982! This means that the average recipient will see a $92 a month raise starting next year.[1] While this is good news, it’s important to consider what this high Social Security cost-of-living adjustment (COLA) could mean for your overall retirement […]
The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. […]
Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat […]
You’re used to receiving a paycheck, and perhaps you’ve been used to it steadily increasing over the course of your career. You may have experienced what’s known as “lifestyle inflation” and may not plan to downgrade in retirement. Whatever the case, it’s important to know where your retirement income will come from. It could come […]
According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household.[1] There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all formula for maximizing it. Consider your unique situation and read these tips […]
