How will Washington’s ongoing budget crisis affect seniors? Not much, at first. But it could become very costly in just a few weeks. One big unresolved question: Will Social Security benefits be paid if the government breaches the debt limit? Many seniors programs will continue to operate for at least a while. For now, Social Security checks are going out [...]
We’ve all seen the articles in Forbes, Kiplingers, or U.S. News trumpeting the best states to live in retirement. A key measure for them all: Low taxes. What you may not know is that states actively compete with one another to provide tax breaks to older residents—especially to wealthy seniors. This competiton is similar to the way states use tax [...]
In the wake of the White House decision to abandon the CLASS Act, policy analysts are struggling to find some workable solution to the growing problem of how to finance long-term care costs. So how about using Social Security? One versionof this idea was proposed years ago by Yung-Ping Chen, now professor emeritus of gerontology at the University of Massachusetts. He'd let Social Security recipients trade off a small portion [...]
There may be no more controversial issue for both Baby Boomers and their parents than Social Security. After AARP officials said last week the organization would be open to discussing changes in the system, I wrote the following for my TaxVox blog: Social Security has two obvious problems. While the system is not “broke,” as some insist, it will have only enough [...]
The co-chairs of President Obama's bipartisan deficit commision have proposed a far-reaching plan to reduce the nation's massive deficit. It includes big changes for both current and future seniors. Among them: higher Social Security taxes and reforms in the design of benefits, reduced payments to Medicare providers and greater cost sharing by Medicare beneficiaries, and, perhaps most dramatic, a fundamental change in federal payments for Medicaid long-term [...]
For the first time since President Bush's ill-fated effort to privatize Social Security five years ago, the future of the nation's flagship retirement program is back on the policy agenda. For example, Social Security will almost certainly be an issue for President Obama's deficit reduction commission. Unfortunately, we may be headed for the same non-productive shouting match we had over the Bush [...]
The CLASS Act, a proposal to create a national long-term care insurance system, remains alive in the Senate health bill, but its fate remains far from certain. On Friday, the Senate actually voted 51-47 to drop the plan from its health bill. But, thanks to Senate rules that required 60 votes to approve the change, CLASS remains in the measure. Most troubling, [...]