Obama Administration Insider Admits the administration LIES about Social Security

[P@triot]

Further evidence that the liberal elite looks at the liberal minion as a "useful idiot" and lapdog (hell, they even use the term "dog whistle" inside of the White House)...

In his new memoir Stress Test, former treasury secretary Timothy Geitner recalls at least one instance in which he was encouraged by the Obama White House to be less than truthful:

I remember during one Roosevelt Room prep session before I appeared on the Sunday shows, I objected when [White House senior advisor] Dan Pfeiffer wanted me to say Social Security didn’t contribute to the deficit. It wasn’t a main driver of our future deficits, but it did contribute. Pfeiffer said the line was a ‘dog whistle’ to the left, a phrase I had never heard before. He had to explain that the phrase was code to the Democratic base, signaling that we intended to protect Social Security.

Former treasury secretary Timothy Geithner says White House told him to lie to the American people

 

[waltky]

By 2033 most of the baby boomers will be gone...

The Social Security Mistake More Than One-Third of Retirees Are Making
June 05, 2014 — How long can retirees count on Social Security?

The system is currently funded to pay full benefits only until 2033, according to the Social Security Administration. How to address the shortfall will no doubt be an issue Washington debates for years. In the meantime, many retirees who have earned Social Security benefits feel they may have left a great deal of money on the table as a result of a decision they now regret: taking benefits too soon. More than one third (38%) of retirees wish they had waited longer to begin receiving Social Security income. Faced with rising health care costs, nearly three-quarters of Americans say they rely on Social Security for out-of-pocket health care costs, according to a Nationwide Financial Retirement Institute consumer survey.

Those health care costs can quickly deplete Social Security benefits. For a healthy, middle-income couple retiring next year at full retirement age, medical expenses are estimated to absorb 69% of their Social Security benefits. But ten years from now, those costs will jump to 98% -- and in 20 years, the same couple would require 127% of their Social Security benefits to cover health care costs in retirement.

The survey of 903 adults aged 50 or older, who are either already retired or plan to retire in the next ten years, revealed those who began receiving Social Security income early report a lower average monthly payment ($1,190) than those who started at their full retirement age ($1,506) and those who delayed benefits until age 70 ($1,924). "Social Security can represent up to 40% of the total income the average worker receives throughout retirement and when and how to file are some of the most important financial decisions they make in their lifetimes," said David Giertz, president of distribution and sales for Nationwide Financial. "With more than 2,700 rules in the Social Security handbook, it's easy to see why many aren't aware of all of the benefits and options available to them."

Getting good advice regarding Social Security benefits can help – if pre-retirees can find a financial consultant adept at interpreting the multitude of regulations. Only 12% of those surveyed had an advisor that offered advice on Social Security. One-third of retirees without a financial advisor say health care costs keep them from living the retirement they expected – compared to just 13% of retirees with a financial advisor.

http://www.mainstreet.com/article/r...s-are-making?puc=unitedonli&cm_ven=UNITEDONLI

 

[waltky]

Granny checkin' her Halliburton, Blackwater, an' Chinese rickshaw stocks...

How to Boost Your Social Security Benefits by $250,000
June 20, 2014 — Ask a financial advisor about investing, planning for retirement or developing a savings strategy and watch the pie charts, income simulations and risk/reward scatterplots start flying across the desk. Ask that same advisor when to start taking Social Security benefits – crickets.

The challenge is determining how to gain maximum after-work income while retaining your retirement savings as long as possible – and provide the highest surviving spouse benefits. With all of the options available to a pre-retirement married couple, that can mean the consideration of thousands of possibilities.

According to Financial Engines research, seven out of ten current retirees say Social Security benefits are a major source of their retirement income, while the Social Security Administration says about one in four married couples -- and nearly half of unmarried individuals -- rely on Social Security for 90% or more of their income. So knowing when to trigger Social Security benefits for maximum income is a major decision. Financial Engines has developed a free online planning tool that crunches the numbers for you.

"Social Security is incredibly complex, and most people miss out on tens of thousands of dollars in benefits because they don't have anyone to help them figure out the best way to claim," says Christopher Jones, Financial Engines chief investment officer. "By considering Social Security in combination with your 401(k), you can unlock hidden value and dramatically increase your retirement income."

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You Need $2.5 Million To Retire
June 13, 2014 — A big reason why people avoid saving for retirement is that the challenge just seems to daunting: they aren't sure even where to begin, and they have no idea what they should be doing.

To gain insight into the proper steps, we sat down with Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation, dedicated to helping young people gain financial literacy, and Justin Sinnott, a financial consultant who has been with Schwab for over 13 years.

Why You Need to Save for Retirement

The recently designated "Retirement Week" isn't enough, according to the experts. "It really needs to be National Retirement Month," says Schwab-Pomerantz. "It's a callout in time for people to focus and maybe come back and re-examine their retirement plans, or start one if they haven't yet."

She further explains that today, the onus of coming up with your retirement income is all on you. "Employers just don't provide you with that nest egg anymore," she said.

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