New House Rule Limits Full Consideration of Social Security Solutions

AARP wrote to members of the House of Representatives to express our strong concern with a last-minute amendment to H.R. 5, the House Rules Package for the 114th Congress, that would effectively limit potential options regarding Social Security, including options to protect benefits under the Social Security Disability Insurance Program. Under the amendment, the House could only consider legislation affecting any part of the Social Security program if the overall effect of the changes improved Social Security’s Old Age and …

House Rule Sets Up Election-Year Battle Over Social Security

Buried in new rules that will govern the House for the next two years is a provision that could force an explosive battle over Social Security’s finances on the eve of the 2016 presidential election. The Social Security disability program has been swamped by aging boomers, and unless Congress acts, the trust fund that supports it is projected to run dry in late 2016. At that point, the program will collect only enough payroll taxes to pay 81 percent of …

Those Pension Cuts and What You Need to Know

Congress recently carved a hole in a 40-year-old pension law that has prevented employers from cutting benefits earned by those already retired. This change applies to people covered under multiemployer plans that are in critical financial shape. Here’s what you need to know: What is a multiemployer plan? This is a pension covering workers and retirees from more than one employer in the same or related industries, such as trucking or construction. (Most of them were established under collective bargaining between …

Making Social Security Work for Women

Social Security is gender neutral, meaning men and women earning the same amount in their careers should receive the same size benefit. In reality, a woman’s benefit on average is lower than a man’s — $1,103 vs. $1,417 in 2012 — because her work and personal experiences are rarely the same. Women tend to earn less — an average of 78 cents for every $1 a man makes. They are more likely to be in low-paying jobs without pensions and to …

7 Social Security Quirks You Should Know

Note: Join AARP expert Jean Setzfand today, Friday, October 24, from 2 to 3 p.m. ET for a live Facebook Chat with Yahoo! Finance about Social Security claiming and ask Jean or another expert your own question here: https://www.facebook.com/yahoofinance. See Setzfand’s advice in a story from Yahoo! Finance just posted today as well: http://finance.yahoo.com/news/3-ways-to-boost-your-social-security-benefit-163853751.html. As I travel and talk with folks about planning for their future, “when to claim Social Security benefits” is, hands down, the most frequently asked question …