Social Security Outlook Improves, but Disability Needs Urgent Action

The financial health of Social Security has improved slightly in the past year, with the system expected to exhaust its reserves to pay benefits in 2034, a year later than previously projected, according to the 2015 Social Security Trustees Report, released July 22. At that time, if Congress has taken no action, Social Security will have enough payroll taxes coming in to cover 79 percent of promised benefits for another 56 years, the report said. The annual report forecasts the …

Steady Jobs Growth Eludes Older Workers

Older job seekers may feel like they’re scaling Mount Everest in pursuit of work. Employers added 157,000 jobs to their payrolls in January but the unemployment rate for older workers climbed just one-tenth of 1 percent to 6 percent, the government reported Friday. For men 55 and older, the jobless rate remained at 6.2 percent for the second straight month. But to illustrate the challenges they face in landing a job, consider their unemployment rate one year ago – it was …

When This Holiday’s Over, Will Your Taxes Go Up?

If Washington’s politicians can’t reach a deal to avert the fiscal cliff, the temporary payroll tax cut passed two years ago as an anti-recessionary measure could evaporate – and with it, starting in January, a percentage of your take-home pay. The payroll tax holiday cut the employee contribution from 6.8 percent of wages to 4.8 percent. That may not sound like much, but it adds up to $125 billion less in income for families, according to Michael Feroli, a JPMorgan …