Social Security

President Donald Trump is looking at adopting a retirement system based on Australia’s “superannuation” model.

In a recent piece in Bloomberg, labor economist Kathryn Anne Edwards proposes a solution to the Social Security trust fund shortfall: change the tax treatment of the self-employed.

Social Security’s Old-Age and Survivors Insurance Trust Fund is expected to run out of money in 2032. That means the next senator and president you vote for will have to address its shortfalls.

New research shows more than a third of workers and retirees don’t think they have enough money for their retirement years. That’s the highest proportion since 2017.

The president provided false or misleading claims on inflation, tax cuts, prescription drug prices, and more.

The Social Security trust fund is facing a shortfall. That means benefits could be cut in 2032, not wiped out completely, but there are solutions.

Survivor benefits include the young children of deceased workers.

The money is critical when grandparents raise grandkids.

Still, the typical retiree also relies on other sources of income to boost everyday budgets.

Some one in seven recipients ages 65 and older depend on Social Security for nearly all of their income.