Your Money

"Every year we get closer to the deadline, we seem to get further away from the solutions," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

The Social Security Administration's annual report predicts that the program will exhaust its reserves by 2035 unless changes are made. The "good news" is that this estimate is one year later than last year's report. Increased payroll tax revenue helped with the extension, but major demographic trends like more beneficiaries and declining birth rates remain a long-term strain.

The report outlines several potential consequences of Social Security's depletion, including a 24% reduction in benefits for all recipients starting in 2035. This reduction could significantly impact retirees, disabled individuals, and survivors who rely on Social Security as a crucial source of income. Additionally, the Disability Insurance Trust Fund is expected to deplete its reserves by 2057, further exacerbating the program's financial woes.

The problem is fixable, and solutions exist, including increasing payroll taxes, raising the retirement age, adjusting benefit formulas, or implementing means-testing to target benefits toward those most in need. However, finding consensus remains a significant challenge.

Ultimately, securing Social Security's future requires bipartisan cooperation and a willingness to explore a range of policy options. While there is no easy solution, addressing the program's financial challenges promptly and comprehensively is essential to ensuring its sustainability and fulfilling its commitment to providing economic security for current and future generations.

Social Security now expected to run short on funds in 2035, one year later than previously projected
by Lorie Konish

Your Life

More and more parents who were once empty-nesters are experiencing the boomerang phenomenon and moving in with their adult children. The reasons seem practical and advantageous for both sides, with grandparents able to help with household expenses and childcare and the adult children helping with the challenges of aging and managing household tasks. The combining of generations under one household requires planning. It’s not just about providing a bedroom for your parent(s) but also a nurturing space that respects their independence and caters to their specific needs. Whether they are moving in permanently or just visiting frequently, thoughtful modifications to your home can significantly enhance their quality of life. This guide will explore ten upgrades to transform your home into a secure, comfortable sanctuary for your elderly parents, demonstrating love and respect through actions that facilitate their daily living and ensure their well-being.

Ten Home Upgrades to Accommodate Elderly Parents
source: Dayton Parent

Complexity Simplified

There are six different types of fire (labeled A, B, C, D, F, and electrical). They are classified depending on what the fuel source or cause of ignition is. As each fire type has a different fuel source at its root, each must be put out with a different extinguisher. Using the wrong extinguisher on the wrong type of fire could prove dangerous and make the fire worse. Therefore, it’s vital that you understand the different types of fires and how to safely put them out with the most suitable equipment.

How to put out different types of fires
source: Pyrotec

Trivia