Will Social Security Be Ready When You Need It?

Will Social Security Be Ready When You Need It?
Social Security is a "pay as you go" system in which current payroll taxes fund current benefits. But the country is getting older, and the solvency of the Social Security system is precarious. In fact, if there is no Social Security reform, benefits will begin to exceed revenues by 2012, just as the Baby Boom generation retires. Here's more.

The United States is Growing Older.
Population over 65
Who relies on Social Security benefits.
In 1994,
Social Security
  • Paid benefits to more than 90% of those age 65 or older.
  • Provided more than half of the total income for 66% of the beneficiaries.
  • Was the only source of income for 16% of those beneficiaries.
Fewer are paying to support beneficiaries
Workers per Social Security beneficiary
No change, big problems!

If there is no Social Security reform, the unfunded liability of Social Security and Medicare will be over $20 trillion by 2070.

Source: National Commision on Retirement Policy.
For more information, visit www.csis.org/retire/facts.html .


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.