On Tuesday, September 15, 10 women got together and talked about Social Security. As we all know, there is a looming shortfall in the money available to pay benefits which congress has about 6 years to resolve. Below are some items we discussed:

- Social Security was initiated to combat poverty among older Americans. FPG in 2026 is $15,960
- The last major change to Social Security was in 1983 only 3 months before the program was unable to meet its obligations
- Highest payout today at Full Retirement Age (FRA) is about $50,000 per year; age 70 is about $62,000
- Social security will pay out ~1.7T in 2026 to 75 million recipients
- Social Security is a self contained program. It does not get money from the general fund (individual and corporate taxes).
- Congressional action is required to make changes with 60 votes required in the senate.
- Shortfall problem can be resolved by increasing revenue, decreasing expenses, or a combination.
- Multiple sources report that current benefits are actually more generous than they were in the 1980's and 1990's based on how wages are indexed for inflation and COLA calculations
- Other sources suggest that seniors have lost buying power

On October 20, we will discuss Medicare including how it is funded, where to find resources to make decisions, and 2027 Open Enrollment. On November 17, we will focus on year end actions and tax implications. After a few months of heavy topics, we should come up with a lighter, fun topic for December 15!!!

All are welcome to join us on zoom. Join the group or contact Cyndy using the info above.