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Illinois state budget contributions have fallen short of the increases in pension liabilities for 12 of the past 15 years, resulting in a three-fold increase in the funding gap. [2] Illinois' pension obligations are made up of five pension plans for public sector employees. The plans, and their respective size and funding level, include:
The Senior Citizens League reports that as of 2023, Social Security recipients had lost 36% of their buying power since the year 2000. 2. A taxable maximum of $176,100
Spousal benefits are reduced if claimed before the full retirement age. The reduction is 25/36 of 1% per month for the first 36 months and 5/12 of 1% for each additional month earlier than the full retirement age. This typically works out to between 50% and 32.5% of the retirement beneficiary's Primary Insurance Amount.
In a December 2023 Nationwide Peak Retirement Survey Insights Report, the insurance and financial services company found that basic living expenses take up more than half (53%) of retirees’ budgets.
The budget deficit in fiscal 2018 (which runs from October 1, 2017 to September 30, 2018, the first year budgeted by President Trump) is forecast to be $804 billion, an increase of $139 billion (21%) from the $665 billion in 2017 and up $242 billion (39%) over the previous baseline forecast (June 2017) of $580 billion for 2018. The June 2017 ...
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How much you need to have saved for retirement depends on your age and your individual circumstances, but even taking this into consideration, most Americans are not where they need to be. A recent...
Differences in the two estimates stem primarily from the OMB's inclusion of savings that were indirect estimates from the budget, such as a 5-year $107.7 billion freezing of discretionary appropriations, $59.6 billion from lower interest on the debt in the future from reduced debt issuances, and $16.4 billion from the Treasury refinancing the ...