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Social Security Meltdown: Will Your Benefits Disappear by 2033
Discover what's behind the alarming predictions and how it can affect your financial future.
KillerStartups
May 28, 2024
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Our 30-Second Summary:
The financial sustainability of Social Security benefits is under debate.
With an aging population, long-term viability is a concern. The potential exhaustion of Social Security trust funds by 2033 could lead to significant benefit cuts.
The Trustees warn of the urgent need for financial stability. Congress has yet to act on strengthening the system. Possible solutions include raising taxes or lowering benefits.
Variable factors affect forecasts, including economic and demographic shifts. A 21% reduction in benefits may occur without replenishment. This could seriously impact retirees who rely on Social Security.
Exploring investment in the stock market is under consideration but carries concerns. Delays in addressing these issues could stress younger generations. Political hesitation might result in early benefit claims due to fear of cuts.
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Our 30-Second Summary:
Nearly 68 million Americans rely on Social Security benefits. These benefits are crucial for financial health post-retirement. They are based on lifetime earnings and age at commencement.
Social Security supports not just retirees, but also spouses, children, and survivors. Disability benefits are available for individuals with severe medical conditions. The expected Social Security cost of living adjustment (COLA) in 2025 is 2.66%.
Beneficiaries should plan for modest increases. COLA aligns benefits with inflation using CPI-W data. Since 1972, only three years have seen no COLA. 2025 COLA projections could change with economic fluctuations. Historically, COLA changes have varied, hindering steady growth.
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Our 30-Second Summary:
R&D tax credits are crucial for businesses of all sizes. Many entrepreneurs are unaware and miss opportunities.
These credits are accessible to various industries, not just pure science. Even startups in food, beverages, or software can qualify. The process is simpler than many believe, providing significant financial advantages.
In 2020, businesses claimed $11.8 billion in federal R&D tax credits. Claims require less exhaustive documentation than thought. Qualifying evidence includes payroll registers, project notes, and time-tracking data.
R&D credits aren't solely for research-focused businesses. Even companies without federal income tax liability can benefit.
Employees don’t need science degrees to qualify. AMT restrictions have eased since 2016, allowing broader use of credits.
Innovating on any scale can make you eligible for R&D tax benefits. Debunking these myths can lead to substantial financial returns and business growth.
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Notes From KillerStartups Staff 👀
Our team is happy to announce the newest features on KillerStartups, including the site redesign and polling feature. We could not accomplish these goals without a supportive and powerful community like yourselves! Thank you!
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