Thursday, November 14, 2019

Moderate presidential candidates could demand more from well-off retirees and appease progressives

When Deval Patrick, former governor of Massachusetts, jumped into the presidential race today “at the last minute” and was asked about the perception that he is a pro-business moderate, he answered (on CNN at least) that he was not afraid to make radical policy proposals and ask a lot of individual citizens.

I think you can imagine scenarios of what could be asked of retirees who are “better off”.

One obvious thing could be to accept means testing on social security as of some date, maybe even relatively suddenly.

Another would be to encourage families not to leave (as much) money to relatives but more to causes and charities.

One thing I’ve noticed. When estates do go through probate, if the wills said so, then the beneficiaries tend to wind up with full distribution.

It is common to avoid probate and speed up distribution to set up trusts.  This works faster in some states (like Virginia) than others (like Ohio).  But it is common to distribute some percentage, like 25%, to adult children, and leave the rest in trust for future beneficiaries (like non-profits and charities or disabled family members).  Attorneys, left on their own, are likely to write them up this way.
A progressive president might not just stop with the super rich on wealth taxes; he or she could try to encourage more generosity from the moderately well off (from the sociopathic baby boomers) .  For example, he could try to set up sponsorship and adoption programs for stranded migrants and encourage them to step up.  What about our own homeless?

Thursday, November 07, 2019

What's the difference between SSDI and SSI? New group explains in a video

Citizens Disability explains the difference between SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income).
SSDI is an “earned” benefit, and SSI is not.  But SSDI is a kind of “insurance”, and is not like an “annuity”.
SSI is more like a welfare benefit. It limits how much you or a family can have in disposable assets.
There are more details on one of my Wordpress blogs. 

Sunday, November 03, 2019

Public option annuity, and Social Security "hybrid" proposals; also troubles with survivors' benefits?

Mark Hulbert of Marketwatch presents a Social Security reform that would institute a “hybrid” plan that makes Social Security more like an insurance company annuity, as a supplemental pension with a “public option”. 

This idea is also discussed in July 2019 in The Atlantic by Ganesh Sitaraman (Vanderbilt) and Anne L. Alsott (Yale).    
Note the video below:  people have trouble getting Social Security when they have a survivor's spousal pension?