House Ways And Means Schedules Hearing For July 29

     A press release by the House Ways and Means Committee:

U.S. Congressman Sam Johnson (R-TX), Chairman of the House Committee on Ways and Means Subcommittee on Social Security announced today that the Subcommittee will hold an oversight hearing on what workers need to know about Social Security as they plan for their retirement.  The hearing will take place on Tuesday, July 29, 2014 in B-318 Rayburn House Office Building, beginning at 11:00 a.m. ... 

Future retirees face far more questions than answers, as according to last year’s Annual Report of the Social Security Board of Trustees, unless Congress acts, revenues will cover only 77 percent of scheduled benefits beginning in 2033.  Worse, revenues will cover only 80 percent of disability benefits beginning in 2016.  These findings will soon be updated in the 2014 Annual Report. 

Social Security is central to retirement security, yet Social Security’s complex benefit formula is often confusing to workers and their spouses. ...

The hearing will focus on the financial status of Social Security programs, the factors influencing the benefits paid, the status of Americans’ retirement readiness and how workers can be helped to better plan for their retirement. ... 

     I'm guessing that the Senate Finance hearing scheduled for tomorrow and now this Ways and Means Committee hearing scheduled for next week are signs that the Social Security Trustees report is due out very soon, like today or tomorrow. We'll see.