Beyond just the 1.6% Social Security raise
David Rae, writing in Forbes Magazine, explains how the 1.6% cost of living adjustment was derived by the Social Security Administration two weeks ago and what it means to the average recipient. Rae cites data from the Labor Department, showing the cost of medical services increased by 4.4% in September compared to the previous year. Medical services is an area where seniors spend a disproportionate share of their incomes. Rae also notes that more wages will be subject to Social Security tax in 2020, and he echoes the traditional refrain that one should wait as long as possible to start Social Security to gain the highest monthly benefit possible for the rest of one’s life. Read the full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.