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Health Savings Accounts (HSAs): What You Need to Know
A Health Savings Account, or “HSA” is a wonderful financial vehicle, offered by many employers and used by millions of Americans to pay for their healthcare expenses using un-taxed savings. Monies contributed to an HSA (and often matching funds contributed…
Resolving Social Security’s Financial Woes
“No one is talking about eliminating Social Security or Medicare. We must, however, come to the table with serious solutions to ensure the federal government keeps its commitment to current and future beneficiaries. ” That is the admonition to Congress offered…
Large COLA Increase Next Year? The “not so good” Reason It’s Probable.
How can we argue that current projections for a historically large Cost of Living Adjustment (COLA) for next year will not be such a wonderful thing? Simple – because that probable large COLA increase to your monthly Social Security benefit…
Saving Social Security: Expanding Benefits and Demanding the Wealthy Pay Their Fair Share or Cutting Benefits and Increasing Retirement Anxiety
(SOURCE: www.budget.senate.gov) Agenda There will be a Hearing of the Committee on the Budget On: Thursday, June 9, 2022, 11:00 AM In: Room SH-216. Members of the Committee may participate in person or by video conference technology. To consider: Saving Social Security: Expanding Benefits and Demanding…
Looking at the Social Security Solvency Dilemma Realistically
As you’ve likely read in a variety of news reports (including posts on this site), the Social Security Trustees Report issued last week offered what some quarters consider a bright spot in Social Security’s dismal financial landscape. The Trustees reset…
Biden: “Improvements” in Social Security Outlook. Really?
The 2022 Social Security Trustees Report published last week spotlighted the additional year added to the timeline for trust fund insolvency, while the Medicare Trustees Report noted a two-year improvement in the projection for insolvency of the Health Insurance trust…
Taxing Your Benefits: Another Inflation Driver for Seniors
It often comes as a nasty surprise for those new to Social Security…the fact that the monthly benefit they earned through a lifetime of work and paying FICA taxes is now subject to another level of tax: Federal Income Tax.…
Social Security 2022 Trustees Report
The Social Security Board of Trustees released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected…
Is inflation causing you to delay your retirement?
The BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. A recent survey found that one-quarter of Americans will delay their retirement due to inflation. Also,…
Avoid becoming a victim of identity theft
The Federal Trade Commission’s Consumer Sentinel Network took in over 1.4 million reports of identity theft in 2021. Is there a way to evade becoming a victim of identity theft? No. According to cybercrime expert John Wilson, there are no…