Headlines
COLA’s 2022 Reality
As we reported several months ago, Social Security beneficiaries were optimistically looking forward to January and the added 5.9-percent cost of living adjustment (COLA) in their monthly payments. It was an uncommonly large increase, since annual COLA adjustments during the…
U.S. Workers Weigh In On Social Security Concerns
The 21st Annual Transamerica Retirement Survey published a few weeks ago put a spotlight on the concerns that a large segment of the American workforce harbors about the future of our Social Security program. In a recent report published by…
The “New” FRA, and What It Means to New Filers
Those reaching age 62 in 2022 will now be subject to a full retirement age (FRA) of 67, and along with that slight adjustment comes a bit of math that new filers need to understand. Specifically, it means that the…
Retiring on Social Security As Your Only Income Source?
Unfortunately, many folks entering their retirement years are forced, for whatever reason, to rely totally on their monthly Social Security benefits for income. That’s not an easy thing to do, with the 2022 average monthly benefit of $1,657 ($19,884 annually).…
Who are the pandemic retirees?
Recent research by the St. Louis Federal Reserve found the “Great Retirement” trend was driven by women aged 65 and older. Americans retired early during the pandemic for many reasons, either by choice or were forced to by job loss,…
Changing to the CPI-E may not necessarily increase the COLAs beneficiaries see
The U.S. Bureau of Labor Statistics latest report states, “Over the last 12 months, the all items index increased 7.0 percent before seasonal adjustment; the largest 12-month increase since the period ending June 1982.” However, the Social Security cost-of-living adjustment…
Did more older workers retire during the pandemic?
Did the COVID-19 pandemic increase older workers claiming their Social Security benefits? The researchers at the Center for Retirement Research (CRR), using the Current Population Survey (CPS), found the pandemic did indeed result in many job exits among older workers.…
Some changes related to Social Security and Medicare for 2022
As the new year begins, there are some changes you should be aware of related to Social Security and Medicare. If you are receiving Social Security benefits, you will receive your 2022 cost-of-living adjustment; however, that increase is offset by…
Reviewing your retirement plan for 2022
It’s the beginning of a new year which is an opportune time to review your finances including, your retirement savings strategy, and make the necessary changes. What changes should you be looking to make? Maybe you received a raise in…
The Ultimate in Retirement Savings Isn’t Social Security. It’s an HSA!
Kevin Webb of Kiplinger states that health savings accounts (HSAs) are the best deal out there for anyone saving not just for health expenses, but for retirement as well. The accounts are available for people who are covered by a…