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Tax Day is Tomorrow…Are You Clear on the Taxability of Your Social Security Benefits?
If you’re taking the filing of your 2022 IRS tax returns down to the wire, now would be a good time to be certain about how much, if at all, your Social Security benefits in 2022 will affect your tax…
Battle Lines are Being Drawn on the Retirement Age Issue
Although there are many advocates for raising the Social Security full retirement age (FRA) as a measure to save the program from insolvency, the issue is generating strong headwinds in the court of public opinion. A post by US News…
Medicare for You: What You Need to Know Part 2
By Chiquita Brooks-LaSure, Administrator, Centers for Medicare & Medicaid Services Did you know you can save money on Medicare costs this year? The Inflation Reduction Act which President Biden signed into law in August 2022 will help you save money…
Medicare for You: What You Need to Know Part 1
By Chiquita Brooks-LaSure, Administrator, Centers for Medicare & Medicaid Services Your health is important and needs to be protected. If you are 65 or older, or have certain disabilities, or End-Stage Renal Disease, you can get health care coverage through the…
Medicare and Social Security are the two largest federal government programs
Mandatory outlays by the federal government totaled $4.1 trillion in 2022; nearly half was for Social Security and Medicare. However, most people are not aware of the details of these two programs. Romina Boccia and Dominik Lett created a fact…
Will the 2024 COLA be lower than three percent?
Although the public announcement of the 2024 Social Security cost-of-living-adjustment is six months away, financial experts are predicting a significantly lower COLA increase for 2024. It appears that the Social Security cost of living adjustment (COLA) for 2024 will be…
Should You Wait Until 70 to Claim Social Security?
That, of course, is a question which cannot be answered with 100% confidence because their are many factors which might change, regardless of when you decide to claim. You can, however, make an informed decision on when to claim the…
Keeping Tabs on Social Security
Social Security has many parameters which govern how benefits are calculated and earned, driven largely by annual inflation rates and the National Average Wage Index, both of which change every year. The result for Social Security is an ever-changing set…
Good News – Younger Generations are Saving More
An optimist will say “When life deals you a lemon, make lemonade,” and this GoBankingRates article sure seems to take that adage seriously. The most recent report from the Trustees of Social Security and Medicare has essentially repeated its dire…
Will Social Security Be There for You?
The short answer is yes, but there are issues that must be addressed by Congress first for you to get full benefits. Here’s why: Social Security now pays out more in benefits than it receives in revenue, with the shortfall…