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A Bigger Problem With Social Security Than Benefit Cuts?
Chances are you’ve read about the automatic benefit cuts all will endure in a decade if Social Security is not reformed before then. But Maurie Backman says a more pressing issue now and in the near term are COLAs that…
A Little History on Social Security COLA 1975-2023
Matt Frankel provides a COLA history in this piece. Since the modern method of determining the Social Security COLA went into effect in 1975, the average has been 3.77%. This is the result of adding all the historic COLAs since that…
The Latest on 2025 COLA Watch
Adam Levy notes The Senior Citizens League updated its cost of living adjustment (COLA) forecast after the most recent consumer price index (CPI) data from May. It now surmises seniors will receive a 2.57% bump in their Social Security checks…
How Future Retirees Can Handle Shrinking Benefits
Maurie Backman reminds us all the Social Security benefits will face automatic cuts in about a decade unless Congress shores up the program. But, future retirees can and should act now. She says to save as much as you can…
Does your state tax your benefits?
The IRS determines your federal tax bill based on your combined income, which includes your AGI, any nontaxable interest, and half of your yearly Social Security benefits. However, only a handful of states tax your Social Security benefit. What states…
SSI rules are out of date
The Supplemental Security Income (SSI) program provides monthly payments to adults and children with disabilities or blindness whose income and resources are below specific financial limits. SSI payments are also made to people aged 65 and older without disabilities who…
Long-term care insurance and Medicare supplemental insurance
As you age, you may be looking at either long-term insurance, Medicare supplemental insurance, or both. Many experts suggest that seniors get both, but do you need both? Dori Zinn explains how long-term care insurance and Medicare supplemental insurance serve…
How waiting boosts your benefit?
There is no perfect age to begin your Social Security benefits. Your choice of when to take your Social Security benefits is a personal one based on your circumstances. However, if you wait past your full retirement age to begin…
Would a national retirement plan raise savings rates?
A recent survey found only about half of Americans have retirement accounts. But what if every worker was enrolled automatically in a retirement plan? According to a recent study by researchers from Princeton University and the Treasury Department, a national…
Super savers and taxes
Are you a super saver? Are you part of the one-third of American retirees that have a plan to reduce taxes on your retirement savings? The new age for taking required minimum distributions, or RMDs, is now 73, which could…