Latest News
What the 2023 COLA could mean for taxes on benefits
Lorie Konish of CNBC suggests that some strategic planning may be in order for many seniors in 2023. That’s because the 8.7% cost of living adjustment (COLA) appears poised to throw some retirees over the threshold where income tax now…
McCarthy tamps down concerns on entitlement spending & debt ceiling
Emily Brooks, writing in The Hill, follows up on the news of the week that the GOP might tie future spending on Medicare and Social Security to increases in the debt ceiling. But Minority Leader Kevin McCarthy, who is poised…
COLA 2023 – All the Details & Fine Print
Sean Williams explains how that 8.7% cost of living adjustment is calculated for the 66 million Social Security beneficiaries in line to receive it in January 2023. The law that created the automatic yearly increase was passed in 1975, though…
The 2023 Social Security Earnings-Test Limits
There is good news beyond the 8.7% cost of living increase for 2023. Maurie Backman reminds workers who collect Social Security before full retirement age to be mindful of the earnings-test limit. Limits are adjusted upwards annually, which is considered…
Historic Medicare premium decrease could restore buying power for seniors
Trevor Jennewine writes that the combination of a lower Medicare Part B premium and an 8.7% COLA in 2023 should restore some of the buying power Social Security benefits have lost over time. The standard Medicare Part B premium will…
Is It Safe to Retire Right Now?
Inflation. Market turmoil. War in Ukraine. Pandemic. All have affected people’s finances. Kailey Hagen says the three questions to answer on whether it’s safe to retire now are these: How much do you have in savings? How much do you…
Delaying Social Security remains important despite uncertainty
Even with an unclear future for the Social Security system, delaying benefits until age 70 remains a helpful tool for maximizing retirement savings, according to financial experts. Courtney Degen quotes a number of wealth management planners who concur with the…
Bankroll Your Retirement with 3 Social Security Strategies
Most news over the last few days about Social Security is about the large monthly increase coming in January. But, Kailey Hagen writes about three moves that can help one get more buying power out of their benefits. The first…
Take Social Security at 62 or wait?
Amy Legate-Wolfe shares three reasons to take Social Security sooner rather than later, even as early as age 62. It’s not the normal advice most give, but the author states poor health, high debt, and a partner who earns more…
Good News for Those Who Work While On Social Security in 2023
The earnings limit is going up, and that’s great news for those aged 62 to 67 who want to work some and still collect Social Security benefits without any reductions. The earnings limit for those under full retirement age is…