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What will Social Security checks look like in 2023?
Earlier in the year, many experts predicted one of the largest Social Security cost-of-living adjustments increases for 2023, as much as 11.4 percent. However, those same experts are scaling down their predictions. Why? The inflation rate has slowed down since…
Social Security Expands Compassionate Allowances List
Kilolo Kijakazi, Acting Commissioner of Social Security, today announced 12 new Compassionate Allowances conditions. The Compassionate Allowances program quickly identifies claims where the applicant’s condition or disease clearly meets Social Security’s statutory standard for disability. Due to the severe nature…
A call for action on Social Security reform
In commemorating 87 years since the enactment of the Social Security program, (August 14, 1935), Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) and U.S. Representative Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, called to…
How to start saving for retirement now
Some Americans feel retirement is out of reach for them; are you one of them? A recent survey found Americans are retiring later than they have in the last three decades, with many not planning on retiring until they are…
Retirees could face higher tax bills next year due to surging inflation
Many Social Security experts have predicted a considerable cost of living adjustment for 2023, the average around 10 percent. However, one prediction they have not made is the percentage of Social Security recipients who will owe taxes on Social Security.…
The ways you can lose your Social Security benefits
Social Security reports that 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. For those individuals who rely solely on Social Security, it would be devastating to lose…
Will we see these changes to Social Security?
The Social Security Trust Fund reserves have a projected depletion date of 2035. After the depletion of Trust Fund reserves, continuing tax income would be sufficient to pay 80 percent of scheduled benefits in 2035. Will this happen, or will…
What you need to know before you unretire
According to recent research conducted at the Indeed Hiring Lab, 1.5 million retirees or over three percent have unretired and reentered the labor market over the past year, a continuation of a trend that started early last year. “The soaring…
Big COLA Coming – What You Need to Know
Kailey Hagen acknowledges that seniors are poised to get a large cost of living adjustment (COLA) effective in January 2023. But she cautions against calling it a raise, as folks only keep pace rather than get ahead of inflation. Hagen…
Reality of Social Security often Different Than Perceptions
Christy Bieber seeks to educate folks here on three facets of Social Security, which she calls “unpleasant surprises,” that many may not know. One, the program replaces far less pre-retirement income than people think (about 40%), and thus virtually no…