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Congress Is Discussing Changes to Keep Social Security Solvent
Social Security is at risk of being unable to pay full benefits by 2034. Congress needs to act soon to prevent this. There will be no “grandfathering” in for those already receiving their Social Security benefits. It would affect everyone,…
Being Single Can Have Unintended Tax Consequences
It is not uncommon for single people to pay higher taxes as they get older. Widow(er)s who suddenly find themselves single after losing their spouse are most likely to be caught off guard. You would think with less income, you…
Amount of Social Security Overpayment Notices Increases
Receiving an overpayment notice doesn’t necessarily mean you did anything wrong. As Social Security continues reducing its backlog, overpayment notices have increased. Your overpayment may be due to a reporting delay, a recalculation, or an administrative issue. Social Security faces…
This is the first month used to calculate next year’s cost-of-living adjustment
The annual cost-of-living adjustment (COLA) is based on the 3rd quarter of this year compared to last year’s 3rd quarter. To determine the COLA each year, the average for July, August, and September is compared with the average of the…
You Can No Longer Take Just Your Spousal Benefit and Let Your Own Benefit Grow
This is one of the most common questions we are asked. Can I take a spousal benefit and let my own benefit grow? At one time, you could do this; however, you still had to be at full retirement age…
The proposal would make Medicare Advantage plans the default
The current administration is considering making Medicare Advantage plans the default coverage option for Medicare enrollees, rather than traditional Medicare. Approximately 69.7 million Americans are enrolled in Medicare in 2026, with 35 million, representing roughly 55 percent, enrolled in Medicare…
Why a bigger Social Security COLA isn’t necessarily a win
The Social Security Administration COLA is determined by comparing the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the current year to the same period in the previous year, and applying…
Social Security Administration Celebrates America’s 250th with Commemorative Cards for Newborns
The Social Security Administration (SSA) today announced a first-of-its-kind commemorative Social Security card for children born in the United States between July 2 and December 31, 2026, celebrating the 250 th anniversary of American independence. The limited-edition cards, identical in…
Do women save more than men?
Although men have spent more time in the labor force and have more saved in workplace retirement accounts, women tend to contribute a larger share of their paychecks to those plans. In Vanguard’s recent analysis of nearly 5 million American…
How Americans 75 and older actually fund retirement
Only 42 percent of Americans ages 75 and older have retirement savings in an IRA, 401(k), or similar account, according to the Federal Reserve’s Survey of Consumer Finances. However, it’s perhaps expected that they have run out of savings by…