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Early retirement may impact cognitive functioning
A recent study suggests early retirement may accelerate cognitive decline later in life. Plamen Nickolov, assistant professor of economics at Binghamton University, said, “ We find that increased social isolation is strongly linked with faster cognitive decline among the elderly.”…
Washington has some big ideas for how to fix the Social Security problem
The Social Security program was never intended to be the sole source of income for American workers in their retirement. However, according to the Social Security Administration, more than 50% of seniors aged 65 and above rely on Social Security…
Should you claim Social Security at 65?
Full retirement age is when you become eligible for unreduced Social Security retirement benefits. Your full retirement age is determined by the year and month you were born. The retirement age gradually increases by a few months for every birth…
Avoiding stealth taxes
The majority of American workers save for retirement in pre-tax savings vehicles such as 401(k) and IRAs, not understanding the potential costs later in their retirement. What are those costs? Stealth taxes can increase your income tax liability and reduce…
The average Social Security benefit in 2023
The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries this month. The 2023 COLA is one of the largest since 1981 when benefits rose by 11.2 percent. The average Social…
Keep your COLA letter in a safe place
You should have received a letter from Social Security Administration concerning your new 2023 Social Security benefit amount, which increased by 8.7 percent in January. Do not throw out or lose that letter. Why? You may need it for several…
You’re not stuck with a bad Advantage plan
Are you unhappy with your Medicare Advantage health plan? If so, this is the Medicare Advantage Open Enrollment Period which runs from January 1 – March 31 each year. You can switch to a different Medicare Advantage Plan or switch…
Avoid these three costly mistakes
Social Security provides a foundation of retirement protection for nearly all people in the U.S. Social Security provides a guaranteed, progressive benefit that keeps up with increases in the cost of living. However, there are no guarantees on how much…
Should you should retire now?
You can begin your Social Security retirement benefits as early as age 62. However, If you start receiving benefits early, your benefits are reduced. You are entitled to full benefits when you reach your full retirement age. If you delay…
Is This Your Year to File for Social Security Benefits?
Those on the fence about whether to take the plunge and claim their earned Social Security benefits or hold off for higher (but fewer) monthly payments have a significant decision to make. There are, however, some basic “tests” you can…