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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…
Social Security COLA and the Inflation “Catch Up” Dilemma
The much anticipated 2023 8.7% cost-of-living adjustment for Social Security beneficiaries has now started to hit seniors’ financial books. That’s a good thing, certainly, given the ravages of inflation over the past two years and the systemic loss of purchasing…
Yet Another Reason to Avoid Early Retirement
We probably should have seen this one coming, given the many articles about the need to remain active in retirement and to have a plan for some form of mental engagement after pulling the plug on a career. In an…
The “ReidOut” Insolvency Debate, Part 2
In a “Latest News” post yesterday on this site, we covered a January 10 on-air debate on Social Security’s looming insolvency problem. Rep. Byron Donalds (R-FL) was called out in this debate for commenting that Social Security would be insolvent by…
Social Security Filing Strategies…The Importance of Fully Understanding the Rules
Let’s start with an understatement…Social Security is complex. The issues of when to file, and how to file, for benefits are something we deal with repeatedly in the AMAC Foundation Social Security Advisory Service. Many folks come to us with…