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Secure 2.0 Act Explained
Javier Simon of Fox Business explains how the just passed and signed Secure 2.0 will introduce major changes to the retirement savings system. Here are some of the legislation’s major changes at a glance: Other provisions include indexing future IRA…
Watch Out for Scams Tied Directly to the 2023 COLA
Average Social Security payments will increase by $146 a month this year. Vince Cariaga says scammers are already hard at work trying to get a piece of that 8.7% cost-of-living adjustment, the highest in more than 40 years. Scammers often impersonate Social…
Beware of These 3 Social Security Pitfalls in Retirement
While people appreciate it when they finally begin collecting a monthly Social Security benefit, Maurie Backman notes folks might also encounter certain pitfalls related to Social Security. Here are a few to prepare for. The first is insufficient raises, as cost of…
Outdated Rule Will Blunt the 8.7% COLA for Many
The 8.7% cost of living adjustment (COLA) is welcomed by those receiving the boost this month. But beware. Maurie Backman suggests caution is in order. While the 2023 COLA is generous by historical standards, it may not go as far…
Six Social Security Changes That Took Effect January 1st
Sean Williams cites data from the Center on Budget and Policy Priorities noting that Social Security pulled nearly 22.5 million people out of poverty in 2020, including 16.1 million adults aged 65+. While no substantive changes to the program have…
Score a Richer Monthly Social Security Payout
Ryan Downie echoes here what many experts say to do to maximize Social Security benefits. One, delay as long as possible. Waiting until age 70 will yield the highest monthly payout for life. Two, work 35 or more years. Anything…
Secure 2.0 Enables Additional Penalty Exceptions for Retirement Account Withdrawals
Prior to Secure 2.0 and the recently-passed House Spending Bill, there were 10 provisions for penalty-free withdrawals from a qualified retirement account. Now, with passage of this bill, there are four more. In a post by CNBC Personal Finance Reporter…
ICYMI: Social Security Recently Launched a New Homepage
Kilolo Kijakazi, acting commissioner of the Social Security Administration, recently announced the launch of a new look for the SSA’s homepage. The new look, according to Kijakazi, brings with it “improved self-service capability” designed to help eliminate calls or visits…
The Ups and Downs of Medicare Costs in 2023
2023 is just around the corner…two days away, as a matter of fact…so now’s a good time to catch up on some of the cost provisions changing in Medicare for next year. For example, while the standard Part B premium…
Avoiding the Scammers–Some Tips and Techniques to Protect Yourself
We post fraud protection advice periodically, primarily because we recognize the magnitude of the problem and because it’s a good way to keep everyone on their toes, especially around the holidays. The scammers never take a break, and it’s especially…