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Social Security’s Historic 2023 Raise is Indeed Welcome News
Katie Brockman notes seniors on Social Security will receive much larger checks starting this month, as the 2023 cost-of-living adjustment (COLA) at 8.7% officially takes effect. The COLA means the average retiree will receive around $140 more per month. Experts…
Who Contacts Social Security When a Spouse Dies?
Losing a spouse is a traumatic experience. Maurie Backman notes that with all that occurs after such an event, contacting the Social Security Administration (SSA) should be one of the the things the surviving spouse does. Sometimes, if you provide…
Three changes to required withdrawals from retirement accounts
There are Secure 2.0 changes as part of the year end omnibus bill that retirees should know about. CNBC’s Greg Iacurci focuses on changes to required minimum distributions (RMDs) in this piece. The most important is raising the RMD age…
How to Know if You’re Banking Too Much on Social Security
Maurie Backman reminds folks that Social Security should be one of several income sources in retirement. It replaces only about 40% of pre-retirement income and was never meant for anyone to live on by itself. You know you’re banking too…
What is a Social Security Payee?
Below is a recent informative post in its entirety from Stephen McGraw, Acting Deputy Associate Commissioner, Office of Strategic and Digital Communications, in a blog post on Social Security’s website: You may know someone who gets a monthly Social Security…
Four No-Brainers to Beat the Average Social Security Benefit
Robin Hartill notes surviving on the average benefit of $1,827 per month effective January 2023 yields only $21,924 a year, which is tough. However that’s the reality for those whose only source of income is Social Security. These benefits were…
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…