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House GOP cautious on ‘strengthening’ Social Security & Medicare
That Social Security and Medicare are both headed for financial insolvency should be news to none, though the media rarely covers this aspect of these programs. Mychael Schnell, writing in The Hill, notes House Republicans are taking care with messaging…
Will you get to keep all of your Social Security increase?
Maurie Backman reports Social Security benefits will increase in January 2023 by 8.7%. That boosts the average monthly benefit by $146, from $1,681 up to $1,827. Medicare premiums tick down $5.20 per month as well. Still, some seniors may find…
Americans think this figure is needed to retire comfortably
According to a recent Charles Schwab study, on average, American workers think they’ll need $1.7 million saved for retirement, but a little less than half believe they’re likely to meet their savings goals. Cheyenne DeVon of CNBC shared calculations on how…
Full Retirement Age – When is it? What Does it Mean?
Christy Bieber’s piece here has a chart showing when full retirement age (FRA) is. It is not 62, but 67 for those born in 1960 or later. Any claiming of Social Security before FRA results in reductions in monthly income.…
What the 2023 COLA could mean for taxes on benefits
Lorie Konish of CNBC suggests that some strategic planning may be in order for many seniors in 2023. That’s because the 8.7% cost of living adjustment (COLA) appears poised to throw some retirees over the threshold where income tax now…
McCarthy tamps down concerns on entitlement spending & debt ceiling
Emily Brooks, writing in The Hill, follows up on the news of the week that the GOP might tie future spending on Medicare and Social Security to increases in the debt ceiling. But Minority Leader Kevin McCarthy, who is poised…
COLA 2023 – All the Details & Fine Print
Sean Williams explains how that 8.7% cost of living adjustment is calculated for the 66 million Social Security beneficiaries in line to receive it in January 2023. The law that created the automatic yearly increase was passed in 1975, though…
The 2023 Social Security Earnings-Test Limits
There is good news beyond the 8.7% cost of living increase for 2023. Maurie Backman reminds workers who collect Social Security before full retirement age to be mindful of the earnings-test limit. Limits are adjusted upwards annually, which is considered…
Historic Medicare premium decrease could restore buying power for seniors
Trevor Jennewine writes that the combination of a lower Medicare Part B premium and an 8.7% COLA in 2023 should restore some of the buying power Social Security benefits have lost over time. The standard Medicare Part B premium will…
Is It Safe to Retire Right Now?
Inflation. Market turmoil. War in Ukraine. Pandemic. All have affected people’s finances. Kailey Hagen says the three questions to answer on whether it’s safe to retire now are these: How much do you have in savings? How much do you…