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Can You Get the Maximum Social Security Payment? Probably not, and here’s why.
Thanks to a historically high cost of living adjustment, all of Social Security’s numbers are going up in 2023, including the maximum amount of monthly benefit payable. But there are some pretty high hurdles that must be jumped before getting…
More on When to Claim Social Security
In this informative article by Adam Levy appearing at Tulsa World, the author elaborates on several additional things you should consider as you decide when to claim your Social Security benefits, chief among them being your health, your marital status…
Social Security Changes for 2023
Of course, by now almost everyone has heard that Social Security beneficiaries will get an 8.7% bump in benefits starting in 2023. That is the topic covered by Tom Margenau in his inimitable style in this Arizona Star article. But…
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…