Latest News
2023 COLA: 5 Things to Know
Tobias Burns, writing in The Hill, goes beyond the headline that Social Security recipients will get an 8.7% hike in monthly benefits effective in January 2023. First, he explains it merely allows seniors to break even. Second, the COLA is…
COLA Downsides: Insignificant Increase Plus Higher Taxes Due
It will be the largest cost of living adjustment (COLA) since 1981 when the Social Security 8.7% increase takes effect in January 2023. Some advocates still proclaim seniors are losing ground and/or that the increase fails to keep up with…
How Does Social Security Define “Disability?”
The statistics are a little muddy and much depends on age, but the probability is that about one in four workers will become disabled at some point before they retire. The good news is that Social Security can be an…
Is 63 Too Late to Start Saving for Retirement?
In this Yahoo! article, Smart Asset certified financial planner Brandon Renfro fields a question from a 63 year-old who has no retirement savings and will have only Social Security income upon retirement. This is a situation far too often seen…
Beware of Medicare’s “IRMAA”
“IRMAA” is a Medicare acronym for “Income-Related Monthly Adjustment Amount” and it has surprised many a Medicare beneficiary. IRMAA is, essentially, a means-tested formula which assesses a supplement to the standard Medicare Part B premium for those whose income is…
Afraid of Running Out of Retirement Money?
Well, unless you’re really wealthy, you probably do worry, at least somewhat, about whether your current nest egg will last for the rest of your life. Ask almost any Financial Advisor how to prevent you from running out of money…
Medicare Part B in 2023
Medicare Part B, of course, is outpatient healthcare coverage for a majority of American seniors over the age of 65 and, like Social Security, each new year brings changes. Those yearly changes are usually in the form of increased costs…
About Losing Social Security Disability Benefits
Social Security Disability Insurance (SSDI) benefits are there to sustain eligible workers who become unable to work prior to reaching their Full Retirement Age, which is between 66 and 67 depending on the year you were born. Stories about the…
Your Pre-Retirement Checklist
In a somewhat alarming statistic, a recent study found that about 40% of those between age 35 and 64 are expected to run out of money in retirement! That’s a sobering statistic, which we would all be wise to pay…
“SSI” vs. “SSDI:” Two Entirely Different Disability Programs
Two different programs administered by the Social Security Administration relate to disability, each entirely different. Supplemental Security Income (“SSI”) is a “means-tested” disability program for children and adults with very low income and very few resources. Conversely, Social Security Disability…