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How to prepare for medical expenses in retirement
Do you know that a significant portion of your retirement savings and Social Security benefits will go towards your medical expenses? A recent report by the Center for Retirement Research at Boston College found that” in 2018, 12 percent of…
We’re finally through the transition
You can begin your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your full retirement age. But, the 1983 Amendments phased in a gradual increase in the age for…
Tips for Retiring on a Budget
According to a recent GOBankingRates survey, the majority of us have less than $1 million saved for retirement, and half of us have less than $20,000 saved. However, even if you do not have the “gold” standard saved for retirement,…
Can Social Security recipients catch a break?
The 2023 Social Security Cost-Of-Living Adjustment (COLA) may be the highest ever received by most Social Security beneficiaries alive today. The projections for 2023 COLA at around 8.7 percent is the biggest since 1981 when beneficiaries received an 11.2 percent…
What day will the officials announce the 2023’s COLA increase?
The Cost-Of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage…
Is Claiming Social Security at 62 Right for You?
Fact is, age 62 is the most popular age that Americans claim their Social Security benefits. For many, they do so simply because they can, after working and contributing to the program for their entire lifetime. And, sometimes, claiming at…
The Real Reason Your Medicare Premium is Going Down in 2023
On the heels of the announcement by CMS (Centers for Medicare & Medicaid Services) that Part B premiums will go down in 2023 (see yesterday’s headline article on this site), politicians are clamoring to take credit for the decrease. Reality…
Denied Social Security Disability? This May be Why
Statistically, about 2/3rds of all applications for Social Security Disability Insurance (SSDI) benefits are denied. That seems like a very large percentage, but reality is that many of the denied applications meet that fate for simple reasons. Among the things…
The Elusive Maximum Social Security Benefit
The maximum Social Security benefit anyone can get if claiming in 2022 is $4,194, but achieving that maximum is a goal largely out of reach for most Americans. Why? Because you would need to have earned more than the payroll…
Notifying Social Security of Changes to your Status is Important
Speaking to a friend recently, he revealed that he had not notified Social Security of his address change since he moved six years ago. I asked how he was getting his year-end Social Security statements, and he shared that he’s…