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COLA Watch: Another Forecast of Substantial Increase
As inflation continue to rip through the U.S. economy, it’s becoming more commonplace to see estimates of the 2023 Social Security cost-of-living adjustment well north of the 5.9% bump seen in January of 2022. For example, a post by The…
Always Consider Spousal Benefits When Timing your Entry into Social Security
The common wisdom is to wait as long as you can to begin drawing your Social Security benefit. And while that’s mathematically true with respect to individual retirement benefits, it may not be the best advice when it comes to…
Collecting Social Benefits Without a Work Record…How’s That Happen?
Although many folks tend to have misgivings about the ubiquitous payroll tax, they often come to realize that the revenue from that specific tax ultimately leads to a benefit later in life (and for some, earlier in the case of…
Learn more about Medicare and determine the type of coverage you’ll need
Medicare is an essential health insurance program serving millions of Americans; it is the second largest program in the federal budget. With all the money spent on Medicare, a total of $917 billion in 2020, Medicare only covers specific services…
How COLAs increase your future Social Security
With all the talk of a record high cost-of-living-adjustment (COLA) for 2023, many people near retirement are wondering if they should file for their Social Security benefits to take advantage of this increase. You want to make the right decision;…
You earned it, you keep it
Is there a possibility of seeing another increase in your monthly Social Security check besides a hefty COLA increase? What is it? According to the Social Security Administration, around 56 percent of recipients pay federal taxes on a portion of…
A Peek into the future of Social Security payments
Mike Obel states that by looking at historical data on annual hikes in Social Security payments, the average monthly payment for retirees by 2030 is expected to have climbed to $2,112, according to an analysis by Better Benefits Guide. Obel explains…
3 Groups of Retirees Who Might Qualify For Bigger Social Security Checks
According to a 2022 survey from the Nationwide Retirement Institute, just about half of U.S. adults say they know how to maximize their monthly Social Security checks. While working 35 or more years and waiting until age 70 are the…
Don’t Forget State Income Taxes on Social Security
Social Security benefits are taxable, much to the chagrin and astonishment of those who collect them. Federal brackets have not been indexed to inflation since thresholds were set in 1993, but in this piece, Kailey Hagen lists the 12 states…
Big expected Social Security raise is a mixed bag
Maurie Backman notes the danger of trying to retire on Social Security alone, when benefits only replace a scant 40% of pre-retirement income. Cost of living adjustments (COLAs) paid out new year in January are supposed to protect buying power.…