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Good News for Those Who Work While On Social Security in 2023
The earnings limit is going up, and that’s great news for those aged 62 to 67 who want to work some and still collect Social Security benefits without any reductions. The earnings limit for those under full retirement age is…
Social Security – A Tad Harder to Qualify
Everyone is eligible for Social Security retirement benefits, right? Well, not quite. Most is not all. You need 40 quarters of work to be eligible (or “vested”) to get benefits later in life. The minimum that must be earned goes…
Should the Young Care About Social Security? YES!
“I assume it won’t be around by the time I’m retired. Why should I think about it?” That’s what a friend of Charlotte Cowles of The New York Times, author of this piece, said to her. It’s a fairly common…
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…