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How is the Buying Power of your Social Security benefit?
Social Security’s annual Cost of Living Adjustment (COLA) is intended to help recipients keep pace with inflation – but does it? The historic 8.7% increase in 2023 and the more moderate 3.2% COLA increase for 2024, were, without question, welcome…
Can You Live on 40% of your Income?
The answer, of course, is likely not. Reality is that Social Security, an integral part of nearly everyone’s retirement plan, was intentionally designed to replace only about 40% of your pre-retirement income. And for many, especially those with higher income…
How Claiming Social Security Early Can Hurt You
“Because it’s there” is the reason so many working Americans claim Social Security when they turn 62 years of age. Somewhat understandable when, for a whole lifetime, you’ve been paying money into a program and are anxious to start getting…
Accounting for housing and medical expenses in retirement
Retirement planning can be exhausting. You try to predict how much money you will need in retirement; however, a few individuals forget to plan for the two of the largest retirement expenses: Housing and medical expenses. CD Moriatry outlines ways…
Social Security and taxes
If you receive Social Security benefits, do you need to file taxes? Well, that will depend on several factors, which include marital status and your modified adjusted gross income. Katie Teague and Nina Raemont will explain how you determine if…
Is Social Security COLA keeping up with inflation
The purpose of Social Security’s cost-of-living adjustment (COLA) is to ensure that the purchasing power of Social Security benefits keeps up with inflation. But does it? According to Brandon Selfors, the CEO of life settlement and Medicare insurance company Bridge,…
A Veterans guide to healthcare plans
Veterans may qualify for coverage from different healthcare plans. Some veterans may qualify for TRICARE, Medicare, and Veterans Affairs (VA) health benefits. The VA health benefits may not cover everything you need, so you should discuss with a VA representative…
Before you claim your benefits at 62
You can receive Social Security retirement benefits as early as age 62; however, you will receive a reduced benefit. Although you will receive more checks than other Social Security recipients who filed later, it does not mean you will receive…
Will these politicians help solve the Social Security insolvency
Although the leading presidential candidates have promised not to cut Social Security benefits, that does not mean other politicians agree with them. Three prominent political figures have proposed different solutions to the Social Security insolvency issue, ranging from increasing the…
Estimating the COLA for 2025
With the release of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for January, the Social Security cost-of-living adjustment (COLA) estimates have begun. The Senior Citizens League estimates it at 1.75 percent, but the Congressional Budget…