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Why Are Retirees Losing Ground on Social Security?
Christy Bieber’s main message in this piece is that people should prepare in advance for their benefits to provide less buying power over time. The main culprit is that the formula used to calculate cost of living adjustments isn’t the most…
Social Security raise doesn’t necessarily translate to more buying power
Many seniors desire 4, 5, or 6% raises in their Social Security checks, and why not want that? But that would mean rising prices at a pretty high clip to get that kind of “raise.” Result? You are no better…
A 4.5% COLA for 2022 – quite likely
The last significant cost of living adjustment (COLA) for retirees was 5.8% in 2008. But come January 1, 2022 those on Social Security could see a COLA boost of 4.5% or more. This is based on the recent run up…
You Can Collect Social Security from an Ex-Spouse
Ken Moraif of Kiplinger notes divorce is tough emotionally and financially. But there is a benefit not all know of. You can collect on your ex-spouse’s record if all of these apply: you are at least 62 years old, you are…
The Securing a Strong Retirement Act
Congress doesn’t tinker that often with retirement and savings laws, but a new bill has passed the House Ways and Means Committee, called The Securing a Strong Retirement Act. It is receiving bipartisan support and will be on the House floor…
3 Social Security Strategies to Bankroll Your Retirement
Maurie Backman has some advice for those that plan for Social Security to be their most reliant source of income in retirement. The first piece of advice is to boost earnings, even through a “side hustle.” This has the potential…
7 Steps to Take Now to Catch Up on Retirement Savings
This New York Times piece talks about the gut punch the pandemic was for many, especially those who had not been saving adequately. The article dives into seven things one should do to catch up and get back on track. First,…
When Not to Wait Until Age 70 to Start Social Security
Experts almost unanimously state wait until age 70 to start Social Security if you can. Indeed, it maximized your monthly amount for the rest of your life. The 8% appreciation rate in one’s benefit from full until max retirement age…
How the Social Security Earnings Test May Affect Your Retirement
Folks who have reached their full retirement age (66-67 depending on birth year) need not worry about the Social Security Earnings test. They can earn as much income from work as they like and collect their full Social Security benefits…
Avoid Taxes on Your Social Security Benefits
Social Security benefits are subject to taxes and it’s something that tends to catch many recipients off guard. But Maurie Backman explains one can plan for that inevitability. Some suggestions include: 1. House your retirement savings in a Roth IRA; 2. Move to…