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Which COLA inflation adjustment is the best
In response to a request from two Republicans in Congress, the Government Accountability Office studied hypothetical COLA levels over the 30 years from 2003 to 2033, using calculations liked to the Chained Consumer Price Index for All Urban Consumers (CPI-U),…
CMS proposes Medicare Advantage and Part D payment and policy updates to maximize competition and coverage
Today, the Centers for Medicare & Medicaid Services (CMS) released proposed changes that will take significant steps in continuing the agency’s efforts to maximize competition among Medicare Advantage and Part D plans. These proposals will increase plan choices and benefits…
Is early retirement a bad idea?
If you are one of the half a million individuals that have joined the FIRE (Financial Independence, Retire Early) bulletin boards on Reddit, it’s fun to dream and no doubt it works for some but reality you’re probably not going…
Roth 401(k) accounts can help you save on taxes
A recent poll by Callan, an investment consultant, found 85 percent of employers offer Roth 401(k) accounts, which allow you to save after-tax dollars and take tax-free withdrawals in retirement. Provided you meet a set of conditions, you can stash…
Surprise! Transportation is the second largest cost in retirement
For most older Americans, driving is not a choice, it is a necessity and is often taken for granted. According to the Bureau of Labor Statistics, transportation is the second largest cost in retirement with the with an average 65-year…
Social Security 2100 Act introduced
On January 30, 2019, Representative John Larson (D-CT), Chair of the Social Security Subcommittee of the House Ways and Means Committee, announced the introduction of the Social Security 2100 Act. The bill has over 200 original cosponsors would increase Social…
Catching up on your retirement savings
Many Americans dream of retiring and enjoying their golden years to the fullest; however, inadequate savings puts them at an increased risk of falling into or near poverty by the time their golden years roll around. According to Schwartz Center…
Today’s simplified variable annuities
Over the last few years variable annuities became more complex and expensive, but now some insurers are offering products that have fewer bells and whistles, are easier to understand and have lower fees. Variable annuities were originally introduced as a…
CBO: Medicare, Social Security spending topped $1.3T in 2018
The Congressional Budget Office estimated spending on Medicare and Social Security reached $1.3 trillion in 2018, according to the agency’s Budget and Economic Outlook: 2019 to 2029. Three things to know: Click here to continue reading article Notice: The link provided in…
If you’re contributing to a HSA, Medicare enrollment can be a liability
Are you turning age 65? Should you enroll in Medicare? Can you still contribute to your Health Savings Account? First, Medicare enrollment at age 65 is only necessary if you do not have qualifying health insurance through an employer. Second,…