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Social Security’s costs will exceed income this year
For the first time since 1982 the costs of Social Security, arguably the nation’s most important social benefit program, will exceed revenues in 2018. This is an ominous forecast made by the latest report from the Social Security Trustees, who…
Short on savings? Consider a side gig
It’s pretty well known that Americans are notorious for not saving enough money to take into retirement, with a result they’re not comfortable they’ll have enough to “live the good life” when their golden years arrive. So what many workers…
2019 COLA could be about 3%, or more
Although the actual numbers won’t be known until October, through April of this year the Consumer Price Index used to determine Social Security’s annual cost of living adjustment (COLA) implies that beneficiaries could see as much as a 3% raise next…
No new news in the latest Social Security Trustee’s Report
No news is good news, as the saying goes, and that’s especially true with the release today of the annual Trustee’s Report on the financial condition of the Social Security program, as related in this RealClearMarkets article by Henry Aaron.…
Social Security’s disability “compassionate allowance” helps those battling cancer
For those battling cancer, just hearing the “C” word was devastating enough, followed by the consequences of the disease including, in some cases, suddenly being unable to work. Social Security can help in these situations though its disability program which,…
Don’t plan for Social Security in a vacuum
Retirement planning can be quite challenging, but looking at your Social Security options in a vacuum is never a good way to decide when to claim benefits, according to this Kiplinger article by Sean McDonnell. The article discusses how Social…
Women face unique issues in retirement planning
In this article by Andrew Menachem appearing in The Miami Herald, the author describes the very unique issues facing women in retirement, not the least of which is the fact that, on average, women live longer than men and will…
New Medicare cards are on the way
If you haven’t already heard, Medicare is issuing new identification cards to all 55 million beneficiaries between April 2018 and April 2019. The new card will use an alpha-numeric ID which replaces your Social Security Number (SSN), in an effort to…
The “Hold Harmless” provision: Social Security’s double-edged sword
Meant as protection for beneficiaries, the “hold harmless” provision says that a recipient’s Social Security benefit can’t go down because of an increase in Medicare premiums. That means that for many of those on Social Security their Medicare premium is held…
When it comes to Social Security, never do this
Social Security is a complex topic, with over 2700 different rules and regulations that create a myriad of options for people contemplating when to start their benefits, or wondering if they can get benefits as a survivor, a spouse or…