seniors
Will you pay taxes on your Social Security benefits?
No wonder there has been so much confusion around the One Big Beautiful Bill and the elimination of taxes on Social Security benefits! The Social Security Administration published a press release saying, “A provision that eliminates federal income taxes on…
Americans underestimate the cost of long-term care
Medicare and most health insurance, including Medicare Supplement Insurance (Medigap), don’t pay for long-term care. This type of care (also called “custodial care” or “long-term services and support”) includes medical and non-medical care for people who have a chronic illness…
You can retire on less than $1 million
Not every soon-to-be retiree will have $1 million saved, but that does not mean you cannot retire. You will need to plan a reasonable monthly budget, maximize your Social Security benefits, and create a drawdown strategy. It sounds very daunting,…
Are you five years out from retirement?
How close are you to retirement? Are you planning to retire in the next five years? If so, you still have time to finalize your retirement plans. You may need to assess your financial situation, create a retirement budget, and,…
Will the 2026 COLA be accurate?
How the cost-of-living adjustment (COLA) for Social Security benefits is calculated is not as straightforward as you may think. First, they only use the data from the third quarter of the year, specifically the Consumer Price Index for Urban Wage…
Ask Rusty – Why Can’t I get my Social Security payment plus my Railroad pension from my Ex-spouse?
Dear Rusty: I have a question. I now get a Railroad Pension from my ex-husband. I did not know it was from the Social Security Administration. I want to collect my SS benefits and my Railroad pension. Can I do…
What Medicare does not cover
A recent survey conducted by The Kaiser Family Foundation found that 23 percent of adults under 65 and 45 percent of those aged 65 and older believed that Medicare would cover the cost of time in a nursing home or…
What happened to President Trump Eliminating Taxes on Social Security?
Following its passage in the Senate, H.R. 1 (the “One Big Beautiful Bill Act”)provides a larger standard deduction for seniors 65 and older. According to a post on whitehouse.gov, it is estimated that the “bonus” deduction will result in 88%…
103,000 Medicare Beneficiaries are getting new Medicare numbers
The Centers for Medicare and Medicaid Services (CMS) have notified 103,000 Medicare beneficiaries that their personal information was used to create accounts on Medicare.gov. On May 2, 2025, the Medicare call center began receiving calls from beneficiaries who had received…
Determining the 2026 Cost of Living Adjustment
COLA is determined each year since 1975, when automatic COLA determination began. It is based on the third quarter of the current year compared to the prior year’s third quarter, July, August, and September. The government uses the Consumer Price…