seniors
Struggling financially? Here’s how to get help with your Medicare costs
Medicare is not free. Even if you qualify for premium-free Medicare Part A (inpatient hospitalization coverage), there are still copays and deductibles involved. And Medicare Part B (coverage for outpatient healthcare services) always carries a monthly premium ($174.70 for 2024),…
Social Security: How Much Will You Get?
Social Security is, inarguably, America’s most important retirement program. You work your whole lifetime contributing to the program, in return for a guaranteed income when your working days are over. And your SS retirement benefit lasts for the rest of…
The Survey Says: Save More for Retirement!
Surveys have become the standard way to determine how different groups view specific topics. As reported in this article, a recent survey found that a large majority of retirees regret they didn’t save more for their so-called “golden years.” Surprising?…
Hope for the Best; Plan for the Worst
According to a recent survey, 41% of older Americans believe that Social Security won’t exist in its current form for their entire retirement. Probably not an unusual statistic, considering the media attention lately given to Social Security looming financial issue.…
A Complex Problem: Social Security Solvency
For over 8 decades, Social Security has been paying earned benefits on time, providing a crucial source of income for eligible Americans. A Social Security payment has never been missed since monthly payments began in 1940, and a payment has…
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…
The One Social Security Metric that Doesn’t Change
Most Social Security “metrics” (the various factors which affect your monthly benefit amount and the SS payroll taxes you pay) change each year to account for inflation and changes to the national Average Wage Index (AWI). Inflation, obviously, has an…
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…