seniors
Social Security benefits and what may happen in the worst-case scenario
You hear people talking about how Social Security will not be there for them when they retire, even when waiting in line for a table in a restaurant. It is good that people are talking about and aware of the…
Don’t let these misunderstandings trip you up
Roughly half of the Social Security recipients receive at least 50 percent of total family income from Social Security, and about one-quarter of the seniors receive at least 90 percent from Social Security. Since Social Security plays an important role…
COLA increase might not be enough
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. However, you may not be as much as you think it will be due to Medicare Part B…
Medicare marketing complaints increase
Medicare’s open enrollment season is upon us, with the barrage of television commercials, tons of junk mail, and other forms of social media marketing all persuading us to why we should join their Medicare Advantage health plan. However, Medicare Advantage…
Bonds backfired on boomers in 2022
After last year’s market turmoil, younger investors are faring better than older investors. According to Fidelity Investments, “the average 401(k) balance for millennials stood at $48,300, up from 2021; however, the average 401(k) account for boomers held at $220,900, down…
The Inflation Reduction Act’s big vaccine changes
The Inflation Reduction Act (IRA) of 2022 changed the vaccination coverage -plus reduced the cost of receiving those vaccines for people on Medicare. In 2023, “the IRA made adult vaccines recommended by the Advisory Committee on Immunization Practices available at…
The maximum amount you can get each month
Everyone wants to know: What is the maximum amount of Social Security benefits I can receive? According to the Social Security Administration: “If you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you…
Tips on how to transition into retirement
Life events are major events in people’s lives that alter their roles, positions, and/or resources. Retirement falls into this category; you no longer have that level of income you once had during your working life. However, you can plan ahead…
Social Security Will Not Provide Sufficient Retirement Income
The latest research from Vanguard found that Social Security will not provide adequate retirement income for low-income workers. The report states, “The goal for an average saver is to replace at least 70% to 85% of pre-retirement income in retirement,…
Another important date for retirees
On October 12th, the Social Security Administration will announce the 2024 cost-of-living adjustment (COLA). However, there is another day that will be just as important. It is the day the Centers for Medicare and Medicaid Services (CMS) announces the 2024…