seniors
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…
The Social Security commissioner responds to report on how overpayments are handled
After a story and the call from members of the Congress and Senate on how Social Security handles overpayments, Kilolo Kijakazi, acting commissioner of Social Security, announced, “I am putting together a team to review our overpayment policies and procedures…
Expectations versus reality
Reality and expectations are two sides of the same coin. On the one hand, we have expectations, which are our aspirations and wants for the future. On the other hand, the reality is the actual result of our actions and…
Why Americans do not like these possible Social Security funding solutions
Yes, the Social Security Trust fund is in trouble; however, Social Security will not run out of money since current workers fund retiree beneficiaries. Although current workers pay into the program via payroll tax, the revenue will not be enough…
Congress is demanding answers on the Social Security overpayment issue.
The Social Security Administration has recently been in the news for its clawback of over $20 billion in overpayments. Social Security sends clawback bills to beneficiaries that they believe were mistakenly overpaid for years or possibly decades. Laurence Kotlikoff, a…