seniors
Do you know about these changes?
The Social Security program changes every year, and 2025 will be no different. Since Social Security benefits are the largest source of income for many seniors, it is important to be aware of these changes. Trevor Jennewine reports on the…
Is a Medicare Advantage plan right for you?
It is the time of the year again when all those Medicare Advantage plans advertise how wonderful they are and give you all sorts of additional benefits, but are they right for you? During Medicare’s Open Enrollment season, which will…
Is COLA keeping up with inflation?
Social Security recipients will receive a 2.5 percent cost-of-living adjustment (COLA) in January 2025. However, Kevin Thomson, CEO of 9i Capital Group, said: “The COLA increase is not substantial enough to outpace the growing costs faced by Social Security beneficiaries.”…
Top Retirement Planning Questions
NorthWestern Mutual’s 2024 Planning and Progress Study looked at the top retirement questions Baby Boomers have on their minds. The study conducted earlier this year found that the top question, with over one-third of participants voicing it, was: “How much…
A third of retirees are overspending
The 2024 study by the Employee Benefits Research Institute found that 31 percent of retirees were guilty of overspending in retirement. This figure is up from the first study conducted in 2020 which 17 percent of retirees said their spending…
Medicare Part B costs have outpaced COLA for years
Data shows that Medicare Part B premiums have been rising faster than COLA for years, which is why many seniors are struggling to make ends meet. Mary Johnson, Social Security and Medicare policy analyst, her analysis shows that “From 2005…
Your tax bill could be much lower depending on where you retire
Most of us know the famous Ben Franklin quote about taxes; “Nothing can be said to be certain, except death and taxes.” However, times have changed when it comes to taxes. Retirees may or may not have to pay state…
Retired military service members may be eligible for tax benefits
Are you a veteran? Are you unsure whether your military retirement pay is taxable? “Military retirement income combined with income from a civilian job or a spouse’s income can push Veterans into a higher federal income tax bracket, according to…
2025 Medicare Parts A & B Premiums and Deductibles
The Centers for Medicare and Medicaid Services (CMS) has released the 2025 premiums, deductibles, and coinsurance amounts for Medicare Part A and Part B. CMS also released the Income-Related Monthly Adjustment Amounts (IRMAA) for Parts B and D. The standard…
Why Does the Government Raid Social Security?
Dear Rusty: The Social Security program is funded by employees and their employers. The federal government does not contribute to the program, right? So why does the federal government feel they have the right to raid the fund? All the…