Social Security COLA
Although Increasing, Inflation Remains a Serious Concern for Seniors
You’ve probably seen a range of news accounts suggesting that the cost-of-living adjustment for 2025 will be a bit lower than the increases of the past few years. That projection, of course, is the mathematical effect of the consumer price…
Retirement, Inflation, and COLA’s shortcomings
Seniors have a general concern about the durability of their financial plans in retirement, and that was cited in a post by The Motley Fool’s Maurie Backman in a post on their website. Part of the issue at hand is…
More on the 2023 COLA Trajectory
Fox News reporter Megan Henley offers thoughts on what next year’s Social Security cost-of-living adjustment might look like. Her post summarizes the methodology used to calculate the adjustment, as well as the timing for release of next year’s adjustment percentage,…
A Look-ahead at Next Year’s Cost-of-Living Adjustment…It Won’t be Pretty!
Social Security beneficiaries are still catching their breath from last year’s big run-up in inflation, using the extraordinary 8.7% COLA to fill some of the holes in their monthly expenses. The 2023 COLA was the largest in four decades, providing…
Tax Season is at a midpoint, and Social Security taxation is on many minds
Tax season is the time when many of us are reminded of the daunting impact that income taxes–state and federal–have on our financial situation. And, as the tax season rapidly moves toward its April end, not being fully aware of…
Understanding How the 2023 COLA Relates to Your Benefit Amount
Something that’s often overlooked when assessing retirement cash flow in an early retirement situation is the math behind the application of annual cost-of-living adjustments (COLAs). CNBC personal finance reporter explains how an early filing decision leads to a curtailment of…
Social Security 2023: A Quick Refresher on the Changing Landscape
We’re two days away from a new calendar year and, as happens every year, the flipping of the calendar brings with it a slate of new parameters governing Social Security and affecting those receiving benefits. The GoBankingRates editorial staff has…
More on the Downside of 2023’s COLA
The extraordinary cost-of-living adjustment scheduled to appear in January Social Security benefits is a welcomed influx of cash for the 70 million Americans dealing with the inflationary pressures so prevalent in the U.S. economy. An 8.7% bump will help many…
Spotlighting the Inadequacy of Social Security’s COLA
Against a statistical backdrop that shows the gulf between the growth rate of Social Security’s cost-of-living adjustments (COLA) and the growth rate for Medicare premiums (hint: the latter paces the former by about 3 to 1), The Senior Citizens League (TSCL) calls for a…
Expect a very low Social Security cost of living adjustment in 2020
Social Security’s cost-of-living adjustment (COLA) will be announced in mid-October, but projections are for only a 1.6% COLA for 2020, down from 2.8% in 2019. A 1.6% adjustment would equate to an added $23 per month for someone receiving the average retirement benefit of $1,460. COLAs have…