Social Security
The two problems with COLA
The Social Security Administration calculates the COLA by comparing the average of the CPI-W for July, August, and September of the previous year with the average for the same three-month period in the current year. The percentage change is the…
Ask Rusty – Shocked Because Medicare Increase Results in Loss of Social Security Benefits
Dear Rusty: My wife and I have taken a Social Security “Cut” — no 3.2% raise for us, due to something called “IRMAA,” based on our income. We actually took, together, a $400 a month cut. As far as I…
Repealing WEP and GPO…More Legislative Push
In a post on asppa-net.org, the American Society of Pension Professionals & Actuaries provides a recap of actions in two states–Alaska and Louisiana–advocating for repeal of Social Security’s Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) based on the…
Underscored: The Importance of Understanding Claiming Strategies
In situations where married couples have a disparity in their ages and, therefore, in their strategy options for claiming Social Security benefits, it becomes critical to know the rules. ThinkAdvisor reporter John Manganaro offers a quick recap of a situation…
Supplemental Security Income (SSI) Rule Changes Explained
Social Security Commissioner Martin O’Malley recently announced changes to SSI eligibility rules scheduled to take effect September 30, 2024. The rule change makes several eligibility changes, including expansion of the “households” definition and removal of barriers preventing acquisition of benefits…
Forget About Next Year’s COLA…At Least, Until October
As happens in most years, media projections for next year’s Social Security cost-of-living adjustment (COLA) have been surfacing over the past few months. Many folks are aware, of course, that the projections are merely guesses during the early months of…
An Analysis of Claiming Ages and the Impact on Benefit Amounts
As most folks approaching the point of claiming Social Security benefits, the age at which you file makes a significant difference in the amount of that monthly payment. The Motley Fool’s Adam Levy illustrates this difference in a series of…
Social Security Fundamentals for Married Couples
Spousal benefits and survivor benefits are two of the murkier aspects of Social Security. Not having a clear understanding of the eligibility rules accompanying these areas can cause married couples to miss out on benefits that have been written into…
A Primer on Social Security’s Problems & A Solution
What’s all this talk about Social Security’s problems all of a sudden? Why not just leave the program alone? Is Social Security going bankrupt? So what can be done? Are there pros and cons to each? Why not just raise…
New COLA calculation bill in Congress
Erin Bendig of Kiplinger explains a new bill in Congress that could result in a change to Social Security cost of living adjustments (COLAs) that could benefit retirees. The Boosting Benefits and COLAs for Seniors Act, proposed by Rep. Ruben Gallego (D-AZ) and Sen. Bob Casey (D-PA),…