Social Security
A working estimate of next year’s COLA
Do you know how the Social Security Administration calculates the annual cost-of-living adjustment? The simplistic version: Based on changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the year, from…
Will the elections change your retirement plans?
With the presidential election less than two months away, most Americans are preparing for potential changes to their retirement plans, according to a new study by Wealth Enhancement Group LLC. Over half of unretired Americans fear inflation has postponed their…
Why you should not rely on working in retirement
According to a new survey by CNBC and SurveyMonkey, over 25 percent of workers intend to work in retirement. However, research has shown that workers “often retire earlier than planned, perhaps due to a layoff or poor health.” Granted, it…
H.R. 3784 Victims of Identity Theft Act
The U.S House of Representatives H.R. 3784, the Improving Social Security’s Service to Victims of Identity Theft Act, was passed unanimously by the Ways and Means Committee. The bill will force the Social Security Administration to streamline its processes for…
The need for a “call to action” for Social Security
According to Social Security Commissioner Martin O’Malley, “Nearly 30,000 Americans died waiting for their Social Security benefit decision last year.” With more than 70 million Americans who rely on Social Security benefits each month and with half the staffing levels,…
Are you guilty of napkin math?
Are you guilty of “napkin math” when deciding when to take Social Security? I think we all are, but how reliable is the math? Do you have all the necessary information to make an informed decision? Dana Anspac explains how…
Do you know what COLA means to retirees?
Although the official annual Social Security cost-of-living adjustment, or COLA, will not be announced until October 10th, the news media is buzzing with estimates on the percentage of the increase. But what does COLA mean to retirees? Adam Levy outlines…
Would Americans support lowering Social Security payments?
The Social Security Trustees project the Social Security Trust Fund will deplete its reserves by 2033; upon insolvency, all beneficiaries will face a 21 percent across-the-board benefit cut. The policymakers have only nine years until insolvency and must take action…
Does your state tax retirement income?
Do you know if your state taxes your Social Security benefit and retirement income? Yes, some states do not tax your Social Security income, and some states do, but it is a modest amount. So, what about other forms of…
Is it a good idea to invest your Social Security in the markets?
Is retirement all about numbers, or are there more factors to consider when deciding at what age you should retire? Is it better to wait until age 70 to maximize your Social Security benefits, or take it early and invest…