What the High Social Security COLA Could Mean for Your Retirement Finances

Social Security recipients will see a 5.9% increase in 2022 - the largest increase since 1982! This means that the average recipient will see a $92 a month raise starting next year.[1] While this is good news, it’s important to consider what this high Social Security cost-of-living adjustment (COLA) could mean for your overall retirement [...]

2021-11-02T22:43:30+00:00November 2nd, 2021|Social Security|

Examining the Future of Social Security, Medicare, and Your Taxes

The Social Security trust fund is now expected to be depleted by 2034, according to a recent report from the Social Security and Medicare trustees.[1] That’s one year earlier than they reported last year, and the pandemic is to blame. Less was collected in payroll taxes when unemployment was high, and more people claimed benefits. [...]

How Will Social Security Respond to Higher Inflation?

Inflation is on the rise, and Federal Reserve Chairman Jerome Powell recently testified to Congress regarding the Federal Reserve’s commitment to controlling inflation. He admitted that inflation is “well above target” but didn’t indicate any major changes in Fed policy in the near future.[1] Retirees may need to be concerned about inflation, which can eat [...]

2021-08-10T19:03:00+00:00August 10th, 2021|Social Security|

Be Part of the 4% When it Comes to Social Security

According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household.[1] There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all formula for maximizing it. Consider your unique situation and read these tips [...]

2021-07-12T04:08:40+00:00July 12th, 2021|Social Security|

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program’s financial state. The Social Security trust fund [...]

2020-12-16T19:46:04+00:00September 13th, 2020|Social Security, Taxes & Tax Strategies|
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