Do you know how much your monthly Social Security check will be when you retire?
It’s that time of year again! Medicare’s annual open enrollment period began in mid-October and will run until December 7. During this period, people already enrolled in Medicare can make certain changes to their coverage:
The Centers for Medicare and Medicaid Services announced that monthly premiums for Medicare will be increasing next year. Seventy percent of Medicare beneficiaries are protected by the “hold harmless” provision, which says benefit checks cannot decrease due to Medicare increases.
The Social Security Administration (SSA) has announced that the cost-of-living adjustment (COLA) for 2017 will be 0.3%, the smallest increase since automatic increases began in 1975.
This fall marks the start of major changes in how parents of college students will seek financial aid. The new rules, which took effect October 1, are expected to make the financial aid application process less stressful for parents and allow them more time to make important financial decisions.
This summer, states have begun rolling out a new type of investment account that is tailored to help families take care of children and adults with special needs.
The ABLE account is a tax-advantaged vehicle for individuals with disabilities that will allow families to save without jeopardizing government benefits such as Supplemental Security Income and Medicaid.
Could millennials be practicing better financial habits than baby boomers?
Faced with challenging aid deadlines, parents are forced to file for financial aid using estimated tax return information; but families who do this will receive a financial aid package contingent on a school receiving their final tax numbers. And sometimes those finalized figures will result in schools reducing their aid packages.