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 Social Security Administration (SSA) has announced the cost-of-living adjustment (COLA) for 2018 will be 2%, the biggest increase since 2012. The adjustment is based on the increase in the Consumer Price Index (CPI) from the third quarter of 2016 through the third quarter of 2017.
Are you contemplating retiring soon?
Retiring takes considerable planning, but here are some tips to get you started on the process:
Claiming Social Security benefits at the earliest eligible age of 62 is not a smart financial move for most people.
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 provision was triggered by the small 0.3% cost of living increase to Social Security for 2017. If you are covered by the hold harmless provision and you are currently paying $104.90/month, your premium will increase to $109/month.
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. The adjustment is calculated using the percentage increase in the Consumer Price Index (CPI) over the previous year.
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.
The most popular start date for Social Security is 62, which is the earliest age possible. Among women, 48% start their Social Security checks at that age versus 42% of men.
While the vast majority of people are happy with their decision regarding the timing of their Social Security benefits, some people regret what they’ve done.
The good news is that for some Social Security recipients it is possible to undo this pivotal decision.
Two ways to optimize Social Security benefits, known as “file and suspend” and “restricted application,” were eliminated for most pre-retirees by the Bipartisan Budget Act of 2015.