Kelly and Peggy will be joining Tracy Burgett in providing financial planning strategies including financial goals analysis, estate planning, education planning, tax efficiencies, college savings, social security, and executive compensation for clients.
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.
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.
Several Social Security and Medicare issues have been making headlines this week. In an effort to help you understand the implications, we have summarized the changes below. These changes could impact your Social Security benefits if you or your spouse will reach your Full Retirement Age (FRA) of 66 in the next six months, if you have already reached your FRA but have not yet filed for benefits, or if you were born after 1954 and were planning to file a restricted application for spousal benefits.
Social Security Cost of Living Adjustment
What if you aren’t sure if you should take Social Security early or wait? If you are single, the answer will often depend heavily on how long you anticipate living, but none of us has the answer to that question.