Social Security recipients can see cost-of-living adjustments (COLAs) that will increase their benefits when inflation justifies it. The inflation rate has been low over recent years, so the adjustments have been minimal. Last year, the COLA was just 1.3 percent, and it was 1.6 percent the previous year. This sounds disappointing, but there were no adjustments at all in 2010, 2011, and 2016. The COLA in 2017 was a microscopic .3 percent. This time around, the adjustment is going to be … [Read more...] about Report: Expect Nice Social Security COLA in 2022
Financial Planning
When Can I Apply for Social Security?
The Social Security program is very important for the majority of people who are planning ahead for their retirement years. This having been stated, you would do well to take personal responsibility for your retirement to avoid being overly reliant on this entitlement. If you plan ahead properly you can accumulate a financial underpinning on your own while you look forward to the boost that your Social Security income will provide when you start to draw a benefit. When can you apply for … [Read more...] about When Can I Apply for Social Security?
Where Is My Social Security Statement?
You have to be apprised of your anticipated future income if you want to plan ahead for retirement intelligently. Different people have different capabilities, but the fact is that Social Security is going to be very important to the majority of individuals who are making retirement plans. And even if you are not going to be particularly dependent on Social Security you are certainly going to be interested in knowing how much you will be qualified for when you do become eligible. The Social … [Read more...] about Where Is My Social Security Statement?
Make Educational Opportunities Possible With 529 Plan
The value of education cannot be overstated, and when you are contemplating your legacy you may ask yourself how you can help your younger family members with college expenses. There are various options, and the one that we would like to highlight here is the 529 plan. These plans provide you with the opportunity to set aside financial resources to be used for the educational expenses of the beneficiary, and this is done with tax advantages built-in. With the 529 savings plan you contribute … [Read more...] about Make Educational Opportunities Possible With 529 Plan
Understand Limitations of Social Security
The baby boomer generation is reaching the typical age of retirement, and surveys are showing that many of these individuals are not prepared. Many people don't take retirement planning seriously enough because they have a certain misguided notion in the back of their minds. They feel as though Social Security will be there for them once they become eligible for the program. Yes, it would be nice to have something extra they reason, but Social Security will be more than enough to live on … [Read more...] about Understand Limitations of Social Security
Financial Assistance for Aging Wartime Veterans
Most people are aware of the fact that people who serve for at least 20 years in the United States military are entitled to a retirement pension. This pension certainly helps when you are planning for retirement, and this is a reward for the sacrifices that service members make when they serve their country. There is however another type of pension that many people are not aware of that can be of great assistance to aging wartime veterans. Many people who reach an advanced age ultimately need … [Read more...] about Financial Assistance for Aging Wartime Veterans
Three Things to Know About Social Security
The baby boomer generation is reaching retirement age, and as a result a lot of people are starting to think about Social Security. Let's take a look at three things everyone should know about this program for seniors. Age of Eligibility The question of eligibility age is more complicated than it may seem to be on the surface. The the age of full eligibility varies depending on the year during which you were born. Suffice to say that it is somewhere between 66 and 67 years of age if you are … [Read more...] about Three Things to Know About Social Security
Consider Your Exit
It can be difficult to wrap your head around the concept of retirement when you are a relatively young adult. After all, when you first start out you are probably more concerned about gaining a foothold when you are about accumulating resources for retirement. However, this mentality is to be put behind you as soon as possible. Large numbers of Americans will never retire because of a lack of planning, and the fact is that you have to set goals and execute long-term discipline to reach … [Read more...] about Consider Your Exit
Taking Steps To Remain At Home
It is important to be pragmatic about the eventualities of aging so that you are not suddenly confronted with a situation that you have not made any preparations for. It can be hard to envision such a scenario when you are healthy and fully ambulatory, but there may come a time when you will need living assistance and in fact most senior citizens are going to be in this position eventually. You can of course choose to reside in an assisted living community or a nursing home should you require … [Read more...] about Taking Steps To Remain At Home
