Archives for Social Security

Personal Finance: The Importance of Starting Early

Personal Finance: The Importance of Starting Early

July 22, 2024

Whether you’re just starting out in your career, you are a Gen-X-er sandwiched between your kids’ college expenses and aging parents’ needs, or you are a Baby Boomer eyeing retirement, starting early can help when it comes to your finances. Here are some reasons why. When You’re Young—In Your 20s We’ve all heard the famous quote by Albert Einstein, the one where he said, “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” And it’s true. In many cases, if you start out early—perhaps in your teens or 20s—saving
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What is COLA, and How Does it Affect Retirement?

What is COLA, and How Does it Affect Retirement?

August 12, 2022

The COLA on Social Security is projected to increase benefits by more than 10%. How does that affect your retirement? Inflation in the United States is at a 40-year high, and the entire country seems to be feeling the squeeze of rising prices, regardless of income level. Though the debate over the cause of current inflation rates rages on, one thing seems to be certain: the cost of everyday goods, like rent, gas and food, continues to rise [1]. Understandably, that leaves American consumers with questions and concerns. First, as the value of the dollar decreases, which lifestyle adjustments can
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The Latest Facts About Social Security

The Latest Facts About Social Security

November 30, 2021

    On October 13, 2021, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022, the largest increase in four decades. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2021.   Biggest COLA Increase in Decades? While many predicted a bump of as much as 6.1% given recent movement in the Consumer Price Index (CPI), the announced 5.9% increase is
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Are you monitoring your Social Security statement?

Are you monitoring your Social Security statement?

November 25, 2019

Did you know that Americans have the ability to request and view their Social Security statement? Monitoring your account is an important piece of the retirement puzzle, and checking your statement is essential to ensuring your future benefits accurately reflect the earnings that you have accumulated throughout your working life.1 Originally, the Social Security Administration (SSA) would send statements periodically via mail with account information. With modern technology advancements, the SSA made the change from mailing statements to delivering statements electronically. While most may find that digital access to your information is a greater convenience, a report by the SSA
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Women and Social Security: Do you really know your benefits?

Women and Social Security: Do you really know your benefits?

June 26, 2019

Social Security guidelines for retirement benefits were established all the way back in the 1930’s and were founded on a traditional family situation1. With marriage patterns and caregiving needs constantly evolving, the modern woman could be at a disadvantage if strategic retirement planning is not properly implemented. While Social Security is gender-neutral and individuals with identical earnings histories are treated equally in terms of benefits, the reality of the matter is that women face greater economic challenges than men do when it comes to retirement for a number of reasons2. For example, women tend to live longer than men, but
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