Social Security and Medicare Financial Outlooks Improve Slightly Due to Rebounding Economy

          An economy that is recovering from the pandemic faster than expected means that the Social Security and Medicare trustees are predicting that both programs’ trust funds will remain solvent longer than they forecast last year. While this is a short-term improvement, major difficulties loom unless Congress acts.   Social Security retirement benefits and Medicare […]

Claiming Social Security Benefits at Age 70

If you are about to turn 70, congratulations on reaching a big milestone.  And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group — only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age […]

In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years

The year was 1983: The U.S. invaded Grenada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge […]

How Your Stimulus Check Affects Medicaid Eligibility

With the pending approval of a second round stimulus payments under the Senate’s HEALS Act, this provides a good reminder for how the first wave of payments were calculated. The coronavirus relief bill includes a direct payment to most Americans, but this has Medicaid recipients wondering how the payment will affect them. Because the payment […]

How Does the Coronavirus Relief Bill Affect Seniors?

The $2 trillion economic relief package that Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic contains some provisions that affect seniors. In addition to authorizing direct payments to most Americans, including seniors, the law also changes required retirement plan distributions for this year and includes two Medicare-related provisions.  […]

CMS Rings in the New Decade with Medicare Rate Hikes

Now that Medicare open enrollment is closed for another year and you have chosen your plan specifics, the next concern for most is how much more is it going to cost me? After a few years of small or no changes, costs are rising sharply in 2020. Medicare Part B premiums will increase by $9.10 […]

Social Security- Is There a Right and a Wrong Time to Collect?

Knowing when to claim social security can be a confusing scenario. Many would be retirees don’t realize the repercussions of collecting too early. “The consequences of claiming Social Security too early can be big. The report found that collecting benefits at the wrong time causes retirees to collectively lose $3.4 trillion in potential income (an […]

What exactly is SSDI?

It is easy to confuse Supplemental Security Income aka SSI with Social Security Disability Insurance, aka SSDI. SSI is for people with disabilities that have minimal means; SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources. SSDI pays cash benefits to those who are unable to work […]