5 Reasons for Seniors to Celebrate in 2023
It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with the new year upon us, there are some silver linings — in particular for seniors. Here are five reasons for seniors […]
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 […]
Some Social Security Beneficiaries Can Get Retroactive Payments — But at a Cost
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum payment option that’s worth six months of benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment. If you have waited beyond your full retirement age (66 for those born […]
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 scores 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
The pending approval of a second round of stimulus payments under the Senate’s HEALS Act provides a good reminder of how the first wave of payments was 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 is […]
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. […]
Retirement is supposed to mean less stress- Learn where Seniors can find free help with their tax preparations!
Tax season is here! It can be a breeze for some people and for others, not so much. We are all pretty much aware of the options available to us. Turbo Tax is a popular one for the DIY set. Some people have an accountant bear the burden, and responsibility, of filing it for them. […]
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 average […]
