What Will Your 2024 Social Security Benefits Look Like?

In 2023, recipients of Social Security benefits saw the most significant increase in decades in their monthly checks. Although their payouts will rise again in 2024, the cost-of-living adjustment (COLA) will be more modest – just 3.2 percent versus the nearly 9 percent boost in 2023. Does COLA Only Affect Retired Workers? Each fall, the Social […]

Key Elder Law Numbers for 2023: Annual Roundup

For quick reference, please find below the figures for 2023 that are frequently used in elder law practice that are of interest to our clients. Medicaid Spousal Impoverishment Figures for 2023 Medicaid Home Equity Limits Access CMS’s complete chart of the 2023 SSI and Spousal Impoverishment Standards. Income Cap The income cap (in applicable states) […]

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 […]

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.  […]