In 2023, the cost-of-living adjustment (COLA) for Social Security is increasing. As a result, more than 65 million Social Security beneficiaries will receive an 8.7 percent increase in their benefits. That equals roughly $146 for the average Social Security recipient. But that’s not all that’s going up. Someone has to pay for this increase. How…
What Does the Increased Social Security Benefit Really Mean?
November 13, 2022
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Roth IRA Investments to Build Wealth Over Time
November 12, 2022
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Don’t tell my wife. But me and Roth IRA Investments—we got a thing going on. After all, it’s the greatest wealth-building tool. Roth IRAs offer one of the best ways to invest for retirement, and many experts even consider them the best retirement account. This is because you can grow your Roth IRA money tax-free…
Options and Schedules for Enrollment in Medicare
By Elliot Raphaelson From Tribune Content Agency A reader wrote: “I am very confused about the deadlines for enrolling in Medicare, when coverage starts, and changing options. For example, if I am enrolled in a Medicare Advantage Plan, and want to change to another plan, when can I do it?” An excellent source of information…
How to Prepare for Retirement If You Don’t Have $1.2 Million
The amount of money the experts say you need for retirement is being tossed around a lot lately. Some say that you need $1.2 million to have a happy retirement. Most people will never be able to accumulate that much money in savings. If you are in that category, here are some tips on how…
3 Ways the Pandemic Influenced Retirement for the Better
November 11, 2022
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Because of the COVID-19 pandemic, Americans say they reevaluated their financial management practices, which included their retirement plans. In a Schwab study, 1,000 Americans between the ages of 25 and 70 were asked how they expected their spending, saving, and financial situations to change as a result of the COVID-19 pandemic. Approximately half of those…
5 Mistakes You’re Making With Medicare Open Enrollment
Millions of retirees are in the thick of Medicare open enrollment, which runs from Oct. 15 to Dec. 7, but many find the process challenging. Some don’t understand the difference between Original Medicare and Medicare Advantage, many are overwhelmed by Medicare advertising, and only 4 in 10 people review their plan options each year, according…
Series I Bonds, SS Benefits and Other Reader Questions
By Elliot Raphaelson From Tribune Content Agency Question: I am 65 years old. Does it make sense for me to purchase a 30-year Series I bond if it is likely I won’t be around when it matures? Answer: Although the I bond has a 30-year maturity, you can redeem the bond after one year. If…
Retirement: Minimizing Medicare Premium Surcharges
November 9, 2022
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By David Rodeck From Kiplinger’s Personal Finance Just because you’ve reached the age when you can sign up for Medicare doesn’t mean that you’re done paying for health insurance. While Medicare Part A for hospital coverage is free for most retirees, Part B (outpatient) and Part D (prescription drugs) do charge monthly premiums. And if…
Why You Will Pay Less for Medicare in 2023
During this time of high inflation rates, seniors will be glad to hear that some Medicare plan costs will be reduced in 2023. It is certainly good news after hearing that the cost-of-living adjustment (COLA) is higher for 2023 than it has been for a long time. It means seniors will not have to spend…
Don’t Overthink Social Security Starting Date Questions
I frequently get emails from readers who turn a little molehill of an issue into a big mountain of a problem, and it has to do with the starting date for their Social Security benefits. The Social Security retirement application asks a question that goes something like this: “Which month do you want your benefits…
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