The Social Security Fairness Act was signed into law by President Biden on January 5, 2025. If you are/were a public sector employee, the legislation will benefit you by repealing two federal provisions enacted 40 years ago: the Windfall Elimination…
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The Social Security Cost of Living Adjustment (COLA) for 2025 will be 2.5%. The modest increase was expected: COLA is tied to third-quarter inflation, which has cooled. Starting in early December, beneficiaries will receive statements from the Social Security Administration…
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The Senior Citizens League is predicting that Social Security beneficiaries will receive a 2.6% Cost of Living Adjustment in 2025. Last year’s COLA was 3.2%. The year before, 2022, it was 8.7%. The lower projection for the coming year reflects…
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The April 15 income tax deadline approaches. If you are a Social Security recipient who has additional sources of income, you will pay federal income tax on a portion of your Social Security benefits. Of the 66 million Americans who…
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On October 12, the final numbers were released for 2024. Here they are: Social Security Cost of Living Adjustment (COLA) Social Security beneficiaries will receive a 3.2% raise in 2024. This translates to an additional $59 per month for the…
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Inflation appears to be losing steam. The Bureau of Labor Statistics reports that the inflation rate was 4.9% in April 2023, the smallest increase since April 2021 and the first increase below 5% in two years. This trend is good…
more Seniors, like everyone, are feeling the pinch. Inflation is rampant, with higher prices spurred on by a multitude of factors including Covid, the Ukraine conflict, supply chain bottlenecks, and probably a good amount of profiteering, too. And it’s not just…
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It’s official: The 2022 Social Security Cost of Living Adjustment (COLA) will be 5.9%. COLA is based on the rate of inflation, and next year’s increase is the largest in 40 years. It reflects the higher prices consumers have been…
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With inflation on the rise, it looks like retirees are going to get a hefty Social Security Cost of Living Adjustment in 2022. The latest consumer price data would put the increase at 6.1%. This follows many years of paltry…
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You may be surprised to learn that Medicare and Social Security will not automatically honor your Durable Power of Attorney or Health Care Surrogate. These are powerful legal documents that everyone should have in their planning toolkit, but when it…
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