Tag: Social Security

Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 1)
09 Feb
Posted in General No comments

Annual Tax Guide – A Guide to 2022 Tax Law Changes (Part 1)

 Understand Where Your Federal Tax Dollars Go

In this 3-part guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy. 

Before we dive into the upcoming tax brackets and what you can do to prepare for 2022, it can be helpful to understand precisely where the government allocates your federal tax dollars. 

In 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Further examination reveals that three significant areas of spending make up the majority of the budget.1

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The Social Security Administration Announces 2022 COLA
18 Oct
Posted in Retirement No comments

The Social Security Administration Announces 2022 COLA

On October 13, 2021, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022, the largest increase in four decades. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2022. Additionally, increased payments to more than […]

A COLA with Your Social Security?
14 Jun
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A COLA with Your Social Security?

If there is a “silver lining” to all the inflation talk, it may be that Social Security benefits are expected to see a larger-than-normal increase in 2022. Preliminary estimates call for a 4.7% cost-of-living increase (COLA) in Social Security benefits next year, which would be the highest since 2009. Benefits rose 1.3% in 2021.1 The […]

The Social Security Administration Announces 2021 COLA
28 Oct
Posted in Social Security No comments

The Social Security Administration Announces 2021 COLA

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) […]

Before You Claim Social Security
03 Oct
Posted in Retirement No comments

Before You Claim Social Security

Determining when to take Social Security benefits is a complicated financial decision. Here are a few things to think about and discuss with your financial professional.

How long do you think you will live? If you have a family history that suggests you might live into your 90s, you may want to consider claiming Social Security later. If you start receiving Social Security benefits at or after full retirement age (FRA, which varies from age 66 to 67 for those born in 1943 or later), your monthly benefit will be larger than if you had claimed at 62.1

What fits best with your financial strategy – more lifetime payments that are smaller versus fewer lifetime payments that are larger? For the record, Social Security’s actuaries project that the average 65-year-old man will live to 84.0 years, and the average 65-year-old woman, 86.5 years.2  Read more about Before You Claim Social Security …

Will You Really Be Able to Work Longer?
14 Jul
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Will You Really Be Able to Work Longer?

How long do you think you will work? Are you one of those baby boomers (or Gen Xers) who believes he or she can work into retirement years—well past 65? Some pre-retirees are planning to, and that could be financially perilous. In a new survey on retirement age, the gap between perception and reality stands […]