Posts Tagged ‘Social Security’
Social Security Benefit Increase of 3.2% for 2024
Starting January 2024, Social Security beneficiaries will receive a 3.2% cost-of-living adjustment (COLA). The adjustment is calculated based on inflation as measured by the Consumer Price Index. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200. Social Security beneficiaries are normally notified by mail or through…
Read More2023 Key Financial Changes
Social Security recipients are getting an 8.7% increase for their 2023 benefits The Medicare Part B premium is decreasing from $170.10 to $164.90 per month The annual exclusion for gifts is increasing to $17,000 from $16,000 per year per individual The limitation on deferrals for 401(k), 403(b), and most 457 plans is increased to $22,500…
Read MoreSocial Security Benefit Increase of 8.7% for 2023
Starting January 2023, Social Security beneficiaries will receive a 8.7% cost-of-living adjustment (COLA). The COLA is the largest since 1981, according to the Social Security Administration data. The adjustment is calculated based on inflation as measured by the Consumer Price Index. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will…
Read MoreWhere Your Durable Power of Attorney Won’t Work
You’ve seen a qualified attorney and drafted up a Durable Power of Attorney so your loved ones can act on your behalf if you become incapacitated or disabled. You think everything’s set. But is it? A DPOA is a widely recognized and useful legal document, but it may not work in every situation. Social Security…
Read More2016 Changes Coming to Social Security and Medicare
The budget bill signed by President Obama in November included significant changes to the Social Security program. The changes have left many pre-retirees scrambling to make sense of the new rules. Here’s a breakdown of some of the changes coming: The Good News *No COLA. Existing Medicare beneficiaries won’t see an increase in their Medicare Part…
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