Social Security Benefits: Several Important Information On COLA
For the 2nd year in a row people who rely on Social Security wont receive a cost of living increase. This is only the 2nd time since the cost of living adjustment (COLA) was implemented that recipients have not received an increase.
The reason Social Security benefits wont be revised in 2011 is that inflation has been very low. The whole premise behind the cost of living adjustment is that benefits are adjusted for inflation thus recipients can sustain increasing prices. If there's no inflation, there is no need for cost of living increase. The newest inflation numbers published by the Labor Department shows that prices are lesser than they were in 2009, the last time Social Security benefits were raised.
The COLA in 2009 was the largest seen in 27 years at 5.8%. The raise in 2009 was so large due to gas prices that sky-rocketed in summer of 2008. When gas prices fell, so did the in general inflation rate. While the government can not decrease Social Security benefits if there is deflation (when prices are decreasing), they can decide to not provide a COLA raise, that has been the case for 2010 and looks to be for 2011.
Possible Extra Payment to Help Seniors Who Depend on Social Security Benefits
To aid Seniors who rely on their Social Security benefits to help with living costs, Congress will be voting on a $250 incentive payment for Social Security recipients to help make up for the fact that Social Security benefits will remain the same for second year in a row. An update will be provided when the bill has been voted on.
No Social Security COLA Means No Raise in Medicare B Premiums
One silver lining to no cost of living increase is that Medicare Part B premiums wont increase for existing enrollees. A small percent of Medicare Part B participants will pay increased premiums, including people who've Medicare Part B but who're not yet collecting Social Security benefits, people who are considered "high income" and people who're just now enrolling in Part B. But, a "hold-harmless" provision protects current participants from rate increases if their Social Security benefits do not raise, so no cost of living raise for Social Security recipients also means no Medicare Part B premium raise either.
Social Security Benefits: A Useful Discussion On Conditions To Get The Benefit & Ways To Collect After A Family Member's Death
The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well?
Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Don't Forget About The Social Security Spousal Benefit
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
Are You Prepared To Start Saving For Retirement?
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Three Ways A Financial Planner Can Easily Help You Reach Your Own Financial Objectives
Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals.
Social Security Eligibility: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Three Major Reasons To Use A Fee-Only Financial Advisors
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
Social Security Income: Recommendations To Help You Make The Most Of Your Social Security Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
On The Subject Of Social Security Disability: What You Must Understand Before Filing For Handicap Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.
Utilizing Government Loans In Order To Make Improvements To Your House.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
Are You Prepared To Start Saving For Retirement?Submitting Your Social Security Application: When And HowThree Ways A Financial Planner Can Easily Help You Reach Your Own Financial ObjectivesSocial Security Eligibility: What Are The Requirements For A Homemaker To Collect Social Security?Payday Loans:Find Out About It.Social Security Benefits: Certain Key Details On Cost Of Living AdjustmentSocial Security Benefits: Some Significant Details On Cost Of Living Adjustment 2011Social Security Benefits: Some Crucial Facts On COLASocial Security Benefits: Some Significant Facts On COLA 2011Social Security Benefits: Some Vital Specifics On Cost Of Living Adjustment 2011
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