Ricardo Alonso-Zaldivar Associated Press Published 11:40 AM EDT Oct 11, 2018 Washington – Tens of millions of Social Security recipients and other retirees will get a 2.8 percent boost in benefits next year as inflation edges higher. It’s the biggest increase most retired baby boomers have gotten. Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019 is the highest in seven years. It amounts to $39 a month for the average retired worker, according to estimates released Thursday by the Social Security Administration. The COLA affects household budgets for about one in five Americans, including Social Security beneficiaries, disabled veterans and federal retirees. That’s about 70 million people, enough to send ripples through the economy. Unlike most private pensions, Social Security has featured inflation protection since 1975. Beneficiaries also gain from compounding since COLAs become part of their underlying benefit, the base … [Read more...] about Social Security checks will grow in 2019 as inflation rises
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Sections SEARCH Skip to content Skip to site index Business Day Subscribe Log In Subscribe Log In Today’s Paper Advertisement Supported by Retiring ByPeter Finch Aug. 31, 2018 Perry Volpone was determined to follow the herd. All his friends started collecting Social Security benefits the moment they retired, and he saw no reason to do anything different. Yet Dana Anspach, Mr. Volpone’s newly hired financial adviser, argued against it. She urged the former retail executive, then 65, to put off applying for Social Security for five more years. Why? Because delaying it would increase his monthly benefit. They went back and forth about this for the better part of a year. “We gave it a pretty good thrashing out,” recalled Mr. Volpone, who is now 73 and lives with his wife, Victoria, outside Atlanta. “I was anxious about it. Suddenly you’re no longer working, you don’t have money coming in … [Read more...] about It’s Tempting to Take Social Security at 62. You Should Wait.
Published August 11, 2018 Markets Motley Fool Facebook Twitter Comments Print Statistics show that when you retire there's a very good chance you'll be somewhat reliant on Social Security to make ends meet. Data from the Social Security Administration (SSA) finds that 62% of current retirees lean on the program to provide at least half of their monthly income. Meanwhile, survey results from Gallup suggest that 84% of future retirees will in some way lean on the program when they eventually file for benefits. Yet, what you might find surprising is that despite being such a vital financial pillar during retirement, myths, misconceptions, and falsities about Social Security abound. And what you don't understand about Social Security can indeed cost you. Continue Reading Below With this in mind, here are five concrete truths about Social Security that you can take to the bank. 1. It's not going bankrupt Let's start with the biggie: Social Security isn't … [Read more...] about 5 Concrete Social Security Truths
Widows and widowers who were shortchanged on Social Security benefits by an estimated $131.8 million won’t get any of that money back, despite an inspector general report calling for action. Earlier this year, the administration’s Office of the Inspector General issued an audit report that determined the Social Security Administration underpaid 9,224 people over the age of 70. In addition, as more people in this group turn 70, the underpayment will amount to $9.8 million annually, auditors found. The report said SSA officials agreed to “take action, as appropriate” for 41 beneficiaries it identified directly in the sample study and determine if it should review the records of more than 13,000 other beneficiaries. It also asked the administration to review its procedures and staff training for informing beneficiaries of their claiming options. SSA has since provided “nationwide training” to field office workers about these survivor options and changed … [Read more...] about Social Security Administration is shortchanging survivors on benefits, report says
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Get There Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Michelle Singletary by Michelle Singletary Email the author April 30 Email the author The Social Security Administration increased benefits by 0.3 percent in 2017. (Bradley C. Bower/AP) A key part of your retirement planning should be an understanding of your Social Security benefits. This monthly check is a safety net, and the timing of when you start taking benefits can be a game changer. “If you have average earnings, your Social Security … [Read more...] about What you don’t know about Social Security could cost you a lot of money