New research from the Transamerica Center for Retirement Studies reveals that many Americans retire earlier than anticipated, often due to circumstances beyond their control. This trend has significant financial implications, leaving many individuals unprepared for a long and financially secure retirement. By knowing the reasons behind unexpected early retirement, we can better plan for the … Read more
Social Security beneficiaries are familiar with the annual cost-of-living adjustment (COLA), designed to help maintain purchasing power amidst inflation. However, COLAs are not intended to increase benefits significantly—only to preserve their value relative to rising costs. This reality is why financial experts frequently advise against relying solely on Social Security for retirement income. Benefits were … Read more
The Social Security Cost of Living Adjustment (COLA) for 2024 has left many seniors frustrated. With a modest 2.5% increase, many retirees feel their financial struggles are worsening. In fact, a recent poll by The Motley Fool revealed that 50% of retirees are considering rejoining the workforce to supplement their income, reflecting the gravity of … Read more
Millions of Americans eagerly anticipate Cost of Living Adjustments (COLA) to their benefits, with the Supplemental Nutrition Assistance Program (SNAP) recipients set to receive adjustments from the USDA. While COLA increases often mean additional funds, it’s essential to know how these adjustments work and their impact on various benefit programs. COLA and SNAP Benefits The … Read more
Next week, the Social Security Administration (SSA) will send out double Social Security payments totaling more than $6,000. The reason for this is that the last payment for July will reach retired workers, survivors, and disabled individuals on Wednesday, July 31st, while Supplemental Security Income (SSI) recipients will receive their benefits on August 1st. Retirees, … Read more
Over 55 million retired workers will receive their last Social Security direct deposit for the month within hours. This payment is specifically for retirees who claimed benefits after May 1997 and were born between the 21st and 31st. To qualify, retirees must have met all conditions such as the full retirement age (FRA), sufficient working … Read more
Every year, seniors on Social Security get a cost-of-living adjustment, commonly known as COLA. These adjustments are an essential component of the program’s design because they need to maintain retirees’ buying power. Inflation drives up costs, and without corresponding increases in Social Security benefits, seniors on fixed incomes would find their purchasing power diminishing each … Read more
Seniors may experience a Social Security trend that hasn’t occurred in more than three decades. Each year, Social Security payments are adjusted based on the cost-of-living adjustment (COLA), which considers inflation impacts. Inflation affects seniors in various sectors, including housing, groceries, and healthcare. Notably, COLAs have been consistently high since 2022, reflecting the ongoing inflation … Read more
Are you a retiree, on disability (SSDI), or receiving SSI (Supplemental Security Income)? If so, you might be getting a payment within the next two weeks, provided you’re eligible. First up, there’s a payment scheduled for retirees and disability insurance recipients on July 24. To qualify, you must have been receiving benefits since before April … Read more
As we approach the second half of the year, the extra boost from the 2024 Cost of Living Adjustment (COLA) has already become a thing of the past. COLA is a crucial topic for retirees and other Social Security recipients because it directly influences how much their payments will increase each year. Recently, the Senior … Read more