In 2021, they said yes. Then they said maybe. Now, Medicare has decided it will cover Alzheimer’s treatments for Medicare recipients who meet specific requirements. In November 2021, the Centers for Medicare and Medicaid Services (CMS) announced the monthly Medicare Part B premium would go up for 14.5% to cover the high cost of the Alzheimer’s drug Aduhelm. Then, [...]
The past two years have seen historic Cost-of-Living Adjustments for Social Security recipients. The increases of 5.9% in 2022 and 8.7% in 2023 were the highest they’d been in 40 years because of rampant inflation. But unless things change by October, the COLA for 2024 will be substantially lower. According to the Bureau of Labor Statistics’ May 2023 report, [...]
When it comes to retirement, one of the questions I’m asked most often is, “When should I retire?” There are a multitude of factors that go into making that decision and it boils down to your individual situation. There’s no formula that says if you meet a certain list of criteria, you should retire early, or if you check off [...]
Social Security has been around since 1935, and even after all those years, there is still a lot of confusion about the Social Security Spousal benefit. What is it? It’s an opportunity to receive a Social Security check based on their spouse’s work record. It’s beneficial for people who have very little work history of their own or if they’re [...]
Inflation, if it lasts long enough and hurts deeply enough, will make people rethink priorities. That seems to be the conclusion of a new Bank of America Report called Tracking the Confidence of Plan Participants which outlines current trends of workers who are enrolled in their employer’s 401(k) plan. Across all age categories, the average contribution rate is 6.4%. [...]
You’re planning for retirement. You’ve got visions of what you want it to be—the traveling you’ll do, playing with that hobby you’ve never had time for, volunteering with a cause that’s dear to your heart. You’ve got a comprehensive plan that accounts for retirement income, taxes, and even things on your bucket list. But have you planned for the one [...]
Isn’t it what we all plan for? At some point in your life, you’ll stop working and enter “The Retirement Zone.” It will require income that may come from Social Security, retirement accounts, annuities, investments, or any number of sources. Yes, being a successful retiree requires planning. But you have to know what’s good planning and what are just myths. [...]
It’s just human nature. When we buy something, we want to pay the lowest price and get the best deal. That same principle applies to America’s seniors when they turn 65 and have to choose a Medicare Part D Prescription drug plan. The problem, though, is that choosing the lowest premium Part D plan may actually be more expensive in [...]
It’s called a “My Social Security” account. It’s often thought of as something for people getting Social Security benefits. In reality, there are positives for anyone who’s working and paying Social Security taxes. Protect Your Social Security from Identity Thieves Once you set up a “My Social Security” account, you’re protected. There can never be more than one account [...]
I can, I will, I can’t, I won’t. Those are all responses we’ve heard in the past two years about deciding to retire. The response you give or the response you get is directly related to the U.S. economy. Before COVID, American workers age 55 and above were retiring at a rate of approximately one million per year. But [...]
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