It’s almost time for the Social Security Administration to break out pencil and calculator to find out how much more it costs to live this year than it did last, and then decide how much of a raise Social Security beneficiaries will get in 2023. For 2022, the Social Security Cost of Living Adjustment (COLA) was 5.9%, the largest increase [...]
Alhambra's Bob Williams explains how a Health Savings Account can be a retirement planning tool as well as a financial planning tool.
Here are some disturbing facts. Approximately 25% of American adults have nothing—ZERO—saved for retirement and only 36% are on track with retirement savings. Don’t be discouraged if you’re behind in saving; it’s never too late to begin. The question is, “What should I do and what savings goals should I shoot for along the age spectrum?” As a guide, three [...]
Alhambra's Bob Williams answers the question, "Do I lose half my Social Security in the Divorce?"
Looking into a crystal ball and prognosticating the future is always a risky endeavor, but when it comes to Social Security and the year 2023 there are 4 things that have a high probability of happening. Cost of Living Increase In 2022, Social Security recipients received a 5.9% cost-of-living adjustment (COLA). It was the biggest increase in 40 years. [...]
How would you like to waste a lot of the money you spend on Medicare coverage and miss a bunch of the benefits Medicare provides? Crazy question. But that’s exactly what’s happening to millions of Medicare beneficiaries. In October 2021, the insurance website MedicareAdvantage.com published the results of its most recent survey of Medicare beneficiaries. What it found was disturbing. [...]
Alhambra's Bob Williams explains Social Security Cost of Living Adjustments and their effect on the Survivor Benefit.
Health Savings Accounts (HSA) for retired folks. Isn’t that a novel idea? But it’s being considered in Congress—The Health Savings for Seniors Act, H.R. 3796. As it stands right now, the only people eligible for an HSA are those aged 65 years and younger who have a high-deductible health insurance plan meaning you have to pay $1,400 out-of-pocket for [...]
The Health Savings Account has been a wonderful addition to the financial landscape of people who are eligible for one. They’re often thought of as a way to pay for qualified medical expenses with pre-tax money during your working years for things like deductibles, copays, and non-covered items—in other words, things not covered by insurance. You can’t make contributions to [...]
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