Higher Social Security cost-of-living adjustments may affect your taxes

Allison Michael Orenstein | Getty Images Social Security recipients are just beginning to see a record cost-of-living adjustment of 8.7% in their monthly checks. But when tax time comes, they could see surprises stemming from last year’s 5.9% increase, which at the time was the largest cost-to-use (COLA) increase in four decades. A cost-of-living adjustment … Read more

Retirees fall short of the retirement income replacement ratio

Mstudioimages | E + | Getty Images To maintain your standard of living in retirement, the rule of thumb is that you need to be able to replace at least 70% of the income you were earning while you were working. But many retirees fall short of this retirement income goal, according to research from … Read more

Retirees feel the impact as Social Security checks fell last year: report

Missouri Rep. Jason Smith responds to a reported discovery by Biden aides that a second set of mishandled classified documents and Social Security may be facing bankruptcy in “Editing Evening.” America’s seniors and retirement community may feel additional financial pressures in recent months as there was a significant shortfall in their Social Security payments last … Read more

Approaching the age of 62? What do you know about Social Security’s 8.7% COLA

Ascent / Pks Media Inc. | optical disc | Getty Images Existing Social Security beneficiaries are poised to receive an 8.7% increase in their 2023 benefits starting this month, thanks to the highest cost-of-living adjustment in 40 years. If you’re 62 or close to age, you may be wondering if you should claim benefits to … Read more

A Better Way to Health Care for Retirees – New York Daily News

For more than half a century, New York City has kept a covenant with its workers: Your pay will be modest—less than that of your suburban or private counterparts—but as a full-time employee, you’re entitled to Medicare coverage without paying premiums. If you retire after enough years of service, you’re guaranteed Medicare coverage, with the … Read more