Tag Archives: social security

Will your 2% Social Security increase “disappear”?

The Social Security Administration recently announced a 2017 cost-of-living adjustment, or COLA, of 2%, meaning that Social Security recipients will receive this increase to their monthly benefit checks staring in December 2017. This is the highest COLA in six years and is welcome news for many American retirees.

However, it may not mean a heck of a lot in the end.  Why?

First, the COLA (low by historical standards) doesn’t actually track the cost of living for those over 65.  The government uses the CPI-W index, instead of 2017’s COLA may not be much of an increase after all.  Second., I appears likely that when the 2018 part B premium increases are released, it may eat up most, if not all, of your increase.

Retiring Before 60

Happy senior man and woman couple dancing and holding hands on a deserted tropical beach at sunrise or sunset

If that is your dream, explore whether these steps could be useful to take.

Provided by Reeve Conover – Conover Consulting

How could you retire in your fifties by choice? You will need abundant retirement savings and ways to access your retirement assets that lessen or avoid early withdrawal penalties. You may also need to have other, sometimes overlooked, components of retirement planning in place.

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Before You Claim Social Security

social security administration logo

A few things you may want to think about before filing for benefits.

Provided by Reeve Conover – Conover Consulting

Whether you want to leave work at 62, 67, or 70, claiming the retirement benefits you are entitled to by federal law is no casual decision. You will want to consider a few key factors first.

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When will Medicare/Social Security run out of money?

image of social security cards

The 2017 version of the answer to this question has just been released by the trustees of both pools of money.  According to an article in Marketwatch:

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Minuscule Social Security Raise

image of money and social security cards
FROM CBS NEWS:

Retirees on Social Security are likely to bank a pay raise next year for the first time since 2015 — though many won’t even notice the cost-of-living increase in their benefits, which will amount to a cup of coffee or two for the average recipient.

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Reeve Conover is a Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/dealer member FINRA/SPIC. Cambridge and Conover Consulting are not affiliated. Licensed in SC, NC, NY, CT, NJ, and CA.
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