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Social Security Benefits: Several Key Facts On COLA
For the 2nd year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the 2nd time since the cost of living adjustment (COLA) was implemented that receivers haven't received an increase.The reason Social Security benefits wont be revised in 2011 is that inflation has been too low. The whole premise behind the COLA is that benefits are adjusted for inflation thus receivers could sustain increasing prices. If there's no inflation, there's no need for cost of living increase. The latest inflation numbers published by the Labor Department shows that prices are lesser than they were in 2009, the last time Social Security benefits were raised.
The cost of living adjustment in 2009 was the biggest seen in 27 years at 5.8%. The raise in 2009 was so large because of gas prices that sky-rocketed in the summer of 2008. When gas prices fell, so did the in general inflation rate. While the government can not reduce Social Security benefits if there's deflation (when prices are decreasing), they can choose to not give a COLA raise, that was the situation for 2010 and looks to be for 2011.
Possible Incentive Payment to Help Seniors Who Rely on Social Security Benefits
To help Seniors who rely on their Social Security benefits to help with living costs, Congress will be voting on a $250 extra payment for Social Security receivers to aid make up for the fact that Social Security benefits will remain the same for second year in a row. An update will be provided once the bill has been voted on.
No Social Security COLA Means No Increase in Medicare B Premiums
One silver lining to no cost of living increase is that Medicare Part B premiums wont increase for current enrollees. A little percent of Medicare Part B participants will pay increased premiums, including people who have Medicare Part B but who are not yet collecting Social Security benefits, people who are considered "high income" and people who're just now enrolling in Part B. But, a "hold-harmless" facility protects existing participants from rate increases if their Social Security benefits do not raise, so no cost of living increase for Social Security recipients also means no Medicare Part B premium increase either.
Important Information About Financial Planners
There are many different types of financial planners. Not only are financial advisors compensated differently, but the services they provide vary quite a bit as well. Here is a quick summary of the different types of financial advisors and how they can help you.
Making Use Of Government Grants To Upgrade And Improve Your House.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
Completely New Guidelines Suggest A Lot More Individuals Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.
Some Valuable Information That Will Help You To Understand When And The Procedure To Submit Your Social Security Application
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
Social Security Spousal Benefit: What Benefits Is Your Spouse Eligible For?
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
Retirement Savings Become Even More Crucial As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
A Few Vital Points That You Must Know About Social Security Spouse Benefits
When most people think about Social Security, they naturally think of retirement benefits. However about 1/5 of all Social Security benefits are spousal or survivor benefits, so when you're planning for retirement, it's important to consider the fact that you or your spouse may collect Social Security survivor benefits
Pay Day Loans:Understand More About It.
Have you ever found yourself in an emergency situation? Do you require a substantial amount of money fast but don't know where to get it? Payday loans may be just the thing you need.
Some Major Exceptional Roth IRA Withdrawal Rules That Might Help You To Take Money Out Of Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
How You Will Get The Ideal Financial Planner To Reach Your Financial Goal
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals.
Social Security Survivor Benefits - What Happens To Your Social Security Income When Either Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Discover How To Apply For Social Security
If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.
