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Social Security Benefits: Several Key Details On COLA
For the second year in a row people who depend on Social Security wont receive a cost of living raise. This is only the 2nd time since the cost of living adjustment (COLA) was implemented that recipients haven't received an increase.
The reason Social Security benefits wont be adjusted in 2011 is that inflation was very low. The whole premise behind the cost of living adjustment is that benefits are revised for inflation thus recipients could sustain rising prices. If there is no inflation, there is no need for cost of living increase. The newest inflation numbers published by the Labor Department indicates that prices are lesser than they were in 2009, the last time Social Security benefits were raised.
The COLA in 2009 was the biggest seen in 27 years at 5.8%. The increase in 2009 was very large due to gas prices that sky-rocketed in summer of 2008. When gas prices decreased, so did the in general inflation rate. While the government can not decrease Social Security benefits if there's deflation (when prices are dropping), they could decide to not provide a cost of living adjustment raise, that has been the situation for 2010 and looks to be for 2011.
Possible Bonus Payment to Aid Seniors Who Depend on Social Security Benefits
To aid Seniors who depend on their Social Security benefits to help with living costs, Congress will be voting on a $250 incentive payment for Social Security recipients to aid make up for the fact that Social Security benefits will remain the same for the second year in a row. An update would be provided when the bill has been voted on.
No Social Security COLA Means No Raise in Medicare B Premiums
One silver lining to no cost of living raise is that Medicare Part B premiums wont increase for current enrollees. A little percent of Medicare Part B participants will pay higher fees, including people who've Medicare Part B but who're not yet collecting Social Security benefits, people who're considered "high income" and people who're just now enrolling in Part B. But, a "hold-harmless" provision protects existing participants from rate increases if their Social Security benefits do not increase, thus no cost of living raise for Social Security recipients also means no Medicare Part B premium raise also.
Social Security Widow Benefits - What Happens To Your Social Security Benefits When A Spouse Dies
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How You Will Get The Perfect Financial Planner To Reach Your Financial Goal
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Social Security Eligibility Rules: What Are The Requirements For A Homemaker To Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Key Points You Should Know About The Social Security Spousal Benefit
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:
Social Security Income: Recommendations To Help You Make The Most Of Your Social Security Retirement Income
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
Some Major Exceptional Roth IRA Withdrawal Rules That Might Aid You To Take Money Out Of A Roth IRA
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3 Key Reasons To Use A Fee-Only Financial Planner
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Social Security Benefits: An Effective Discussion On Terms To Obtain The Benefit & How To Get After A Family Member's Death
The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well?
How Are Social Security Benefits Calculated? Some Specifics And Aspects Having Effect On The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
So How Exactly Does Pay Day Loans Help.
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.
Find Out How One Can 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.
About Social Security Impairment: What You Must Know Before Filing For Disability Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.
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