Social Security Benefits: Several Key Information On COLA
For the second year in a row people who depend on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients haven't received an increase.
The reason Social Security benefits will not be adjusted in 2011 is that inflation was too low. The whole premise behind the COLA is that benefits are adjusted for inflation so recipients could keep up with rising prices. If there is no inflation, there's no need for cost of living increase. The latest inflation numbers published by the Labor Department shows that prices are lower than they were in 2009, the last time Social Security benefits were increased.
The COLA in 2009 was the biggest seen in 27 years at 5.8 percent. The increase in 2009 was very large because of gas prices that sky-rocketed in the summer of 2008. When gas prices fell, so did the overall inflation rate. While the government can't decrease Social Security benefits if there's deflation (when prices are dropping), they could choose to not give a COLA increase, which has been the situation for 2010 and looks to be the case for 2011.
Possible Bonus Payment to Aid Seniors Who Rely on Social Security Benefits
To help Seniors who rely on their Social Security benefits to help with living expenses, Congress will be voting on a $250 bonus payment for Social Security recipients to aid make up for the fact that Social Security benefits will remain unchanged for the second year in a row. An update would 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 will not go up for current enrollees. A little percentage of Medicare Part B participants will pay higher fees, 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 are just now enrolling in Part B. However, a "hold-harmless" provision protects existing participants from rate increases if their Social Security benefits don't increase, thus no cost of living increase for Social Security recipients also means no Medicare Part B premium increase either.
Making Use Of Government Grants To Upgrade And Improve Your Property.
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Submitting Your Social Security Application: When And How
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How You Will Proceed With Social Security Survivor Benefits After Your 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.
Present Condition About Social Security Spouse And Survivor Benefits
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Social Security Income: Ideas To Help You Make The Most Of Your Social Security Benefits
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Have You Planned To Start Saving For Retirement?
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Social Security Benefits: A Useful Discussion On Terms To Obtain The Benefit And 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?
New Guidelines Imply A Lot More People Doing Roth IRA Conversions In 2010
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Social Security Benefits Are Growing In The Year 2012
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Some invest in coins for their durable value, which has increased reliably. Offering protection against inflation, gold coins do not diminish in buying power like cash. Whatever the buyer's motive, gold coin prices