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social security Archives - Steinlage Insurance Agency

Social Security and Part B announcement

By | Making the Most of your Medicare | No Comments

The Government announced the cost of living adjustment for Social Security beneficiaries for 2013.   Your monthly benefit will increase by 1.7% next year, which represents a $20-$30/month increase on average.  Cost of living adjustments or COLAs, have provided much needed relief for seniors who rely on Social Security as their primary source of income.  Because of these increases, Social Security recipients are the only group of Americans who have not reported a decrease in overall income in the last 4 years.  These increases occur automatically and will reflect your January checks. In the same announcement, the Government also announced the increase to Medicare Part B for 2013.  The Medicare premium has prompted many questions from clients who are concerned about a sharp increase if the ACA (Health Care Reform) remains.  I wrote about those concerns in a previous blog suggesting there was not going to be a drastic increase and…

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Is timing social security payments possible

By | Making the Most of your Medicare | No Comments

We all know that timing the market is impossible but is timing social security payments possible? With new technology, it may be possible to input your information and choose the correct time to draw monthly benefits.  This information may not help people age 65 and older, but their children will certainly appreciate the advice below. When to elect Social Security may be the most important decision a couple makes about their retirement.  In fact, the difference between the best and worst Social Security election decision can be to a $100,000 difference in lifetime benefits. This is critical when you consider how important Social Security income is to the average retired couple. Social Security benefits in 2008 accounted for on average 64.8% of total income for recipient households with someone aged 65 or older, according to a SSA report, Income of the Population 55 or Older, released in 2008. It is…

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