The Social Security Administration Announces 2021 COLA

Posted by Creekmur Wealth Advisors on 6:30 PM on October 22, 2020

What you should know about the most recent cost-of-living adjustment.

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020.1

Read More

Topics: Financial Planning, Social Security, Social Security income

Reducing the Risk of Outliving Your Money

Posted by Creekmur Wealth Advisors on 2:17 PM on April 2, 2020

What steps might help you sustain and grow your retirement savings?

“What is your greatest retirement fear?” If you ask any group of retirees and pre-retirees this question, “outliving my money” will likely be one of the top answers. In fact, 51% of investors surveyed for a 2019 AIG retirement study ranked outliving their money as their top anxiety.1

 

Retirees face greater “longevity risk” today.The Census Bureau says that Americans typically retire around age 63. Social Security projects that today’s 63-year-olds will live into their mid-eighties, on average. This is a mean life expectancy, so while some of these seniors may pass away earlier, others may live past 90 or 100.2,3

Read More

Topics: Money Matters, Planning, Saving, Social Security income

Social Security by the Numbers

Posted by Creekmur Staff on 8:45 AM on February 19, 2019

Facts about the federal Old-Age, Survivors, and Disability Insurance (OASDI) program.    

Social Security has been a pillar of retirement life for several decades, but how much do you really know about it? Here are some facts that might surprise you:

Read More

Topics: Retirement, Social Security, Social Security income, RetirementRSS

When Is Social Security Income Taxable?

Posted by Creekmur Wealth Advisors on 11:21 AM on October 2, 2018

To find out, look closely at two factors.

Your Social Security income could be taxed. That may seem unfair or unfathomable. Regardless of how you feel about it, it is a possibility.

Read More

Topics: charitable IRA gift, Claiming Social Security, Uncategorized, Financial Planning, RMD, Social Security income, Tax on Social Security Income

Subscribe Here!

Recent Posts

Posts by Tag

See all