RetirementThink

Social Security 2020 Cost of living adjustment

Wise Owl — Tue, 29 Oct 2019 22:40:45 +0000

Benefits in January will increase by 1.6%.

The 1.6% COLA will boost the average Social Security retirement benefi by about $32 to $1,503 in 2020.

The 1.6% COLA will also affect how much beneficiaries can earn from a job if they claim Social Security before their full retirement age (FRA). In 2020 , individuals will be able to earn up to $18,240 per year, if they are under full retirement age without forfeiting any benefits. If they exceed that cap, they will lose $1 in benefits for every $2 earned over the limit.

Medicare Update

Wise Owl — Mon, 14 Oct 2019 18:39:19 +0000

Open enrollment for Medicare begins Oct. 15 and ends Dec. 7. It is during this period that those covered by Medicare — people 65 and older — can change their health plan and prescription drug coverage for 2020.

To help you review your options, the Centers for Medicare & Medicaid Services (CMS) have redesigned the “Medicare Plan Finder” on medicare.gov

Fed indicates lower rates....Stocks set record high

Wise Owl — Sun, 14 Jul 2019 22:44:03 +0000

Dow climbs to 27,332

S&P ends the the day 3013, it's first close aove 3,000

The NASDAQ climbs to 8,244

July is hot and so is the market action....log into your Retirement IRA or 401k and check balances.

April 15th... need More Time?

Wise Owl — Mon, 15 Apr 2019 15:52:56 +0000

The Internal Revenue Service allows taxpayers to file for a six month extension for any reason as long as they submit the proper form in time. Just file form 4868 either electronically or on paper by the April deadline.

If you owe money to the IRS but can't afford to pay it at the moment, there's no need to panic, says Lisa Greene-Lewis, CPA and tax expert at TurboTax.

Contact the IRS to ask for an installment agreement when you file your taxes. If you qualify, an installment agreement will allow you to set up a monthly payment plan to pay your federal tax debt off over 6 years. If you're able to pay off your balance within 120 days, the installment plan won't cost you any additional fees.

If you file an extension but you choose not to pay what you owe by the tax deadline, the IRS will charge you a failure-to-pay penalty and interest on the taxes you owe them.

$1,461 Average Social Security Check

Wise Owl — Sun, 24 Mar 2019 16:37:31 +0000

Retired workers will receive an average Social Security payment of $1,461 per month in 2019. Retired couples bring in an average of $2,448 monthly.

ONCE AGAIN...The social Security Administration Never calls and asks for your Social security number.

Wise Owl — Sun, 03 Mar 2019 00:21:38 +0000

The Federal Trade Commission recently issued a warning to ignore phone calls from official-sounding callers who tell you your Social Security number has been suspended due to fraudulent activity and then ask you for your personal information to reactivate your account. This is a scam. Your Social Security number is never suspended.

Hang Up!

Retiring In a holiday Inn?

Wise Owl — Wed, 27 Feb 2019 00:24:19 +0000

Terry Robison said he's going to take up residency at the Holiday Inn instead of going to a nursing home.

His logic is pretty sound: the average nursing home costs $188 a day, while a long-term stay along with a senior discount at the Holiday Inn costs just $59.23 per night.

Plus, the hotel always has free breakfasts, and some even have happy hours.

"No nursing home for us. We'll be checking into a Holiday Inn!
With the average cost for a nursing home care costing $188.00 per day, there is a better way when we get old and too feeble.
I've already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it's $59.23 per night.
Breakfast is included, and some have happy hours in the afternoon.
That leaves $128.77 a day for lunch and dinner in any restaurant we want, or room .."

Volatile Markets Again...Dow Up 1086

Wise Owl — Wed, 26 Dec 2018 22:39:24 +0000

The Dow Jones Industrial Average surged more than 1,000 points, or 5%, posting the index's largest-ever point increase and biggest single-day percentage gain since 2009.

Motley Fool Guide to Social Security Benefits

Wise Owl — Mon, 17 Dec 2018 23:04:22 +0000

Here's a brief guide to 2019 Social Security benefits:

How much does the average retiree get from Social Security?

The SSA estimates that the average retired worker will receive a benefit of $1,461 in January 2019 after next year's 2.8% cost-of-living adjustment is applied.

However, it's important to emphasize that Social Security benefits vary significantly based on how much recipients earn throughout their careers and when they choose to file. Some retirees receive far less than the average, while others get much more.

70 1/2?...Dont Forget your RMD this year

Wise Owl — Fri, 07 Dec 2018 23:58:05 +0000

December 31 is the last day to take these distributions from your 401k or IRA. The IRS has a worksheet to help you calculate your RMD, an amount that will depend on your age and account balance.