In the blog, Bill discusses these five changes:
1. Social Security recipients are getting a raise – but not much of one.
2. Chained CPI is not yet being used to determine COLAs
3. Social Security’s maximum monthly benefit is increasing
4. Social Security’s annual earnings limit is increasing
5. On the job, the wage base for Social Security taxes is rising
On recipients getting a raise, Bill Losey writes, “Next year, the average monthly Social Security payment will increase by $19 due to a 1.5% cost-of-living adjustment, one of the smallest annual COLAs in the program’s history. Since 1975, only seven COLAs have been less than 2%. Four of these seven COLAs have occurred in the past five years, however. The 2013 COLA was 1.7%.”
“How does Social Security measure COLAs? It refers to the federal government’s Consumer Price Index, specifically the CPI-W, which tracks how inflation affects urban wage earners and clerical workers,” Bill continues. “Social Security looks at the CPI-W from July to September of the present year to figure the Social Security COLA for next year, so the 2014 COLA reflects the very tame inflation measured in summer 2013.”
Read the entire blog at http://www.billlosey.com/
Other recent blogs written by Bill Losey include "7 Retirement Assumptions Reassessed", "Are You Too Young for Long-Term Care Insurance?", and “4 Ways to Avoid a Retirement Shortfall,” among others.
Bill Losey is a nationally known and respected retirement advisor, specializing in 401k rollover advice, self-directed IRA rollovers, 401k direct rollovers, and many other investment and retirement strategies. Bill’s company, Bill Losey Retirement Solutions, LLC, is an independent registered investment advisory firm that caters primarily to couples as well as divorced and widowed women nationwide (age 55+) who demand objective financial and retirement advice; customized, fee-only investment management; attention to detail; and impeccable service.
Each issue of Bill Losey’s award-winning free weekly email newsletter, Retirement Intelligence®
Bill is also a contributing author for MarketWatch Retirement – a section of MarketWatch.com launched by The Wall Street Journal Digital Network in November of 2012. Featuring news, advice and analysis targeted towards people saving for retirement, those who should be, and those already retired, this section brings together the expertise of MarketWatch’
To learn more about Bill Losey Retirement Solutions, please visit http://www.BillLosey.com and http://www.MyRetirementSuccess.com.
AboutBill Losey, CFP®, CSA
America’s Retirement Strategist®
Bill Losey, CFP®, caters to women and couples (age 50-80) who seek to reduce post-retirement risk and generate a predictable, sustainable, increasing stream of retirement income they won’t outlive. As a qualified professional in the areas of retirement strategies, personal finance and investment management, Bill has been seen and heard on hundreds of TV and radio stations such as FOX News, NPR, CBS News, CNBC, Business Week, TIME, AARP, U.S. News & World Report, and Oprah & Friends.
Bill has over 20 years experience in the financial services industry and is a Certified Financial Planner™ practitioner and Certified Retirement Coach. He is the owner of Bill Losey Retirement Solutions, LLC, a fee-based registered investment advisory firm serving a small nationwide clientele. Bill is the author of Retire in a Weekend! The Baby Boomer’s Guide to Making Work Optional (http://www.retireinaweekend.com/)
In his leisure time, Billy, as his friends call him, loves to sing. He is an accomplished vocalist and has performed the National Anthem at Madison Square Garden, the Pepsi Arena, and other sporting venues. Currently Bill is the lead singer of a vocal duo called The New York Lounge Lizards (http://www.billlosey.com/
Learn more at www.BillLosey.com (http://www.billlosey.com/)