An individual’s Social Security benefits are generally calculated using “average indexed monthly earnings.” This averaged amount summarizes up to thirty-five years of an individual’s indexed earnings. A formula is then applied to this averaged figure to determine the primary insurance amount (PIA), which is the basis for the benefits paid to an individual. The formula […]
Social Security Payments to Increase 2.8%
The Social Security Administration has announced that payments to retired and disabled beneficiaries will increase by 2.8%in 2019. This inflation adjustment is intended to offset the higher costs-of-living encountered by beneficiaries. The increase is effective in January 2019 for retirement benefits. Social Security is the major source of income for most of the elderly. The […]
Social Security Full Retirement Age Increases
What is Full Retirement Age? Why is it Important? How is Full Retirement Age Changing in 2017? Were you born after January 1, 1955? If so, you should be aware that the Social Security Full Retirement Age is increasing starting this year. This impacts your benefits – and not in a good way. Full retirement […]
Medicare and Social Security Changes in the New Budget Act
The recently passed “Bipartisan Budget Act of 2015” raises the debt ceiling and avoids a costly government default until 2017. It also includes several provisions that will impact recipients of Medicare and Social Security. This article addresses those impacts. Medicare Part B Premiums and Deductibles Adjusted The Budget Act reduces a huge increase in Medicare […]
No Social Security Increase Next Year – But Your Medicare Part B Costs Will Go Up
[Update: The Medicare Part B premium and deductible increases discussed in the article below have been modified by the “Bipartisan Budget Act of 2015.” See my blog post Medicare and Social Security Changes in New Budget Act for more information. JM] The Social Security Administration has announced that there will be no automatic increase in monthly […]
Anniversaries for Landmark Programs
This summer sees the anniversaries of several of America’s most important social welfare programs. While these programs have not eliminated poverty and inequality they do limit impoverishment and deprivation and create opportunity and a better life for tens of millions of Americans each year. Happy anniversary to Social Security, Medicare, Medicaid and the American’s […]
Social Security Payments to Increase 1.7%
The Social Security Administration has announced that payments to retired and disabled beneficiaries will increase by 1.7% in 2015. This inflation adjustment is intended to offset the higher costs-of-living encountered by beneficiaries. The increase is effective in January 2015. Social Security is the major source of income for most of the elderly. The Social Security […]