Earlier this year many of you may have noticed, or had been waiting for your increase in Social Security benefits. I know the time has come and gone when this took place, but how many of us actually really took a look at where we ended up, as far as an increase in our income.
I know I’m one that never really thought about inflation, as long as I got an increase in my income that’s what was important, but really, that same dollar cannot buy the same things it used to even five years ago. Whether it’s a loaf of bread or a gallon of gas or an ice cream cone, prices continue to rise everywhere.
I write about boomer finances because I believe it’s an area in our lives we have to stay on top of in order to try and stay ahead of this crazy financial driven world we live in. Our health insurance premiums go up, our dental and vision cost continue to rise. Many life policies and Long Term Care plans have premiums that stay the same as long as you pay them, but we need to yearly go over our coverages and premiums for our health policies to stay ahead of inflation. I just love being able to help people save money and get better health coverage. One thing I truly believe is, ” It’s not about money, it’s about people”.
— Dave Obregon | 888-355-1599
Most retirees in the U.S. have been hoping they would finally get a meaningful increase in their Social Security checks in 2018. Over the past few years, most retirees have seen such small cost-of-living increases in their Social Security that the benefit was eaten up by rising Medicare premiums and other expenses. Unfortunately, for the vast majority of retirees, this year will be no different.
The Social Security Administration recently announced the COLA for 2018 will be 2 percent. For someone receiving $2600 in Social Security benefits (near the top of the range), this will amount to $52 a month, bringing their total benefit to $2652. However, as you will see in the details below, beneficiaries will not be able to keep all of that increase. (click here)