Those receiving Social Security benefits this month will be pleased to find they’re getting the biggest benefit increase since 1981 – an 8.7% cost-of-living adjustment, or COLA.
Unfortunately, about 40% of retirees have used up much of their emergency savings, trying to keep up with the higher costs of fuel, groceries and everything else.
Yes, the COLA will help many people but without working closely with a Financial Architect, you may not be able to rebuild your accounts while taking full advantage of this new supplemental income.
So, the question becomes: when will you see your increase?
January 11 (the 2nd Wednesday) – those with birthdays between the 1st and 10th of any month
January 18 (the 3rd Wednesday) – those with birthdays between the 11th and 20th of any month
January 25 (the 4th Wednesday) – those with birthdays between the 21st and the 31st of any month
While an 8.7% increase is more than welcome, there are some concerns that arise with the raise in benefits.
First, the additional Social Security income could potentially also mean an increase in taxes. Or an increase on your Medicare premiums.
It more important than ever to design the blueprint for an income plan you can’t oulive and do so in the most tax-effiicent way available to you.
If you’re interested in learning how the new Social Security increase could potentially affect you and your Financial House, give us a call at (435)773-9444 to schedule a complimentary visit.
Investment advice is offered through APO Financial Services, LLC (“APO”) 10155 Westmoor Drive, Suite 175, Westminster, Colorado 80021-2627. APO Financial Services is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration with the SEC as an investment adviser should not be construed to imply that the SEC has approved or endorsed qualifications or the services Eric Scott Financial and/or APO Financial Services offers, or that its personnel possess a particular level of skill, expertise or training. Additional information pertaining to APO’s registration status, its business operations, services and fees, and its current written disclosure statement is available on the SECs Investment Adviser public website at https://apofinancial.com/disclosure/.