From ssa.gov, “the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3% in 2021, the Social Security Administration (SSA) announced last week.”
Michael and Adam discuss how that is assessed, what it means for retirees, and how to maximize social security for the future.
Here’s the announcement.
A Step-by-Step of How Social Security's COLA Is Calculated
https://www.fool.com/retirement/2019/03/09/a-step-by-step-of-how-social-securitys-cola-is-cal.aspx
Here's the Average Social Security Benefit in 2021
https://www.fool.com/retirement/2020/10/25/heres-the-average-social-security-benefit-in-2021/
Other References:
2018 Loss of Buying Power Study Social Security Benefits Lose 34% Of Buying Power Since 2000
https://seniorsleague.org/assets/2018-Loss-of-Buying-Power-Report.pdf
Consumer Price Index
https://www.bls.gov/cpi/questions-and-answers.htm#:~:text=The%20Consumer%20Price%20Index%20for%20Urban%20Wage%20Earners%20and%20Clerical,at%20least%20one%20of%20the
Why Social Security’s annual increase doesn’t actually keep up with cost of living
https://www.pbs.org/newshour/economy/making-sense/why-social-securitys-annual-increase-doesnt-actually-keep-up-with-cost-of-living
Show notes
https://assetbuilder.com/podcast
Email us with any suggestions or questions at: podcast@assetbuilder.com
Understanding Your Returns
How to Keep Your Cool During Market Volatility
Should You Buy an Annuity?
Should You Add Cryptocurrency to Your Portfolio?
How to Fortify Your Portfolio Against Hyper-Inflation
When is the Best Time to Start Collecting Social Security?
Understanding the Financial Media
How to Get TAX-FREE Income in Retirement
Should You Open a 529 Account for Your Kids?
Should You Sell Your House Before Retirement?
Do you NEED a Fiduciary Advisor?
Have You Thought of These 4 BIG risks in Retirement?
Should You Cash Out During Market Volatility?
Are ESG Funds all that Ethical?
Money & Marriage
How to Maintain Mental Acuity in Retirement
Should You Add "Innovation" Funds to Your Portfolio?
Are Your Loved Ones Prepared for Your Passing?
What if Your Advisor has Different Political Views Than You?
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
U.S Property Podcast
Aligned Money Show
Dubai Property Podcast
The Ramsey Show
The Clark Howard Podcast