2023 Retirement Plan Contribution Limits

By |2022-11-14T14:22:37-05:00November 14th, 2022|Financial Planning, Retirement|

Worried about saving enough for retirement? You can put away more next year. The IRS has just announced the new retirement plan contribution limits for 2023. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan increases to $22,500, up from $20,500. For individuals 50 and older, the catch-up contribution [...]

Social Security Announces 8.7% Cost of Living Adjustment for 2023

By |2022-10-13T14:53:58-04:00October 13th, 2022|Financial Planning, Retirement|

As expected, the Social Security Administration has announced that the 2023 Cost of Living Adjustment (COLA) will be the largest COLA in 42 years, brought on by rampant inflation not seen in more than four decades. Social Security benefits increase automatically if the Consumer Price Index (CPI-W) which measures price inflation for urban workers is more in the third quarter [...]

Medicare Part B Premiums Will Go Down in 2023

By |2022-09-28T10:23:26-04:00September 28th, 2022|Financial Planning, Retirement|

In a world where the price of everything is going up, Medicare recipients get a price cut beginning January 1, 2023. The Centers for Medicare and Medicaid Services (CMS) just announced that the monthly premium for Medicare Part B, which covers doctor visits, diagnostic tests, and other outpatient services, is decreasing $5.20 per month to $164.90. That’s good news in [...]

Medicare Part D Drug Plans Get a Facelift

By |2022-09-12T13:05:36-04:00September 12th, 2022|Financial Planning, Retirement|

There’s been much debate about the Inflation Reduction Act President Biden signed into law on August 16, 2022. No matter what your political persuasion is or whether you consider the contents of the Act to be good, bad, or ugly, it does contain provisions that will improve Medicare Part D Prescription plans for seniors. Medicare recipients have long argued that [...]

Be Sure to Read the Medicare Fine Print

By |2022-09-06T14:38:06-04:00September 6th, 2022|Financial Planning, Retirement|

Medicare. The government defines it as “The federal health insurance program for people 65 and older.” That seems simple enough. But there’s more to it than meets the eye because Medicare, like so many other things, has fine print that could end up costing you a lot of money if you don’t know about it. Since Medicare began in 1965, [...]

How Working Longer Affects Your Social Security Benefits

By |2022-08-29T09:53:03-04:00August 29th, 2022|Financial Planning, Retirement|

Since 1935, Social Security has been synonymous with retirement. It was always intended to supplement retirement income, never be a person’s total retirement income. Unfortunately, according to the Center on Budget and Policy Priorities, about half of older Americans rely on Social Security for at least 50% of their income, and 25% of retirees rely on it for 90% of [...]

The 2022 Greatest Retirement Fears List

By |2022-08-22T13:05:55-04:00August 22nd, 2022|Financial Planning, Retirement|

What scares you the most when you think about retirement? The Transamerica Center for Retirement Services has been asking that question for 22 years. The Center just released its 2022 survey after talking to more than 5,800 adults contemplating their future. Here are the top 12 retirement fears this year.   #12     Can’t Retire on My Own Terms 13% of [...]

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