Social Security Benefit Increases

  • Unless you're exempt, if you're over 50 Social Security plays a part in your personal finances. And the news hasn't been good lately.

     

    First, "next year’s cost-of-living adjustment (COLA) will be just two-tenths of 1 percent, according to predictions in the annual report of the trustees for Social Security and Medicare..." For the average retiree that amounts to about $5 per month. Enough to buy a pound or two of lean ground beef. read more here

     

    But that's not the end. The latest report from the trustees for Social Security was just released. According to them the disability trust fund will run out of money in 2023 - a mere 7 years from now! And the main Social Security fund isn't far behind. "The Trustees project that the combined trust funds will be depleted in 2034." You can read a summary of the report here.

     

    What to do about it? Well, I'll leave it up to you what you want to do with the politicians that control Social Security. Personally, if I had a financial planner who performed that poorly I'd fire him or her.

     

    Since that's hard to do, I'll focus on my personal finances. You should, too. One thing that makes retiring much easier is being out of debt. So if you still owe money on your house, car, credit cards or even student or personal loans make getting them paid a priority. When you retire you'll be glad you did.

     

    We just celebrated Independence Day. Besides some good BBQ, I can't think of a better way to celebrate than knowing I'm getting closer and closer to being free from debt!

     

    Keep on Stretching those Dollars!
    Gary


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