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Social Security Benefits: Several Vital Information On COLA

For the 2nd year in a row people who depend on Social Security will not be receiving a cost of living increase. This is only the 2nd time since the cost of living adjustment (COLA) was adopted that recipients haven't received an increase.

The reason Social Security benefits will not be revised in 2011 is that inflation was too low. The whole premise behind the COLA is that benefits are adjusted for inflation so recipients could keep up with increasing prices. If there is no inflation, there's no need for cost of living increase. The most recent inflation numbers published by the Labor Department shows that prices are lesser than they were in 2009, the last time Social Security benefits were increased.

The COLA in 2009 was the biggest seen in 27 years at 5.8 percent. The raise in 2009 was very large because of gas prices that sky-rocketed in the summer of 2008. When gas prices fell, so did the in general inflation rate. While the government can't decrease Social Security benefits if there's deflation (when prices are reducing), they could choose to not give a COLA raise, which has been the situation for 2010 and looks to be the case for 2011.

Possible Incentive Payment to Aid Seniors Who Rely on Social Security Benefits

To help Seniors who rely on their Social Security benefits to help with living costs, Congress will be voting on a $250 extra payment for Social Security recipients to aid make up for the fact that Social Security benefits will remain unchanged for second year in a row. An update would be provided once the bill has been voted on.

No Social Security COLA Means No Increase in Medicare B Premiums

One silver lining to no cost of living increase is that Medicare Part B premiums wont go up for existing enrollees. A little percentage of Medicare Part B participants will pay increased fees, including people who have Medicare Part B but who are not yet collecting Social Security benefits, people who are considered "high income" and people who're just now enrolling in Part B. However, a "hold-harmless" provision protects existing participants from rate increases if their Social Security benefits don't raise, therefore no cost of living increase for Social Security recipients also means no Medicare Part B premium increase either.

New Regulations Imply Much More People Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.

Social Security Benefits: A Useful Discussion On Terms To Obtain The Benefit And Ways To Get After A Family Member's Death
The loss of a family member can be devastating, both emotionally and financially. Social Security is meant to be a survivor program as well as a retirement program. Most people are aware of Social Security retirement benefits, but are you aware that there are Social Security death benefits as well?

How Are Social Security Benefits Calculated? Some Facts & Aspects Having Effect On The Benefits
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Social Security Widow Benefits - What Occurs To Your Social Security Benefits When One Spouse Dies
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.

Ways To Take Full Advantage Of The Social Security Spousal Benefit
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:

Retirement Savings Become Much More Significant As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.

Social Security Benefits: Guidelines To Help You Make The Most Of Your Social Security Retirement Benefits
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:

Three Ways A Financial Planner Can Help You Attain Your Own Financial Goals And Objectives
Many people wonder exactly what a financial planner does, and how they can help you. Here are just three ways a financial planner can help you achieve your financial dreams and goals.

Learn How One Can Apply For Social Security
If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.

Three Reasons To Use A Fee Only Financial Planner
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.

On The Subject Of Social Security Disability: What You Must Understand Prior To Filing For Handicap Benefits
Most people think of retirement when they hear Social Security, however Social Security provides benefits to people who are disabled as well. The list of requirements that must be met for Social Security disability benefits is pretty long, and many people don't meet those requirements.