Ricardo Alonso-zaldivar, Associated Press Updated 8:40 am PDT, Thursday, October 11, 2018 FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. Tens of millions of Social Security beneficiaries and other retirees can expect an increase in benefits next year as inflation edges higher. The government announced a cost-of-living adjustment of 2.8 percent on Thursday. That would mean an extra $39 a month for the average retired worker. less FILE - In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia. Tens of millions of Social ... more Photo: Bradley C Bower, AP Photo: Bradley C Bower, AP Image … [Read more...] about Social Security checks will grow in 2019 as inflation rises
Can you get disability and social security
Ricardo Alonso-Zaldivar Associated Press Published 8:57 AM EDT Oct 11, 2018 Washington – Tens of millions of Social Security recipients and other retirees will get a 2.8 percent increase in benefits next year as inflation edges higher. For the average retired worker, it amounts to $39 a month. After a period of low inflation, the increase for 2019 is the highest in 7 years. The cost-of-living adjustment, or COLA, affects household budgets for about one in five Americans, including Social Security beneficiaries, disabled veterans and federal retirees. That’s about 70 million people, enough to send ripples through the economy. Automatic inflation protection has been a standard feature of Social Security since 1975. Social Security recipients also gain from compounding because COLAs becomes part of their underlying benefit, the base for future COLA increases. Nonetheless many retirees and their advocates say the Social Security COLA is too meager and doesn’t … [Read more...] about Uptick in Social Security checks for 2019 as inflation rises
Jul 05, 1:11 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury National By Sean Williams 07/05/18 AT 11:54 AM For nearly eight decades -- it began payouts in 1940 -- Social Security has been a financial rock for a number of retired workers. Today, it's a program that more than 60% of all aged beneficiaries rely on to provide at least half of their retirement income. And, looking forward, Gallup's April 2018 survey suggests it's a program that 84% of non-retirees will need in some capacity to make ends meet during retirement. This article originally appeared in The Motley Fool. But for as great as Social Security has been for retired workers, the disabled, and survivors of deceased workers, the nation's most important social program is about to hit its biggest speed bump in history.Say Goodbye To $700 Billion In Asset Reserves Over The Next DecadeThe newly released annual report from the Social Security Board of Trustees … [Read more...] about $700 Billion Will Disappear From Social Security’s Coffers Over The Next Decade
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Michelle Singletary Washington Post June 08, 2018 WASHINGTON — Social Security and retirement go together like peanut butter and jelly — many people just can’t have one without the other.Yet when it comes to Social Security, there is a mountain of anxiety about how it factors into retirement plans, especially for the millions of people who depend on it as their only source of income.Politically, Social Security is often vilified as an entitlement program that costs taxpayers too much. And there’s concern that it’s in danger of running out of money. Advertisement Let’s take a look at that last point. Social Security does have some big funding issues, according to the just-released annual trustees report. Over the program’s 83-year history, Social Security has collected about $20.9 trillion and paid out $18 trillion. … [Read more...] about Worried about cuts to Social Security?
Dear Liz: I established a Coverdell Education Savings Account for my son about 20 years ago. My son has since graduated, and there is still about $12,000 left in that account. He has worked a few years and now is going to graduate school while still being employed. His employer will do education reimbursement.How should we withdraw the funds to qualify for the education expense deduction come tax time?Answer: Congress recently eliminated the tuition and fees deduction, but the American Opportunity Tax Credit and the Lifetime Learning Credit remain for 2018. For you to claim an education credit, however, your son would have to be your dependent. If your son is working full time, he’s probably not a dependent. He may be able to take a credit, but only for qualified education expenses that aren’t reimbursed by his employer or paid by a Coverdell distribution. Taxpayers aren’t allowed to double-dip — or potentially, in this case, triple-dip — on education tax … [Read more...] about If your job reimburses you for education costs, can you still get a tax deduction?