2016 Social Security COLA? Don’t Bet on It

Nearly 60 million Social Security recipients will probably not get a cost-of-living increase next year, according to projections in the 2015 Social Security and Medicare trustees reports. This would be the third time Social Security beneficiaries have gone without a cost-of-living adjustment (COLA) since 1975, when automatic raises were put into place. The COLA this year was 1.7 percent, making the average monthly check for retired workers $1,334 as of May. Increases in benefits are tied to the third-quarter average …

Social Security Outlook Improves, but Disability Needs Urgent Action

The financial health of Social Security has improved slightly in the past year, with the system expected to exhaust its reserves to pay benefits in 2034, a year later than previously projected, according to the 2015 Social Security Trustees Report, released July 22. At that time, if Congress has taken no action, Social Security will have enough payroll taxes coming in to cover 79 percent of promised benefits for another 56 years, the report said. The annual report forecasts the …

AARP Supports and Honors Veterans and Their Families

I’m proud to say that AARP’s efforts to understand and respond to the special needs of America’s veterans and their families have moved forward in leaps and bounds in recent years. Now, we are about to strengthen our commitment with an addition to AARP.org – a web page specifically designed to bring together all our efforts to make life easier and more affordable for veterans and their families. Already, we closely and continuously monitor the regulatory and legislative affairs affecting America’s …

Workers More Upbeat About Retirement Prospects

More than one-third of workers say they won’t retire until after age 65, about three times the number saying so in the early 1990s. Another 10 percent say they won’t ever quit working. That’s according to an annual survey released Tuesday by the Employee Benefit Research Institute. Back in 1991, when EBRI first conducted the survey, this idea of never retiring didn’t even come up, says Craig Copeland, a senior researcher at EBRI and coauthor of the study. That is one of …

You’ve Got Skills You Can Use in Retirement

Some people aspire to retire at 60, 62 or 66, reducing the amount of their Social Security payment by 20 percent. Others are in it for the long haul, planning to work to 70 and beyond. Indeed, 1 in 5 older adults plan to work after 66. Where will they work? Some companies have mandatory retirement at 70 — or earlier. Others may make exceptions for highly skilled employees. As you consider retirement, review ways you can be of added value …

There’s No Shame in the Senior Discounts Game

You can remove the girl out of the flirt, but not the flirt out of the woman. Thus, when an extremely attractive gentleman hovered near the department store counter and the sister ringing up my purchase announced all loud that there was a 15 percent discount for senior citizens, I demurred. I was buying a $25 lipstick and wasn’t about to blow my cover with cutie pie for a discount of less than five bucks. After a bunch of winking and …