With No COLA Increase, Congress Should Pass Medicare Fix

AARP sent the following letter to Congress on Oct. 14. AARP has deep concern that for only the third time in over 40 years, there will be no Social Security cost-of-living adjustment for 2016. To make matters worse, as a result, 30 percent of Medicare beneficiaries will see their monthly Medicare Part B premium dramatically increase, and all Medicare beneficiaries will experience an increase in their Part B deductible. Congress should protect the 16.5 million Medicare beneficiaries — which includes new …

Feel Like You’re Paying More for Health Insurance? Blame Deductibles

Though workers have seen moderate increases in health insurance premiums in recent years, deductibles and the number of workers paying them have increased sharply, according to a new study by Kaiser Family Foundation. Five years ago, 70 percent of workers in an employer-sponsored plan paid a deductible, compared with 81 percent today, Kaiser found. Over that time, the average deductible has grown from $917 to $1,318 for single coverage. Together, this amounts to a 67 percent increase in deductibles in …

Reframing the Social Security Decision

When should you begin taking Social Security benefits? That was a question asked of AARP.org visitors and registered website users . Less than 19 percent selected age 70, though that’s exactly what I tell the vast majority of my clients to do. Most object to my recommendation until I frame the decision in a different way, which is that they can spend money now and still let it grow. Take this recent case, for example. Kate is 66 and is …

Celebrating Social Security’s 80th Anniversary

En español | On the morning of Aug. 14, 1935, Americans awoke in a country vastly different from the one we know today. The Great Depression had brought us to the point where, in the words of President Franklin D. Roosevelt, “one-third of the nation [was] ill-housed, ill-clad [and] ill-nourished.” Suffering the most were America’s elderly. Nearly half of our older population in 1935 lived in poverty! At approximately 3:30 on that August afternoon, President Roosevelt signed the Social Security …

2016 Social Security COLA? Don’t Bet on It

En español |  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 …

Two and a Half Inflation Myths

Inflation lately has been pretty tame. Still, the possibility that it could raise its ugly head again, eating away at our spending power and standard of living, is always in the back of our minds. That’s why it’s important to understand inflation to better protect ourselves from its potential impact. Knowing these myths about inflation is a good place to start. Myth one: Inflation is easy to predict. The U.S. Bureau of Labor Statistics (BLS) measures inflation and reports consumer …