News

Age doesn't matter for contributions to Roth IRAs. Regardless of your age, if you have earned wages you can contribute to a Roth IRA. While the contributions to a Roth will not lower your income for tax purposes, the money you put in will grow tax deferred without any required minimum distributions. And distributions from a Roth won't subject your Social Security benefits to taxation..The findings represent a significant one-year loss of 4 percentage points in buying power, with the loss increasing from 30% to 34% from January 2017 to January 201The loss occurred even though beneficiaries received a 2% annual cost-of-living adjustment for 201Housing and medical costs - particularly for home heating expenses and Medigap premiums - were among the most rapidly-rising costs over the past year. The study examines the growth, since 2000, in the price of goods and services that are typical for retired and disabled households, and compares that to the growth in Social Security benefits due to annual COLAs..Social Security recipients will get 2% cost-of-living adjustment effective January 201But despite it being the largest increase in five years, the news is being met with frustration from millions of retiree households who won't see any of the raise, primarily due to rising Medicare Part B costs..Since 2000, Social Security benefits have lost 23 percent of their purchasing power due to inaccurate inflation adjustments based on the CPI-W. This year, for instance, seniors would be receiving a 2.1 percent Social Security benefit increase if the COLA were based on the CPI-E. Instead, they are receiving a 0.3 percent COLA that is offset completely by increased Medicare Part B premiums..Cuts to Meals On Wheels Having "Devastating Impact".I can't find the remote..Retirees and disabled Social Security beneficiaries generally have different spending patterns than younger workers. Retirees spend less on gasoline, and a greater portion of their incomes on healthcare costs and housing. The lack of a COLA means that if other costs like prescription drugs increase, retirees have to dig deeper into their Social Security or savings..The number of people who rely on Social Security for 90% or more of their income is growing. In 1976 one in four Social Security recipients relied on Social Security for most of their income, today one in three do. "Those who do rely on Social Security for most, or all, of their income are living very close to the poverty level," Cates says. The average Social Security benefit in 2014 was only ,304 for the year. That's just 18% above the U.S. poverty level - ,670 for a household of one..Then, when I try to figure out why nothing got done today I'm really baffled because I know I was busy all day, and I'm really tired.