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Social Security

2022 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2022. Current retirees will receive a cost-of-living increase, beginning in January 2022, of 5.9%, reflecting the increase in CPI-W between the 3rd quarter of 2020 and the 3rd quarter of 2021, the largest inflation adjustment in 40 years. In addition, the maximum amount of earnings…Read More

2021 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2021. Current retirees will receive a cost-of-living increase, beginning in January 2021, of 1.3%, reflecting the increase in CPI-W between the 3rd quarter of 2019 and the 3rd quarter of 2020.

2020 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2020. Current retirees will receive a cost-of-living increase, beginning in January 2020, of 1.6%, reflecting the increase in CPI-W between the 3rd quarter of 2018 and the 3rd quarter of 2019. In addition, the maximum amount of earnings subject to Social Security tax will increase in 2020…Read More

2019 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2019. Current retirees will receive a cost-of-living increase, beginning in January 2019, of 2.8%, reflecting the increase in CPI-W between the 3rd quarter of 2017 and the 3rd quarter of 2018. In addition, the maximum amount of earnings subject to Social Security tax will increase in 2019…Read More

2018 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2018. Current retirees will receive a cost-of-living increase, beginning in January 2018, of 2.0%, reflecting the increase in CPI-W between the 3rd quarter of 2016 and the 3rd quarter of 2017. In addition, the maximum amount of earnings subject to Social Security tax will increase…Read More

2017 Increases for Retirement Plans, Social Security

The Social Security Administration just announced benefit increases effective in 2017. Current retirees will receive a cost-of-living increase, beginning in January 2017, of 0.3%, reflecting the increase in CPI-W between the 3rd quarter of 2014 (which was higher than the 3rd quarter of 2015) and the 3rd quarter of 2016. In addition, the maximum amount…Read More

2016 Increases for Retirement plans, Social Security

The Social Security Administration just announced benefit increases, or lack thereof, effective in 2016. For the second time in the past six years, current retirees will not receive a cost-of-living increase in 2016, due to a decline in the CPI-W between the third quarter of 2014 and the third quarter of 2015. Since there will…Read More

2015 Increases for Retirement Plans, Social Security

The Social Security Administration recently announced benefit increases effective in 2014. Current retirees will receive a cost-of-living increase, beginning in January 2015, of 1.7%, reflecting the increase in CPI-W between the third quarter of 2013 and the third quarter of 2014. In addition, the maximum amount of earnings subject to Social Security tax will increase…Read More

Retirement income: the value of deferring Social Security

In this article we are going to focus on one specific issue under current Social Security rules: the relative utility of deferring the commencement of a participant’s Social Security benefit to age 70. (To be clear: we are talking about the deferral of the commencement of Social Security, not the deferral of retirement.) We discuss…Read More

Is age 70 the ‘new normal’ for retirement?

If you think about a retirement benefit as an in-kind benefit – e.g., every employee needs enough money to replace 70-80% of her preretirement income – then the cost of providing that benefit has doubled in the last 13 years. Why? Because interest rates have declined by more than 400 basis points since 2000. The…Read More