Looking into a crystal ball and prognosticating the future is always a risky endeavor, but when it comes to Social Security and the year 2023 there are 4 things that have a high probability of happening.
Cost of Living Increase
In 2022, Social Security recipients received a 5.9% cost-of-living adjustment (COLA)....
Since the beginning of 401(k) plans in 1978, people have considered it to be the quintessential retirement plan—you get to save money before taxes and in most cases, the company puts money into your account, too. What could be better than that? But now, 44 years later, it’s time...
An old chewing gum slogan used to be, “Double Your Pleasure, Double Your Fun.” Many retirees are being hit with a one-two punch that is neither pleasurable nor fun. First came the highest inflation in 40 years, eating away at their retirement income and reducing purchasing power. Now, many...
Alhambra's Bob Williams answers the question, "Do I lose half my Social Security in the Divorce?"
Here are some disturbing facts. Approximately 25% of American adults have nothing—ZERO—saved for retirement and only 36% are on track with retirement savings. Don’t be discouraged if you’re behind in saving; it’s never too late to begin. The question is, “What should I do and what savings goals should...
Alhambra's Bob Williams explains how a Health Savings Account can be a retirement planning tool as well as a financial planning tool.
It’s common knowledge that age 65 is when you enroll in Medicare. Failing to sign up at that time means that when you do enroll, you’ll be hit with late enrollment penalties that increase your Medicare premiums for the rest of your life.
But if you work past 65 and...
It’s almost time for the Social Security Administration to break out pencil and calculator to find out how much more it costs to live this year than it did last, and then decide how much of a raise Social Security beneficiaries will get in 2023. For 2022, the Social...
You’re planning for retirement. You’ve got visions of what you want it to be—the traveling you’ll do, taking up a hobby you’ve never had time for, volunteering with a charity that’s dear to your heart. You’ve got a comprehensive plan that accounts for retirement income, taxes, and even things...
You’ve been planning for retirement for a long time. By your calculations, the money you’ve accumulated should be more than enough to live the retirement lifestyle you’ve dreamed about no matter how long you live. You’ve taken into account taxes, inflation, healthcare, and the cost of all the things...