Podcasts about cost of living adjustment

Play Episode Listen Later Dec 30, 2022 8:15

During the Carter Presidency, we were introduced to a new economic term: COLA, the Cost Of Living Adjustment.

Why Inflation May Last Much Longer

Play Episode Listen Later Dec 29, 2022 8:15

During the Carter Presidency, we were introduced to a new economic term: COLA, the Cost Of Living Adjustment.

Why Inflation May Last Much Longer

Play Episode Listen Later Dec 29, 2022 8:15

During the Carter Presidency, we were introduced to a new economic term: COLA, the Cost Of Living Adjustment.

Why Inflation May Last Much Longer

Play Episode Listen Later Dec 29, 2022 8:15

During the Carter Presidency, we were introduced to a new economic term: COLA, the Cost Of Living Adjustment.

Federal Employee Financial Planning Podcast

Episode 26: C-O-L-A Cost of Living Adjustment

Play Episode Listen Later Dec 26, 2022 28:25

Cost of living adjustment (COLA) is an increase in pay that is related to some measure of economic activity, keeping up with the cost of living. This is often applied to wages, salaries, and/or benefits. In this episode, Michael, Tommy, and John will be discussing the cost of living adjustment for 2023, as well as what this means for your finances and your long-term financial plans. Access the full show notes at Mason & Associates, LLC

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When Should I Collect My Social Security Survivor Benefit and Other Listener Questions, #127

Retire With Ryan

Play Episode Listen Later Dec 14, 2022 11:11

Many listeners have submitted questions for the podcast. On this week's episode, I'm going to answer a few! We'll dive into the logistics of collecting Social Security survivor benefits and the best ways to maximize your benefits in the event of a spouse's passing. I'll also discuss how to change financial advisors without selling funds and the benefits of tax-loss harvesting. You will want to hear this episode if you are interested in... Collecting Social Security survivor benefits [1:07] Switching to a different financial planner without having to sell funds [4:42] More on tax-loss harvesting and Roth conversions [6:54] Navigating the unexpected The unexpected passing of a spouse is heartbreaking. If you haven't reached full retirement age yet, knowing what to do with your Social Security benefits can ease the financial burden during such a difficult time. First, it's important to know that any benefits (whether you're collecting them or not) will receive cost of living adjustments. Next year, that will be an adjustment of 8.7%. There may be an urge to immediately start collecting your own Social Security benefits to account for the loss of income. This is definitely an option, but if you collect your benefits early, there's a limit to how much you can earn before your full retirement age. If you wait until full retirement age to collect your own benefit, you'll receive an additional 8% increase per year for doing so. Another option would be to collect your late spouse's Social Security survivor benefit. Let's just say your Social Security survivor benefit was $1,500 a month, and you were going to earn under $56,520 that year. You could receive the whole benefit without any reduction. Even if you haven't reached full retirement age! This is because of a special provision in place for Social Security survivor benefits. Changing it up It's been a trying year for the stock and bond market. Many investors are underwhelmed with the results. However, if you feel like your financial advisor could have handled 2022 better, you may be in the market for a new one. Therefore you may be asking yourself (like one of our listeners), “Can I switch to a different financial planner without having to sell the funds and take a big loss?” The answer is YES! You can make the change without having to sell your funds. Most financial planners use a custodian like TD Ameritrade Institutional, Fidelity, Charles Schwab, or other broker-dealers. Most firms will allow you to change companies without selling your funds because they use the Automated Customer Account Transfer Service (ACATS) to make those transfers. Once you have an idea about who you'd like to hire as your new financial planner, you need to check with them to find out where they plan to hold your money. Give them your account statement and show them the funds that you have. You shouldn't have any issues if it's a traditional mutual fund. This may also be a good time to assess what you're investing in. You want to look at the performance of your funds versus the different benchmarks. If it's a large-cap fund, you want to compare how it's doing against other large-cap funds. Same thing for smaller cap funds. You also want to understand the ongoing costs to manage active funds and evaluate if the investment is worth it. Resources Mentioned Social Security And Medicare 2023 Cost Of Living Adjustment, #120 How To Lower Your Income Taxes With Tax-Loss Harvesting, #117 Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact

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Ep 18 Interest Rates, Holiday Spending & Mud Wrestling

Retirement Evolved With Adam Bruno

Play Episode Listen Later Nov 10, 2022 25:45

This week Adam talks about the interest rate hikes and one of the places we most often forget to think about them. Despite everything that's going on with inflation and other economic issues, Adam talks about surprising predictions for holiday spending. Also, how high a social security payment could you get with the new Cost Of Living Adjustment coming next year? Plus, somehow mud wrestling gets worked in to the podcast as well! Make sure you listen to find out what that's all about. The Retirement Evolved Podcast with Adam Bruno covers anything, and everything so don't miss an episode. Join us every week as personal wealth manager and certified fiduciary Adam Bruno talks retirement planning, 401k's, social security, investing and more.See omnystudio.com/listener for privacy information.

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Social Security and Medicare 2023 Cost Of Living Adjustment, #120

Retire With Ryan

Play Episode Listen Later Oct 26, 2022 13:35

There's a new cost of living adjustment for both Social Security benefits and Medicare! But what does it mean? And how will these changes impact your retirement? On this week's episode, I'm going to address the recent announcement from Social Security regarding the 2023 cost of living adjustment and answer a listener's question on signing up for Medicare while using COBRA insurance. You will want to hear this episode if you are interested in... How Social Security cost of living adjustments are determined [1:22] Cost of living adjustments for Medicare [3:42] What is the Social Security Wage Base Cap? [6:34] COBRA or Medicare: What should you choose? [8:48] Understanding cost of living adjustments for Social Security benefits Every year, the Social Security Administration (SSA) performs a cost of living adjustment (COLA) for Social Security benefits. The SSA uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW) to determine the adjustment. They take the average of the indexes for July, August, and September, and then subtract the average for the same period from the previous year. That is how the recently announced 8.7% increase in Social Security benefits was formulated. Thankfully, you don't have to wait to get your statements to find out how this impacts your benefits. Simply go to SSA.gov and log in or create an account to view the changes. Additionally, if you are not yet collecting Social Security benefits, the COLA will not show up directly on your statements. Rather, when your Social Security benefit is calculated annually, it will be increased by the cost of living adjustment so that when you actually claim your benefit, they will be adjusted for this increase. If you're still planning to delay your benefit, then any future cost of living adjustments will increase the amount you could receive. How cost of living adjustments impact Medicare Aside from Social Security benefits, Medicare beneficiaries also received a cost of living adjustment. The base premium for Medicare Part B actually decreased to $164.90 from last year's $170.10. Usually, when we have inflation, there's an increase in Social Security benefits, but the cost of Medicare goes up as well. This Medicare decrease is a welcome relief for retirees struggling to keep up with the current rate of inflation. Another facet of this Medicare announcement is a change to the income-related monthly adjustment amount (IRMA). This is the additional amount you may have to pay on top of the standard Medicare Part B premium if your income exceeds a certain level. For this year, single filers will have to pay the surcharge if their income is over $97,000 (up from $91,00), and joint filers will have extra fees with an income over $194,000 (up from$182,00). They also announced that the maximum amount for this surcharge is $395.60 per month per person for Medicare Part B. Listen to this episode for more on the Social Security and Medicare cost of living adjustments! Resources Mentioned Retire With Ryan Podcast 2022 Listener Survey SSA Press Release on Cost of Living Adjustment Avoid Overpaying For Medicare In 2021 And Beyond, #31 Connect With Morrissey Wealth Management www.MorrisseyWealthManagement.com/contact

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Steve Hayes, What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits

The Steve Gruber Show

Play Episode Listen Later Oct 24, 2022 8:30

Steve Hayes is a Tax Attorney & Chairman, FairTax.org. What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits

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Large cost of living adjustment for Social Security announced

Spidell's Federal Tax Minute

Play Episode Listen Later Oct 21, 2022 4:31

This week we're covering the recent cost of living adjustment for Social Security benefits, how this may affect the taxability of these benefits, and some tax planning strategies.

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#045 - Will the 8.7% 2023 Social Security Cost of Living Adjustment apply to me?

Retirement Planning Education, with Andy Panko

Play Episode Listen Later Oct 20, 2022 33:48

Summary of Social Security Cost of Living Adjustments (or "COLAs") and whether the recently announced 2023 COLA of 8.7% will apply to you (spoiler alert...it doesn't apply to everyone!)Links in this episode:Monthly Consumer Price Index ("CPI") values from the Bureau of Labor Statistics - hereYouTube video - Calculating Your Social Security Primary Insurance AmountYouTube video - Introduction to Social SecurityYouTube video - When to Start Social SecurityFacebook group - Taxes in RetirementYouTube channel - Retirement Planning DemystifiedNewsletter - Retirement Planning Insights

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Red hot inflation, a major cost of living adjustment, and incredible deals on cruises.

Best of Simply Money

Play Episode Listen Later Oct 14, 2022 38:39

The new inflation report caused wild swings on Wall Street. Amy and Steve explain the impact for long-term investors. Plus, why you'll want to get a jump on holiday shopping, and details on some amazing deals on cruises.

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"Crisis is a strong word;" but county's finances need a careful eye

KZYX News

Play Episode Listen Later Aug 11, 2022 6:55

August 10, 2022 — The new fiscal year is off to a rocky start, with miscommunication about the health plan deficit, uncertainty about federal disaster reimbursements, and the county's main labor union filing a complaint with the state in the midst of contract negotiations. Last week, the Board of Supervisors agreed to ask the state controller for help with its books after Supervisor Ted Williams declared that the county was in a financial crisis. Chamise Cubbison, the newly elected Treasurer-Tax Collector/Auditor-Controller, wrote a letter to the board saying the discussion was full of misinformation, while retired Treasurer-Tax Collector Shari Schapmire said the county is “absolutely not” in a financial crisis. CEO Darcie Antle said crisis is a strong word to describe the county's financial situation, but there are areas of concern, including close to $70 million in long term debt service and rising interest rates as the county contemplates refinancing bonds to fund the new jail. Eleven million dollars in disaster reimbursements from FEMA is still outstanding. And Antle described the confluence of events that led up to the sudden news about last year's $3.6 million shortfall in the county health plan. She recalled that just before COVID, and the high-dollar claims that followed, the county had a robust reserve in the health plan. “The prior Auditor-Controller came forward in 16/17 and stated that our reserve for the health plan, the fund balance, was too high,” she recalled; “and that the State Controller was concerned about that, and recommended that we spend down that amount of money. I think we spent down roughly $6 million through a health holiday. That occurred in 17/18 and 18/19. In the quarter of October through December of each respective year, employees and the county did not pay the premium for those months. So those were health holidays, which equated to about a $6 million spend-down. In December of 2019, who would imagine we would be going into COVID…claims increased, acuities increased, over the last three years.” In August of last year, Antle met with former Auditor-Controller Lloyd Weer to discuss a $1.1 million deficit in the health plan. She stated that in 2021, “that information was reported to the Board, a couple of times…At that time, the team, the HR team, and the Executive Office, did ask for an increase in the health plan, and that increase went into effect January 1 of 2022 at a 12% increase,” which Antle says was well within the amount allowed by the county's contracts with its labor unions. There was a delay in reporting the additional $2.5 million deficit to the board, and Antle said her team did report the inaccurate number. She said the $1.1 million deficit was on a cash basis, “which can be seen by any department running a month to actual report. That is what was obtained by the Executive Office, the HR office, and what was clearly understood by our outside actuary. The $2.5 million, which is the number that was missing from the original $3.6 million, that was on an accrual basis on the balance sheet, and the balance sheet is balanced once per year by the outside auditors. The balance sheet for 2021, because of the delay in the outside audit, was not completed and submitted to the auditor (because they complete and submit to the auditor), until the end of June, early July, of 2022. So we can clearly see that from the financial statement now. But that wasn't what was reported. And again, the team reported twice, publicly, a $1.1 (million deficit). Nothing was brought forward to clarify those statements. So is this misdoing on anyone's part, or is this part of a transition? We had our Auditor-Controller retire. Our Treasurer-Tax Collector retired. We have a new person stepping into a dual role that had never been filled here before. I'm stepping into my new role as well. So I think everybody needs to continue to work together, and come together as a tem, and make sure that there is transparency and communication to the Board, and to the public.” The county is currently in negotiations with its labor unions, which also want more budget information. Last month, SEIU Local 1021 filed a complaint with the Public Employees Relations Board (PERB) about lengthy delays in fulfilling requests for detailed information, which Deputy CEO Cherie Johnson said she's working to supply. The county has until August 18 to respond to PERB about the complaint, and is likely to face a number of deadlines to produce the rest of the information to the union negotiators. The union is asking for a 5% Cost Of Living Adjustment, or COLA, and Antle said she is asking for a one-year pause on that part of the negotiation. “We really want to assess the financial stability of the county at this time,” she said. “Coming out of COVID, not receiving all our reimbursement from FEMA, going into a possible economic downturn. We really just want to understand the fiscal position. We are just asking for a one-year pause on the COLA…over the last three years, all bargaining units have received a 3% COLA each year…in that three-year period, they were also receiving classification study surveys to bring most if not all positions into market. So there were additional increases during that time.” She hopes next year's budget process will involve more collaboration, and more regular reports. “I would like to see the Auditor-Controller's office, the Executive Office fiscal team, come together with the budget ad hoc on a regular basis,” she reflected. “Again, communication is both ways, so we need everybody to come to the table.”

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Pay Raise, COLA, TSP troubles and the G-fund

Play Episode Listen Later Jun 29, 2022 53:33 Very Popular

If you are working, retired, building a nest egg or living off one, these are tough emotional times. If you want good news, you've learned to avoid the financial news or stock market reports. Also national news, international news and, if you are a baseball fan in certain cities like Washington, D.C., you avoid the sporting news, too. Hopefully you have a good cable package and a personality that lets you sort and live with the good news vs. the not-so-good-news. Which is the purpose of today's Your Turn radio show: It's a double-header on the good, the bad and the ugly. We are going to try to cover the waterfront. First up, financial advisor Arthur Stein will talk about the future course of your TSP account, and the pros and cons of investing heavily in the never-has-a-bad-day G fund. Many consider it the “safest” investment. But that begs the question: How do you define “safe” when building a retirement nest egg? Federal News Network reporter Drew Friedman will talk about the very latest on the federal pay raise. Then we'll get into the prospects for a large retiree COLA. Last, but definitely not least, the issues TSP investors are having with the new system.

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Social Security: On life support?

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Play Episode Listen Later Jun 15, 2022 53:33 Very Popular

When Social Security was launched in 1935, the average life expectancy for men was 59.9 years and 63.9 for women. Full benefits started at 65, so do the math! It sounded almost like a safe, government-guaranteed Ponzi Scheme, minus the scheme part. But times have changed. The bad news, from an actuarial basis, is that we are living longer. A lot longer. A growing number of people are and will spend more time in retirement, getting Social Security, than they did working and paying into it. Again, do the math! Optimists predict Congress will fix it. Maybe make millionaires pay Social Security taxes on all of their income. Maybe raise them for everybody. Others, including many young people, say it's too late, or soon will be. That there won't be anything for them 99 years after the program began. For an update on the fate of your Social Security, we invited Tammy Flanagan to be on today's Your Turn radio show.

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City OKs cost of living adjustment for city employees

Wilson County News

Play Episode Listen Later May 31, 2022 2:22

[Video below] Floresville city employees will be getting a 5-percent cost of living adjustment (COLA), effective June 1. The city council approved the pay increase May 26, following a request by Floresville City Manager Andy Joslin. “I am requesting a 5-percent COLA due to the high rate of inflation,” he said, and also requested that the pay adjustment go into effect immediately for the last nine pay periods of the current fiscal year. While emphasizing that the pay increase was not to be construed as a bonus, he added, “The pay bump will help us stay competitive [in hiring] and...Article Link

An idea to change how cost of living adjustments are calculated for federal retirees is introduced in Congress

Federal Newscast

Play Episode Listen Later May 17, 2022 8:23 Transcription Available

In today's Federal Newscast, House lawmakers want to change how cost-of-living adjustments, or COLAs, are calculated for many federal retirees.

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The ‘Phantom' COLA and other retirement mysteries

Your Medicare Community - MedicareFAQ

Play Episode Listen Later Jan 26, 2022 54:52

The good news about the federal retirement programs — FERS or CSRS — is that they have many moving parts. The downside is you need to do some homework — preferably starting from day one on the payroll — to get the most out of your service. Both in starting annuity and maximum annuity. Again, not rocket science, but also not a walk in the park. Not something you can delay (if you want to get the most) by waiting until the gang at the office is planning your final work sendoff. So what to do? A good start is right here. We talk with lots of experts (including current and former feds) to find the best deal or deals for you. Like benefits expert Tammy Flanagan. When her husband retired in 2015, they moved to Florida and Tammy started her own consulting business to help active and retired federal employees called Retire Federal. He's a retired LEO (law enforcement officer). She knows the retirement pathway and is a full-time consultant for feds planning to retire. Or those who've pulled the plug but still need help.

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Social Security Cost Of Living Adjustment and New Medicare Prices

Play Episode Listen Later Dec 4, 2021 2:20 Transcription Available

Are you a Medicare beneficiary receiving Social Security benefits? Stay tuned to find out how the 2022 year will affect your cost!In 2022, Social Security recipients will get an annual Cost-Of-Living Adjustment (COLA) of up to 5.9% – the largest increase since 1982. The COLA spike will boost retirees' monthly payments by up to $92 in 2022.This Social Security increase is the first to have matched rising costs more closely. Yet, with the increase in inflation, Medicare's cost has gone up as well. This brings us to the cost breakdown for 2022. The Medicare Part A deductible increases to $1,556 for each benefit period. The standard Medicare Part B premium is now $170.10. Premiums for higher-income individuals are subject to increase. The new Part B deductible is $233, which is a $30 increase from 2021.The good news is that in 2022, the average Social Security recipient will be better off for 2022.Thank you so much for watching! We hope you find this video helpful.Please subscribe to our YouTube channel: https://www.youtube.com/medicarefaqTurn on notifications so you'll know as soon as we upload a new video!Join our Facebook Community Group: https://www.facebook.com/groups/medicarefaq

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COVID-19 Funeral assistance program/2022 U.S Cost of Living Adjustment

THE SOCIAL WORK RANTS PODCAST

Play Episode Listen Later Nov 19, 2021 20:31

The host provides listeners education on the United States Covid-19 Funeral Assistance Program. Those who lost loved ones during the pandemic in 2020 can be eligible for funeral reimbursement. The host provides the eligibility requirements. In 2022, in America, those who have SSI, SSD, SSA, Social Security death benefits are scheduled to receive a 5.9% increase in monthly benefits. For those who work in case management, who help clients apply for Food stamps and Medicaid, this is important information. Those who have Medicare however may have an increase in Medicare premiums.

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On the Money: 2022 Social Security Cost of Living Adjustment (November 14, 2021)

On the Money

Play Episode Listen Later Nov 14, 2021 25:03

www.danwhiteandassociates.com | info@danwhiteandassociates.com On the Money: 2022 Social Security Cost of Living Adjustment (November 14, 2021) Dan White's Radio Show: On The Money Dan White keeps listeners in the Philadelphia and Delaware Region up-to-date with the most pressing financial issues. With over 33 years of professional financial planning experience, Dan has a talent of explaining the complex issues in his weekly show. Dan White is a Financial Specialist in the tri-state area who focuses his practice on income and transitional planning. As a highly regarded professional in the industry, Dan has been published both nationally and locally. Nationally, you can find him in Fox Business News, Forbes, CNN Money, U.S. News & World Report, Market Watch from Dow Jones, Wall Street Journal, Philadelphia Business Journal, The Delaware County Daily Times, and The Philadelphia Inquirer. Locally, he is known as an expert financial contributor in Kennett Square Neighbor, Garnet Valley Living, West Chester Living, Chadds Ford Neighbors, and East Braford Neighbors Magazines. In addition, Dan hosts a weekly radio show on WDEL (101.7 FM / 1150 AM) every Sunday morning at 7am called “On the Money”. He can also be heard on the WDEL Rick Jensen show, on Wednesday afternoons, with the “Dan White Retirement Tip of the Day”. Dan was born and raised in Delaware County, only separating during his college years at State College. Dan and his wife Cindy have been married over 30 years. They have four children; Jessica, Justin, Dylan, and Zachary. Dan is an active member of his church, and a very passionate sports fan! In his spare time, you can find him at a Phillies Baseball Game or Penn State University cheering on the Nittany Lions. Dan and his family also enjoy spending their summers at their beach house in Ocean City, New Jersey. Daniel A. White & Associates, LLC 51 Woodland Drive, Glen Mills, PA 19342 (610) 358-8942 www.danwhiteandassociates.com

Social Security: 5.9% Cost of Living Adjustment

Mullooly Asset Management

Play Episode Listen Later Oct 28, 2021 21:28

In this week's podcast, Brendan and Casey discuss the 5.9% cost of living adjustment (COLA) to Social Security checks starting in 2022. They breakdown how the COLA is calculated, how these adjustment are built into financial plans and so much more. Social Security is something that affects everyone. Whether you are a taxpayer or someone […]

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4.9% COLA and 2.7% pay raise: What's not to like?

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Play Episode Listen Later Oct 27, 2021 55:15

With a 4.9% cost of living adjustment (COLA) set for Federal Employees Retirement System (FERS) retirees, and a 2.7% pay raise on track for January, many working feds and retirees have got to be breathing a sigh of relief. This is a real take-it-to-the-bank silver lining during a time of worldwide pandemic when so much has changed. It will make trips to the store and gas station less painful. The problem, as always, for working folks and retirees is what's next? There are also lots of things to consider, including picking the best health plan for you and yours to get you through 2022. So I called in the cavalry in the form of Tammy Flanagan. She's a well-known, popular federal benefits expert. And she is our a guest on our Your Turn. Tammy was a fed for many years and now does consulting with feds and retirees.

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The Largest Social Security Increase in Four Decades: What You Need To Know

Active Wealth Show

Play Episode Listen Later Oct 19, 2021 47:44

https://vimeo.com/636243751 Transcript Producer: [00:00:00] Registered investment advisors and investment adviser representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interest of our clients and to make full disclosure of any conflicts of interest, if any exist. Please refer to our firm brochure. The ADV [...]

Social Security Benefits On the Rise

Simply Financial - Exvadio Network

Play Episode Listen Later Oct 19, 2021 6:29

Due to Inflation, Social security benefit checks are increasing 5.9% based on the cost of living adjustment (COLA) set by the Social Security Administration. This is the biggest annual Increase we've seen since 1982.

Social Security Benefits On the Rise

Simply Financial with Christopher Calandra

Play Episode Listen Later Oct 19, 2021 6:29

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Social Security cost-of-living adjustment largest in decades, as inflation jumps

Steve and Ted in the Morning

Play Episode Listen Later Oct 14, 2021 22:12

A live appearance with Fox News Radio's Jeff Monosso from Chicago See omnystudio.com/listener for privacy information.

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How important is the COLA calculation

Cover Your Assets Podcast with Billy Gwaltney

Play Episode Listen Later Oct 6, 2021 6:48

Many young physicians wonder if the Cost Of Living Adjustment is an important insurance rider. They want to know how a COLA works and how it's calculated. By earning interest, a COLA ensures that disability payments keep pace with inflation. But not all COLAs are the same, and you may not even need one. Listen now to discover everything you need to know about COLAs! Show Highlights Include: How a COLA insulates your disability payments from changes in the economy (1:21) You aren't required to have a COLA — but without one, inflation will eat away at your benefit payments (1:55) The major benefit of a compound-growth COLA over a flat 3% option (2:36) How to get a COLA that compounds at up to 6% interest — and why that's not always the best choice (3:13) Does the COLA calculation matter? (4:43) To ask questions on insurance coverage or to get a quote, please don't hesitate to call us anytime at 704-270-2376, and I'd be glad to discuss your specific situation with you.

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FERS + COVID = retirement tsunami?

Only in Seattle - Real Estate Unplugged

Play Episode Listen Later Sep 22, 2021 58:33

Have your career plans changed some, a lot or completely since the COVID pandemic? Has the retirement tsunami, first predicted in the 1990s, actually started? What if another recession is just around the corner? Lots of work-related questions for lots of people. If ordered to return to the office full or even part time, will you do it or retire? Many surveys show that up to 40% of people who have been working from home don't want to come back to the office. Ever! The same studies show many people can't wait to get back to the office, to interact with coworkers and work with the discipline of the office. Lots of questions — and we may have some or all of the answers. That's because my guest today on Your Turn is benefits expert Tammy Flanagan. She is going to talk about the impact of a big COLA in 2022, the likely federal pay raise and what retirees who are 65-plus should be doing to prep for the federal health insurance open season. It begins Nov. 8 and will run through Dec. 13. The good news is that all of the plans are good-to-excellent. And people can change every year regardless of health, preexisting conditions, age, etc.

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#633 - Inflation could prompt largest Social Security cost-of-living adjustment in decades

Play Episode Listen Later Jul 23, 2021 23:54

The Social Security cost-of-living adjustment for 2022 could be 6.1% due to inflation, according to a new estimate.That would be the biggest increase since 1983, according to non-partisan advocacy group The Senior Citizens League, which calculated the figure. It's also a bump up from last month's estimate, when the increase for next year was expected to be 5.3%.The new estimate comes as the Consumer Price Index in June increased 5.4% from a year earlier, the largest gain since August 2008. Higher food and energy prices were among the culprits that helped push the inflation measure higher.Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.Support the show (https://buymeacoff.ee/seattlepodcast)

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Holy Etiquette: Cost of Living Adjustment

Bridge of Life Church Assembly of God

Play Episode Listen Later May 30, 2021 45:38

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Episode 41 Inflation

Money Pilot Financial Advisor Podcast

Play Episode Listen Later Apr 13, 2021 12:46 Transcription Available

Inflation makes things you buy cost more. That dollar buys you less than it did before. Of course, if your income grows as fast as inflation, you won’t feel the pinch. Our active duty military and federal employees get yearly adjustments to your pay based on the Consumer Price Index (CPI) which is one way of measuring inflation. This really helps the buying power of your paycheck keep up with rising prices or inflation. However, most of our other listeners don’t receive automatic boosts to their pay check. Eventually pay often catches up, but you’ll feel that lag where your pay doesn’t buy what it used to. Inflation can hit retirees especially hard. Traditional pensions from companies are often set when you retire, and remain the same amount the rest of your life. If you enjoy a long life, that set monthly payment will cover less and less of your daily needs as time goes on. When military retire from active duty you continue to get yearly Cost of Living Adjustments (COLA). This is HUGE because most military retire in your 40s and 50s and odds are you will live another 40 years or more. You CSRS federal employees will also get yearly automatic COLA . Unfortunately, FERS employees get what I call diet-COLA. With diet COLA you get a full COLA for inflation up to 2%. When inflation for the year is between 2 and 3%, you COLA is fixed at lower 2%. For years where inflation is 3% or higher you receive the CPI minus 1%. So if inflation is 3.5% your COLA would be 2.5% that year. This isn’t horrible, but you will see a gradual erosion of your retirement pay buying power over time. So what to do? Try to continue to increase you pay faster than inflation while you are still working. If you are covered under a pension, this will help you receive a higher pension when you retire. Higher pay will give you more opportunity to save and invest for retirement. Also invest your long-term savings in a way that will grow faster than inflation, increasing you future buying power. The G Fund which is an investment option available to military and federal employees in their Thrift Savings Plan, which is like a workplace 401k. The G fund is guaranteed not to lose money and is considered the “safest” place to invest your TSP dollars. Your 401k plan may have a similar short-term government bond option. But calling them safe doesn’t really tell the whole story. You won’t lose money, but it is not guaranteed to keep up with inflation And the power of those savings may not keep up with rising costs of what retirees spend on, especially healthcare and medicine. Taking some calculated risk in hopes of being rewarded with more growth over time can help. That means investing at least some of you retirement funds in stocks and/or bonds issued by companies. These investments are more risky. Their value swings much higher, and lower than those “safe” investments. If you have to cash out when the market is down , you can lose money. But saving money in a well-diversified selection of investments can help smooth the roller coaster a little and in the long run has a higher probably of beating inflation and maintaining your buying power down the road. Alright at the beginning of the podcast I mentioned that inflation can be both good and bad. If you have a long term loan, like a mortgage and there s inflation, the dollars you pay the loan back with in later years are worth less than the dollar in you pocket now. Your lender feels the inflation pinch instead of you. This can be a double benefit of refinancing your mortgage when interest rates are very low, like they are right now. Inflation is also very low right now. But with a fixed rate mortgage, the interest rate you pay on the loan will stay that low rate. But inflation is not fixed. If inflation raises during the life of your loan, which could be decades, you will be paying it back with cheaper dollars.

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Avoiding retirements seven deadly sins

Play Episode Listen Later Oct 21, 2020 46:45

People under the Civil Service Retirement System (CSRS) program will get larger annuities and full cost of living adjustments (COLAs) to keep pace with inflation. But the majority who will this year and in the future are under the Federal Employees Retirement System (FERS). They will have to live with smaller monthly annuities, diet COLAs, and depend on their Social Security and TSP investments for their retirement income. Long range planning isn’t just important, it is absolutely essential. Federal benefits expert Tammy Flanagan thinks this upcoming December-January may produce the tidal wave of retirements experts have incorrectly predicted for decades. But maybe this time it will happen. But whether you are going out this year, next summer or departure day is years away, plan ahead. Starting yesterday. But beginning now is better than nothing. A lot better. Tammy will be my guest today on our Your Turn. She is going to cover the waterfront and focus on the 7 things you should NOT do when mapping out your retirement. Her list is a long one, but trust me your retirement will seem a lot longer and leaner if you skip it.

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Legislators hope to secure higher COLA for federal retirees

Federal Newscast

Play Episode Listen Later Oct 19, 2020 9:21

In today's Federal Newscast, two House Democrats are introducing their own legislation that would give retirees a higher cost-of-living adjustment next year.

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2021 COLA mixed bag for retirees

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Play Episode Listen Later Oct 14, 2020 45:48

News that they will be getting a 1.3% cost of living adjustment in January 2021 is getting a mixed reception from federal, military and Social Security retirees. The inflation catch-up will to go roughly one in six Americans. And its more than some analysts had predicted based on the low inflation rate over the past 12 months And its 100% more than most retirees — who depend on pensions promised by their private sector employers — will be getting. We talked with many, many feds and picked up more questions and suggestions on the way. So today’s guests on Your Turn will have the answers. They are Jessica Klement, NARFE’s staff vice president for policy and programs, and legislative specialist John Hatton. Listen. Could save you lots of time, money and grief.

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Episode 3: The COLA Challenge (Cost of Living Adjustment): Get Paid $10,000 to Leave Your State.

Brave New Workforce

Play Episode Listen Later Jul 2, 2020 40:47

Companies calculate a Cost of Living Adjustment (COLA) whenever one of their staff relocates and moves to a state that either has an incredibly high cost of living (California) or a low one (Iowa). However, as more companies become remote and people get to decide where to live, is COLA still relevant, and more importantly, is it still fair for the employee? Companies are saving thousands in commercial real estate and retention perks by having their employees go remote, so why are they so picky about COLA? Anna, Larry, and Trip discuss. Key Takeaways What is COLA? Trip left the Bay Area as an economic refugee. He didn’t want to choose between paying rent vs. having another child. Anna lives in Costa Rica, a vacation spot. It must be incredibly expensive to live there? Not so fast. Major tech companies are announcing that you can work remotely… permanently. What’s happening here? Companies are saving so much money on real estate alone right now. Larry doesn’t think it’s right that just because you move from an expensive area to a less expensive area, you should get paid less for the same amount of work. Companies are willing to spend big $$$ on all these crazy perks, like massages and free food because they want to retain you. Zapier offered employees $10,000 to leave California. They knew the quality of life was going down. They wanted their employees to be happy, they wanted them to stay with them, so they asked them to leave the state. An amazing retention strategy could very well be giving your employees the freedom of choice to live wherever they want. These perks that Silicon Valley companies offer, they do not work! The average tenure for an employee is 13–24 months. The cost to replace an employee is about half of their annual salary. Trip makes a counter-argument about relocation. What happens if you get 53 more days back in your life (by not sitting in traffic) and you can use those days however you want? We’ll just pay you a little less compensation-wise. Anna used to sit in traffic for five hours a day. Now that she’s remote, she cooks her own meals, she is learning a new language, there’s so much time now to work on and do cool things! If all of your companies are remote, do you stop subsidizing people to live in specific places? And, see compensation normalizing on a global level? Income inequity is a big problem in the United States and a remote workforce could level the playing field. Larry sees people leaving big cities and going back to rural communities. He thinks it’s a rebalancing of what happened during the Industrial Revolution. We should be reinvesting in smaller communities. Larry believes by going to where the talent is, instead of having the talent coming to you, we will see a bigger boom in cultural and cognitive diversity. Anna shares her experience working with diverse and remote teams throughout her career. It’s been interesting to see some of the companies struggling right now. The ones thriving are the ones solving real problems for people and their staff. The ones that are having challenges are detached from what people really need and are offering them cool scooters to zip around in. Whenever Larry had to consider a new hire, they always asked if they had enough ‘relo’ budget to bring someone out-of-state in. Trip’s father and grandfather’s generation, they worked to get a gold watch. That was their career moment. If you value diversity, you have to invest and take risks, and grow people. Ideally, you want to hire the most qualified person for the job and also have the added benefit they’re different from you. Anna has seen it where employers hire someone based on race or gender because they’re just trying to fill a quota or box and their lack of skills or quality brings the whole team down. College degrees used to open doors. That’s changing now. Companies have to up their game. Trip has hired several people who didn’t have a college education because they had skillsets that were unique and highly sought after. He also compares it to the ivy league graduates who have walked through his door. Where is COLA and all of this going to be five years from now? Trip, Anna, and Larry weigh in. Resources Thebraveworkforce.com (http://thebraveworkforce.com/) Bravenewcompanies.com (http://bravenewcompanies.com/)

COVID-19 impact on 2021 COLA, pay raise and WEP/GPO