Ok, so everyone maybe wanted more…. but given the circumstances any increase is likely a gift!
About one week ago the news broke from the Social Security Administration….
Social Security COLA Increase Announcement
Here at this link, the Social Security Administration announced a COLA (Cost of Living Adjustment) of 1.3% for 2021!
Approximately 70 million Americans will see a 1.3 percent increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2021. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
They go on to explain the increase in more detail!
The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are a little more expensive, so the cost-of-living adjustment (COLA) helps to offset these costs.
There you have it, an increase of 1.3% for 2021! Much better than nothing!
Have a Great “Social Security COLA Increase” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
October 2020 Podcast Video, Financial Planning and Capital Market Update – By John Kvale …
Hello and Welcome to our October 2020 Financial Planning and Capital Market Update!
If you are too busy to read, feel free to listen as we describe our post and thoughts in friendly podcast audio format as well as Video!
Newbies –
We like to articulate our thoughts and review on a Monthly basis our Financial Planning Tips, Capital Markets and current events!
Hope you enjoy!
October Video
(YouTube)
Financial Planning Tip (s) –
Social Security COLA Increase 1.3%
Social Security, one of the few Pension Like Benefits that has a Cost of Living Adjustment (COLA) announced an annual increase – there is not always an increase … which we discussed here in this post with links to the announcement for those wanting more detail!
Possible Realizing of Capital Gains
With year end tax planning in mind, here in this post we discuss the possibility of realizing Capital Gains if your are on the fence and may be thinking of pushing gains out to next year…. this with approval and knowledge of your tax professional – let’s not get reckless!
Capital Market Comments
Election Outcomes and Market Reactions
Here in this post we carefully tip toe into the Election outcomes and possible market outcomes ….
Have a Great October Update!
Talk to you at the end of November!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents
Share this:
Like this:
Leave a comment
Posted in General Financial Planning, Investing/Financial Planning, Market Comments, Retirement Planning, Social Security
Tagged Capital Gains, Cola, Election, Social Security COLA, tax planning, taxes