The Benefits Blog

The Benefits Blog provides expert insights, updates, and strategies on Social Security and Medicare, tailored for financial professionals looking to enhance their knowledge and better serve their clients. Stay informed with the latest developments and tips to maximize benefits for your clients.

Tax Implications of COLA Increases on Social Security Benefits cola hey marc! Feb 16, 2024

I just wanted to get your take on the potential tax impact on the COLA increase related to people being taxed more and how that could we impact distributions from their investment portfolios etc. question can you give me some commentary on the impacts of this change? 50% versus 85%.

The annual Cost...

Social Security Benefit Statements and the 8.7% COLA Adjustment cola hey marc! Feb 01, 2023

Have the benefits on the Social Security statement been adjusted for the 8.7% COLA?

Yes, the Social Security benefit statements have been adjusted to include the most recent 8.7% Cost of Living Adjustment (COLA). This means that the benefit amounts shown on the statements reflect the increase provi...

How Social Security Applies DRCs and COLA: Understanding the Process cola delayed retirement credits (drc) hey marc! primary insurance amount (pia) Jan 05, 2022

I have a client who delayed his benefit after FRA for 4 months which equates to a total of $60 (DRC) which will be added in January. His current benefit is $3,488 a month gross. What is the order of applying DRCs and COLA or is this a simultaneous calculation?

When it comes to applying Delayed Ret...

When Does Social Security Adjust Benefits Based on New Earnings? cola hey marc! Jul 12, 2018

I have a 69-year-old who began taking SS at 66. He is still working and making more money than ever before – $200,000 per year. He’s made that kind of money since beginning SS. At what point does SS adjust his deck of 35 highest income years? I would have thought this would be every year, but he ...

The Benefits Blog

I just wanted to get your take on the potential tax impact on the COLA increase related to people being taxed more and how that could we impact distributions from their investment portfolios etc. question can you give me some commentary on the impacts of this change? 50% versus 85%.

Have the benefits on the Social Security statement been adjusted for the 8.7% COLA?

I have a client who delayed his benefit after FRA for 4 months which equates to a total of $60 (DRC) which will be added in January. His current benefit is $3,488 a month gross. What is the order of applying DRCs and COLA or is this a simultaneous calculation?

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