Senior citizens rely on a fixed income each month. However, when a spouse passes, this income decreases—even with survivor benefit payments. The financial insecurity this creates is unacceptable.
COLA increases are supposed to help seniors keep up with inflation. However, the skyrocketing costs of healthcare continue to get in the way.
Recently, there have been 3 things that have come to light surrounding Social Security. Unfortunately, all 3 of these negatively affect the financial security of senior citizens nationwide.
With the pandemic raging on, seniors need to remain cautious. Thankfully, the SSA's website is a great tool that can help seniors stay safe while still performing the tasks needed for their Social Security.
Many don’t realize it, but more and more senior citizens are seeing their Social Security benefits taxed as income. This is because, even after years of watching COLA increase payments to combat inflation, there are income thresholds that remain unchanged.
