The COLA is the Cost Of Living Adjustment added to Social Security annually, based on inflation and increases in the Consumer Price Index (CPI.) For some seniors, planning for the new year means planning around the COLA and hoping for the best. Alternatively, a reduction or a weak increase in COLA may mean seniors will need to make up the difference out of savings. Nevertheless, the CPI is an imperfect indicator and a debated one as well.
This matter was taken up recently by USA Today in an article titled “Social Security benefits to rise 1.7% in 2013.”
In conjunction with the small Social Security increase and the uncertainty of taxes for next year, you may want to brush up on what could happen in 2013. A recent Forbes article titled “Social Security Benefits To Rise 1.7%; Workers Face Up To $2425 Payroll Tax Hike” may offer some knowledge on these very important changes. Seek appropriate counsel if you have further questions about your benefits.
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If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
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This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: Forbes (October 14, 2012) “The Forbes Guide To Estate Planning”
References: USA Today (October 16, 2012) “Social Security benefits to rise 1.7% in 2013”
Forbes (October 16, 2012) “Social Security Benefits To Rise 1.7%; Workers Face Up To $2425 Payroll Tax Hike.”