Money

No One Knows About A 2017 COLA Yet

Articles guessing about Social Security and Supplemental Security Income (SSI) cost-of-living adjustments (COLAs) for next year are starting to appear.  No matter what you read or hear, no one knows 2017 COLA information yet and no one will officially know until approximately mid-October. Last year, the Social Security COLA press release was on October 15.  By…
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Social Security Taxable Earnings Base And Tax Rates For 2016

Social Security payroll taxes are paid each year up to a maximum amount set by law when you have wages or self-employment income that is covered by Social Security. This continues even when a person receives monthly Social Security benefits. New earnings are automatically reviewed each year to see if they increase benefits. The best…
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Why Are Some Medicare Part B Premiums Based On Income?

Combining several recently received questions about 2016 Medicare Part B (Medical) premiums, today’s post is about 2016 premium amounts and explains why a small percentage of people pay a larger premium based on taxable income as shown on their tax returns. The Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS), administers…
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Medicare Premiums And Deductibles For 2016

The official Medicare website, www.medicare.gov, now has 2016 Medicare premiums and deductibles information. Medicare is administered by the Department of Health & Human Services, Centers for Medicare & Medicaid Services (CMS). The CMS press release announcing 2016 Medicare premiums and deductibles also contains this information. Here is part of that press release: Part B Premiums/Deductibles…
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Retirement Earnings Test Amounts For 2016

Q: Is the amount I can earn in 2016 before my Social Security retirement is reduced known yet? A: Yes. The 2016 amounts will be the same as for 2015. They are not changing. The annual retirement earnings test concerns how your own employment earnings in a year affect your Social Security in that year.…
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