Seniors on Social Security to Get Boost
November 20, 2011 By Ryan, Hicks, Cumpton & Cumpton, LLP
One of the reasons why retirement planning attorneys always emphasize how important it is to make preparations for the future is because they understand the fallout that results from a lack of long-term planning.
When you examine the relevant data you find that a high percentage of Americans are overly reliant on Social Security benefits due to a lack of planning, and this can greatly inhibit their ability to enjoy their golden years.
According to the Social Security Administration approximately one-third of the people who receive Social Security benefits state that their benefit comprises at least 90% of their overall income. Over 60% of Social Security recipients say that Social Security is the cornerstone of their income.
There is nothing inherently wrong with this, except for the fact that according to the Associated Press the average monthly Social Security payout right now is $1082.This is clearly not going to be enough to provide most individuals with even the barest of basics.
The laws allow for annual cost-of-living adjustments for Social Security recipients that are tied to the rate of inflation. According to the parameters that are in place no increase was justified in 2009 or 2010, and this is unfortunate because the out-of-pocket health care costs for senior citizens rose by 14.1% over that period of time.
In 2012 however there will finally be a cost-of-living adjustment for people on Social Security. It is going to add 3.6% to their monthly benefit, and this equates to $39 per month for those receiving the average Social Security benefit.
People who are ready for retirement are not "lucky."They had the foresight to plan ahead. If you make long-term preparations you should be able to augment your Social Security benefit with your own resources and enjoy your golden years to the utmost. To create a solid plan for the future, simply pick up the phone and arrange for a consultation with an experienced and savvy retirement planning attorney.
ABOUT THE AUTHOR: Gary Hicks
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL.
Copyright Ryan, Hicks, Cumpton & Cumpton, LLP
More information about Ryan, Hicks, Cumpton & Cumpton, LLP
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
According to the Social Security Administration approximately one-third of the people who receive Social Security benefits state that their benefit comprises at least 90% of their overall income. Over 60% of Social Security recipients say that Social Security is the cornerstone of their income.
There is nothing inherently wrong with this, except for the fact that according to the Associated Press the average monthly Social Security payout right now is $1082.This is clearly not going to be enough to provide most individuals with even the barest of basics.
The laws allow for annual cost-of-living adjustments for Social Security recipients that are tied to the rate of inflation. According to the parameters that are in place no increase was justified in 2009 or 2010, and this is unfortunate because the out-of-pocket health care costs for senior citizens rose by 14.1% over that period of time.
In 2012 however there will finally be a cost-of-living adjustment for people on Social Security. It is going to add 3.6% to their monthly benefit, and this equates to $39 per month for those receiving the average Social Security benefit.
People who are ready for retirement are not "lucky."They had the foresight to plan ahead. If you make long-term preparations you should be able to augment your Social Security benefit with your own resources and enjoy your golden years to the utmost. To create a solid plan for the future, simply pick up the phone and arrange for a consultation with an experienced and savvy retirement planning attorney.
ABOUT THE AUTHOR: Gary Hicks
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL.
Copyright Ryan, Hicks, Cumpton & Cumpton, LLP
More information about Ryan, Hicks, Cumpton & Cumpton, LLP
View all articles published by Ryan, Hicks, Cumpton & Cumpton, LLP
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
