Tag Archives: cola

Social Security Administration: No COLA Next Year

The government programs that are in place to assist senior citizens should not be overestimated. If you rely on these benefits as the centerpiece of your retirement plan, you may be sorely disappointed when you recognize that you will never be able to retire. First, we should explain the eligibility requirements. When you work and pay your taxes, the FICA or self-employment tax that you pay goes toward future Medicare and Social Security eligibility. This is done through the accrual of retirement credits. During the current calendar year, you get one credit for every $1220 that you earn, and you can earn as many as four credits in a year. When you have a least 40 credits, you will qualify for these benefit programs for seniors. The age of eligibility for Medicare is 65 for everyone under currently existing laws. Things are different with Social Security. The full eligibility age depends on the year of your birth, but it will be somewhere between 66 and 67. Modest Payouts Social Securi
http://www.preserveyourestate.net/social-security-administration-cola-year/

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