Greetings! I trust that this will find you well and enjoying life.
In 2015, retirees will see a 1.7 percent increase in their Social Security benefits, which translates to an average increase of about $20 a month. Based on the current rate of inflation, this is the third year in a row that the increase has been below 2 percent. While it’s true that some prices such as gasoline have dropped over the past year, many of the prices that seniors typically pay have increased.
For example, the cost of meat, fish and eggs is up by nearly 10 percent. Medical expenses have increased by 1.9 percent. Health insurance premiums for retired federal employees are scheduled to increase by 3.8 percent next year. If you don’t expect next year’s cost-of-living adjustment to cover your expenses, or you have concerns about your income plan consider speaking with us about ways to stretch your budget and help increase your current assets. We may be able to find money slipping through the cracks through unnecessary taxes, improper cash flow, unnecessary risk and by reducing fees.
If you have questions, comments or feel that I can be of service in any way with your retirement planning, don’t hesitate to call.