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Retirement Planning

Social Security pay increases based on inflation, not president [Video]

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Social Security benefit increases have been automatically calculated based on inflation each year since 1975.

On Oct. 13, the Social Security Administration announced Social Security benefits would increase by 5.9% in 2022 to account for inflation. The AARP says that this will boost benefits by an average of $92 a month next year.

THE QUESTION

Is the president directly responsible for Social Security benefit increases?

THE SOURCES

THE ANSWER

No, the president does not directly set Social Security benefit increases. Increases in Social Security benefits are automatically determined through a formula based on the Consumer Price Index (CPI).

WHAT WE FOUND

The SSA explains its cost-of-living adjustment, called COLA, is calculated by taking the percent increase in Consumer Price Index (CPI) from one year to the next. It’s calculated at the end of September, hence why the SSA announced it this month. If there’s no increase, then there isn’t any adjustment in Social Security benefits that year.

The Bureau of Labor Statistics

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Retirement Planning

*BIDEN: IT'S HUGE!* $4,000 Monthly Stimulus Coming in Bank Accounts? Fourth Stimulus Approved? [Video]

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Retirement Planning

SCHUMER ANNOUNCES NEW DEAL! Social Security INCREASE + 4TH Stimulus Check (Update) [Video]

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Retirement Planning

December 13th - CHECKS FOR SENIORS. $2,000 Social Security Benefits Update [Video]

todays update for seniors in retirement on ssi, ssdi, and social security benefits. Andrew Paulo, Blind to billionaire, social security changes,

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Retirement Planning

How to Avoid Tax Underpayment Penalties When Performing a Roth Conversion! [Video]

Do you have need experienced help optimizing and executing your Roth Conversion strategy? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to https://www.safeguardinvest.com/contact. Do you know you can't just wait until tax time in order to pay a balance you owe to the IRS? If you do, you may be subject to a tax underpayment penalty and have to pay future quarterly estimated taxes. Neither of which are very fun...Withholding the right amount for taxes is a problem throughout retirement but specifically is a problem that can arise with Roth Conversions. Roth Conversion taxes can be paid in numerous ways. From withholding taxes right out of the conversion to paying taxes from your checking or savings accounts. Regardless of how you pay taxes, the IRS will force you to pay those taxes at a specific time or face IRS penalties.In this video, we are going to clear up a hot button issue in regard to Roth Conversions - How to pay the right amount in taxes at the right timeWe will discuss: ✅ How to pay estimated taxes in order to avoid underpayment penalties✅ The way you withhold taxes will vary based on what source you are paying those taxes from✅ How to meet one of the three guidelines the IRS specifies you need to meet in order to avoid IRS penalties- - - - - - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan"🍿 Subscribe to our channel: https://www.youtube.com/channel/UCVMA...🏆 Join our 'Retirement Mastery' Facebook Group: https://bit.ly/retirement-mastery-group📈 Talk with us about your retirement plan here: https://www.safeguardinvest.com/contact📚 The New 60/40: How the Next Generation of Retirees Can Achieve Radical Financial Freedom through Better Safe Investing - https://www.amazon.com/New-60-Generation-Financial-Investing/dp/B08H6TCMFNSafeguard Wealth Management is a Registered Investment Advisor in the State of WI. Safeguard Wealth Management is not an insurance provider. All content on Youtube is for informational purposes only and should not be taken as personal advice for your situation. You can read more disclosures at https://www.safeguardinvest.com/fiduciary