Tips and resources that everyone can use
Tools & Techniques
Looking to get more financially fit in 2022? AARP’s Money Map is a free program designed to help people regain control of their financial situation. The Money Map has two pathways: unplanned expenses and debt management. If you’re dealing with unplanned expenses, AARP’s step-by-step assistance will help you create a plan of action within minutes. The program provides specialized plans for medical, car and home expenses, along with a general plan to address any other expenses you might have. There’s a debt management pathway as well. With a few simple steps, the Money Map program will create an actionable plan to help you get a handle on your debt while minimizing harm to your credit score. All of these resources are free and available to everyone, with no membership required.
Q&A
My mom recently received her January 2022 Social Security benefit payment and mentioned it seemed quite a bit higher than usual. Do you know why this might be?
Millions of retirees on Social Security are receiving a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment (COLA) in 39 years follows a spike in inflation as the economy struggles to shake off some of the challenges associated with the COVID-19 pandemic (particularly a rise in prices of many goods such as gas and food, supply chain snags and other factors). The COLA amounts to an increase of $92 a month for the average retired worker, according to estimates released by the Social Security Administration. For some perspective, the COLA has been averaging just 1.65% over the past 10 years.
Knowledge Is Retirement Power
The Social Security Administration recently introduced a new look and feel to the Social Security Statement, available online through the My Social Security portal at www.socialsecurity.gov/myaccount. The Statement is one of the most effective tools people can use to learn about their earnings and future Social Security benefits. Examples of the new Statement and fact sheets are available at www.socialsecurity.gov/myaccount/statement.html.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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©2021 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.