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The Social Security Administration (SSA) announced on Thursday, October 13, 2022, that it will be increasing Social Security (SS) and Supplemental Security Income (SSI) benefits by 8.7 percent in 2023. This is the highest increase in 41 years. This cost-of-living adjustment (COLA) will begin for more than 65 million SS beneficiaries in January 2023 and for more than 7 million SSI beneficiaries, on December 30, 2022. Some people receive both Social Security and SSI benefits.

Nicholas Scheibner, CFP®, is quoted on the topic of Social Security benefits, answering readers’ questions on NJMoneyHelp.com by Karin Price Mueller. “I never paid into Social Security. Can I get benefits anyway?”, originally published on May 2, 2022. “If I file for Social Security first, can I still get spousal benefits?”, originally published on June 13, 2022.

Nicholas Scheibner, CFP®, is quoted on this topic in an article on CNBC.com by Annie Nova, “How to invest smartly when inflation picks up”, originally published on May 21, 2021.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides additional unemployment insurance benefits for workers impacted by the Coronavirus pandemic. Coverage has now been extended to cover more workers such as self-employed and independent contractors. For the next four months, eligible unemployed workers will receive an additional $600 per week, above and beyond the standard benefits. According to the U.S. Department of Labor:

If you began taking Social Security before full-retirement age and are looking to postpone payments until a later time, there is a solution: the 1-year payback rule.

Whether you are making a plan to travel or planning for retirement, determining an appropriate strategy ahead of time will provide guidance for a path to success and for actions to take when things might not go as smoothly as expected.

1. Turning wealth into income – creating a total return strategy that produces a continuous paycheck just like you had when you were employed 2. Revising your investment strategy – which was successful for the accumulation phase but may not work as well now during the distribution phase 3. Protecting against new risks and concerns...

A 60-Second Read by Anthony Benante, CFA: Though everyone’s financial situation, or what we call your personal economy, is different, developing the right investment strategy starts with identifying your risk profile. To do this you need to determine your willingness to take risk and your ability to take risk.