Last month I posted the 2019 Social Security inflation adjustment estimate of 2.8% based on 2 of the 3 months' CPI data available at that time. This morning the final CPI-W data point was released and the final inflation adjustment for benefits is 2.8%, the highest since 2012. Unlike last year when...
The fall season brings us changing leaves, harvest, football - and the inflation adjustment for Social Security benefits and maximum salary subject to Social Security payroll taxes. The final CPI-W data point will be released October 11th but with 2 of the 3 data points known, an early estimate can...
It is hard to believe but soon there will be “back to school specials”. One critical supply many college students need is student loans. This year's fashion includes a higher interest rate. Like most products linked to interest rates, the rate is up from the previous year. The rate charged depends...
Every year the Social Security and Medicare Trustees released a report updating the financial health of the Trust Funds. These programs provide a very important financial base for retirees. The primary source of funding is the payroll tax (FICA) of 7.65% (double if self-employed). Additional...
"Fed holds key interest rate steady" - Chicago Tribune, May 3, 2018
You likely have seen similar headlines - and at times the rates may be raised or lowered - and maybe the headline used FOMC instead of Fed. This post gives a very brief description of the Federal Open Market Committee (FOMC) and...
For those with Home Equity Lines of Credit (HELOC) and a need for borrowing, the last nine years provided extremely low interest rates – and therefore low interest charges - on amounts borrowed. It was the flip side for savers earning close to nothing on cash savings. And unlike credit card or...
"The hardest thing in the world to understand is the income tax.” Albert Einstein
It is that wonderful time of year when our mail and now email boxes are being filled with notices of “IMPORTANT TAX DOCUMENTS”. As much as tax time is dreaded, the earlier you start gathering your documents and...
