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The Social Security Administration Has Announced Cost of Living Adjustments & Tax Changes For 2021. Here's What You Need to Know

On Tuesday, October 13, 2020, the Social Security Administration released important facts and figures for 2021 - including cost-of-living adjustments (COLA) for retirees and tax changes for the currently employed. Those receiving Social Security benefits will see a 1.3 percent COLA increase in 2021. This change will impact around 70 million Americans - including 8 million SSI beneficiaries.1 For the average retiree receiving Social Security benefits in January 2021, this will translate to a roughly $20 increase in monthly benefits - $1,543 up from $1,523. For couples both receiving benefits, the average will increase to $2,596 from $2,563.1 Of note, this year’s COLA increase is lower than the previous two years - although, of course, a cost-of-living adjustment is never guaranteed in the first place. In 2009, 2010 and 2016, COLA bottomed out at zero percent. And in 2016, the COLA was a mere 0.3 percent - substantially lower than the 2.8 percent increase we saw in 2018.2

Retirement Funding
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As the Coronavirus Continues, Avoid These 5 Retirement Mistakes

The COVID-19 pandemic hit hard in early 2020, and it continues to remain prevalent as we near the end of the year. Whether you’ve just recently retired, or it’s coming up in the next few years, it’s likely the virus has brought about some financial uncertainty regarding your readiness for retirement. Before making any sudden changes, it’s important to remain rational and avoid these five big retirement mistakes below.

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Should You Take Social Security Early in Light of a COVID-19 Related Layoff?

Just entering the workforce or winding down toward retirement - it doesn’t matter where you are in your career, it’s likely COVID-19 has made its mark on your professional and financial life. But for those between the ages of 62 and 70, you have the opportunity to begin claiming your Social Security benefits, whether you were planning to or not. This “safety net” of sorts could be an appealing opportunity to replace the income you may have lost due to the current pandemic, but this is a decision that shouldn’t be taken lightly. Review the considerations below, and talk to your financial advisor to determine which may be the right option for you as you navigate these uncertain times.

Retirement Funding
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Can I Still Retire? How COVID-19 Is Affecting Retirement Plans Right Now

Throughout the first half of 2020, citizens around the globe have been feeling the detrimental physical and financial impacts of the COVID-19 pandemic. As of April 21, 2020, deaths in America climbed above 39,000. Throughout March and April, families across the country have continued to practice social distancing and follow strict stay-at-home orders.1 On the financial side, investors everywhere are experiencing the market volatility and economic turmoil of a bear market. While some may have time to “ride out the storm,” retirees and soon-to-be retirees across the country are worried about what all of this means for their retirement.

Retirement Funding
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What to Do With Your Old 401(k) When You Switch Jobs

Whether you’re making a career change, took a new job or just got laid off, your 401(k) may be at the bottom of your to-do list. However, moving your 401(k) is an incredibly important step that should be well thought out. When leaving an employer, there are typically three workable opportunities to continue the growth of your retirement funds. Understanding which route offers more advantages for continued growth that will align with your next chapter in life is the first step.

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