Inflation, Medicare, taxes will affect Social Security income in 2022

Medicare Part B Premiums While the cost of living adjustment typically goes up each year, the Medicare Part B premiums that older Americans pay for physician and outpatient services. In 2022, the premium for Standard Medicare Part B will rise to $170.10, well above $158.50. The record increase of 14.5% was driven by multiple factors, … Read more

1 in 4 older Americans have little saved to cover medical expenses

Andresser | E + | Getty Images For retirees, unplanned medical expenses can tip their budget. In fact, while about 33% of Americans age 65 or older have at least $6,000 set aside for medical bills, 27% have less than $500 in savings for this purpose, according to a survey from MedicareGuide.com. Nearly half (46%) … Read more

Microsoft passes Apple to become the world’s most valuable company

Microsoft surpassed Apple’s market value on Friday, making it the most valuable publicly traded company in the world, after Apple missed earnings forecasts on Thursday. As of 10:30 AM ET, Microsoft’s market cap was $2.45 trillion while Apple’s was around $2.41 trillion. Apple reported lower revenue than Wall Street expected during the company’s fourth quarter … Read more

What a new plan in Congress would mean for benefits

zimetos | iStock | Getty Images House Democrats are reintroducing a Social Security reform bill popular with their party. This time, it features some changes aimed at attracting more support from Republicans. The bill, known as Social Security Act 2100, was introduced by Representative John Larson, Democrat of Connection, chair of the House Social Security … Read more

People will get bigger Social Security checks in 2022. How to prepare

Valerie Macon | AFP | Getty Images People who collect Social Security are about to see bigger checks. The Social Security Administration said Wednesday that the cost-of-living adjustment in 2022 would be 5.9%. The bump, which will help recipients keep up with rising costs due to inflation, is the largest increase in nearly 40 years. … Read more