Social Security and Inflation
The Silent Killer
Inflation as always been the biggest economic killer of all time. Slow, steady, and unrelenting; and we ask ourselves 'why?' Almost everyone heading retirement can remember when 3.15$/hr. was an amazing minimum wage, or when 20$ could fill a tank of gas and still let you get popcorn at the movie theatres, and over the years it has gotten to a point where minimum wage can't support a life style, college tuitions are at an all time high, and most Millennials couldn't find a properly priced home unless dealt in a previous foreclosure.
Back to the topic, the administration is looking to give Social Security recipients a whole 6% raise in benefits to qualifying participants. For those only making 900-1500/month, that's a noticeable increase in monthly income ( 56 - 90$/Mo. ). For those who haven't able to afford to set your family up to avoid assuming costs on your final expenses, now would be the time to do it. With basic plans costing 30-50$/mo. depending on age and health, youll have the extra income available to pay for those insurance plans without feeling the weight on your bills. And if you're still making less than 1200$/mo on social security, talk to one of our final expense agents about enrolling in the Low Income Subsidy program partnered with the Social Security/Medicare office, it can get you an extra 148$/mo in Social Security Benefits if you qualify. Be Smart, take advantage of the what resources are available to you.