Social Security Changes in 2019 - 213

Your Money, Your Wealth

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2.3 • 681 Ratings

🗓️ 19 March 2019

⏱️ 43 minutes

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Summary

Joe and Big Al discuss 7 changes to your Social Security for 2019. No, wait, six changes. Well actually, it’s more like 5 changes and a useful tidbit. Plus, when to claim your spousal benefit, whether to buy long-term care insurance or self-insure, how to get more growth in your portfolio without adding more risk, and where to keep your emergency funds. Transcript and show notes: http://bit.ly/YMYW-213

Transcript

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0:00.0	Today on Your Money, Your Wealth, Joe and Big Al discuss all sorts of things that affect your ability to have a successful retirement.
0:06.5	The latest changes to Social Security, when to claim your spousal benefit, whether to buy long-term care insurance or self-insure,
0:13.4	how to get more growth in your portfolio without adding more risk, and where to keep your emergency funds.
0:19.0	Plus, we've got a special offer that is only available on Your Money, Your Wealth.com
0:23.2	through this Friday.
0:24.6	So listen on or check the podcast show notes now to claim yours while you still can.
0:29.1	I'm producer Andy Last, and here are the hosts of Your Money Your Wealth,
0:32.8	Joe Anderson, CFP, and Big Al Clopine CPA,
0:35.9	to walk through seven changes to your Social Security for 2019.
0:40.2	No wait, six changes.
0:42.0	Well, actually, it's more like five changes than a useful tidbit.
0:45.0	Anyway.
0:45.8	So, to be fair, a lot of these changes came out at the end of last year, but a lot of folks
0:50.4	are not really up on what some of the changes are.
0:53.3	So there's seven of them, Joe.
0:55.4	Okay. So let me review some of these with you. The first of all, those receiving Social Security
1:00.8	already know that they got an increase in benefits. The cost to living increase for 2019 was 2.8
1:08.4	percent. And so the average, if you look at the average, which doesn't mean much to a person,
1:14.4	but if you take the collective average of everybody, the benefit went from $1,422 to $1,461.
1:22.9	Increase of about $39 a month or $468 a year. But in a lot of cases, Joe, people don't necessarily feel that increase because Medicare often goes up.
1:34.3	And so it's like, well, wait, I didn't really get an increase, right?
1:36.3	I didn't get that much.
	...

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