- Blog: Regaining Financial Stability Post Cancer
- Community: Alzheimer’s Team-Chicago Marathon
- Finance: SS COLA Increase And Your Financial Plan
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Regaining Stability Post-Cancer
Rebuilding Financial Stability Post-Breast Cancer Treatment
A breast cancer diagnosis reshapes lives, not just physically but financially. In this article, we delve into effective strategies for survivors to regain their financial footing after treatment, addressing everything from managing medical debt to crafting a sustainable budget.
We’ll highlight essential resources and support options that can ease the burden and guide you back to financial health. Join us on a journey to reclaim your financial confidence and to work toward thriving in the aftermath of treatment.
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Team Alzheimers: Chicago Marathon
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COLA And Your Financial Plan
Social Security beneficiaries will see a 2.5% increase in their benefit payments in 2025, according to the Social Security Administration.
The annual cost of living (COLA) adjustment will affect more than 72.5 million Social Security and Supplemental Security Income (SSI) beneficiaries. This year, Social Security beneficiaries will get a new one-page COLA summary that will detail the new benefits and the exact date the 2025 adjustment will start.
Just how much of an increase will depend on the size of the Medicare Part B premium for 2024, which is projected to increase to $184 a month in 2025, up from $174.70. Typically, Medicare Part B payments are deducted from Social Security benefits in advance.
Social Security plays an important role in retirement, and in your financial planning.In fact, the 2024 Employee Benefit Research Institute report found that three out of five retired Americans say Social Security is a major source of income in their retirement. While it’s been known for months that the 2025 increase would be smaller than the 2023 and 2022 increases, the final number may impact your overall financial picture.
If that’s the case, please make some time to discuss in regard to your financial plan. Your retirement income needs may change over time, so let’s not miss an opportunity to make any adjustments needed to make you feel a little more comfortable as the calendar turns to 2025.
CNBC.com, October 10, 2024 & ThinikAdvisor.com, October 10, 2024
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Important Information
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
Moneco Advisors, LLC and LPL Financial are not affiliated with any other referenced entity.
This commentary reflects the personal opinions, viewpoints and analyses of the Moneco Advisors employees providing such comments, and should not be regarded as a description of advisory services by Moneco Advisors or performance returns of any Moneco Advisors client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Moneco Advisors manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.