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    Oct 26 12

    Lowest Ever Social Security Increase for Newport Beach, California Families

    Newport Beach Law Firm

    The increase is among the lowest since
    automatic annual adjustments were adopted in 1975. It reflects relatively low
    inflation over the past year.



    At a mere 1.7%, Social Security
    will see its lowest increase ever come 2013. What does this mean for seniors
    today?
    Seniors with Boat

    The COLA is the Cost
    Of Living Adjustment added to Social Security annually,
    based on inflation and increases in the Consumer Price Index (CPI.) For some
    seniors, planning for the new year means planning around the COLA and hoping
    for the best. Alternatively, a reduction or a weak increase in COLA may mean
    seniors will need to make up the difference out of savings. Nevertheless, the
    CPI is an imperfect indicator and a debated one as well.

    This matter was taken up
    recently by USA Today in an article
    titled “Social Security benefits to rise 1.7% in
    2013
    .”

    In conjunction with the small
    Social Security increase and the uncertainty of taxes for next year, you may
    want to brush up on what could happen in 2013. 
    A recent Forbes article titled
    Social Security Benefits To Rise 1.7%; Workers
    Face Up To $2425 Payroll Tax Hike
    may offer some knowledge on these very
    important changes. Seek appropriate counsel if you have further questions about
    your benefits.

    Contact your Newport Beach, California Estate Planning Attorneys at Meier Law Firm to discuss estate planning for your family.

    References: USA Today
    (October 16, 2012) “Social Security benefits to rise 1.7% in
    2013

    Forbes (October 16, 2012) “Social Security Benefits To Rise 1.7%;
    Workers Face Up To $2425 Payroll Tax Hike
    .”




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    Meier Law Firm | 2103 Vista Entrada, Newport Beach, CA 92660
    phone: 949.718.0420 e-mail: office@meierfirm.com