Have You Created a Rock Solid Retirement Plan? If Not, Don't Wait Another Day!

Social Security recipients recently learned that they will see their monthly benefits increase again in 2012. The Cost-of-Living Adjustment, or COLA, will return following a two-year absence due to low inflation. The COLA was created in 1975 to provide a system of increasing benefits to keep up with inflation. Benefits will increase by 3.6 percent starting in January, resulting in an average of $39 more per month, or $467 per year, per recipient.

However, most recipients will not see the full increase in their checks due to an expected increase in Medicare Part B premiums, which covers doctor visits and outpatient services. The increase of Medicare Part B premiums affects 75 percent of recipients, who did not see their premiums rise during the two years there was no COLA. Medicare Part B premiums are automatically deducted from a recipients social security check before the government mails them, which is why many will not see a significant increase in their benefit checks.

Before getting too excited about this raise from Social Security, it is important to get the whole story and not depend too heavily on these benefits. Watch this week's CBTV show to learn why you should develop a comprehensive retirement plan and find out what elements you need to have in place to protect your financial future!

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Education

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