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Poll Recap: Social Security Beneficiaries – How Much of a COLA Raise Do You Expect?

Over 46 million Social Security beneficiaries are retired workers, with data from the Social Security Administration showing that 62% of retirees leaning on their payout to account for at least half of their monthly income. October will unveil the program’s cost-of-living adjustment, or COLA. COLA is the “raise” that beneficiaries receive to account for the inflation they’re contending with.

According to an estimate from The Senior Citizens League (TSCL), a Washington-based nonprofit group that tracks issues of concern to older Americans, the raise could be as low as 1.3%. The estimate would lift the average monthly benefit, which is currently around $1,503, to $1,522. Disabled workers and their dependents would see a similar increase which could raise their average monthly benefit to around $1,274.

The majority of respondents to the latest poll agreed with the estimate from TSCL, and responded that the expected increase would be around 1.3%.  The majority of respondents to our LinkedIn poll also voted in favor of the 1.3% increase. There where two smaller groups that responded equally with there not being a raise and with the raise being around 2%.

The COLA increase in 2020 was 1.6% and in 2019 there was a 2.8% increase, with the current raise to be the lowest in years.  The official announcement of the COLA increase is fast-approaching – if you would like to find out more about your Social Security status and estimates, check out https://www.ssa.gov/myaccount/  to set up an account and access your personalized retirement benefit estimate. 

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Axiom | Vol 511

Axiom | Vol 511

From Correction Territory & Back In 11 Days | Passion Assets & Legacy: Preserving the Stories Behind Your Treasures – BROOKFIELD | What Is Direct Indexing? | Turning Your Treasures (and Pets!) into Lasting Legacies – Don’t Let Love Become a Burden – Listen To Wealthyist | Growth: Turn Up the Volume? Inflation: The Bigger They Are, the Harder They Fall Policy: Rallying Around a Pause Looking Ahead: Too Soon? | Understand Your WRS Pension Potential

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Axiom | Vol 511

Axiom | Vol 511

From Correction Territory & Back In 11 Days | Passion Assets & Legacy: Preserving the Stories Behind Your Treasures – BROOKFIELD | Smart Habits of Rich Retirees | Your Wealth Roadmap: Checklists for Every Life Stage – From First Paycheck to Enduring Legacy | What Is Direct Indexing? | Turning Your Treasures (and Pets!) into Lasting Legacies – Don’t Let Love Become a Burden – Listen To Wealthyist | Understand Your WRS Pension Potential

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What Is Direct Indexing?

What Is Direct Indexing?

Direct indexing is an investment approach that allows individuals to directly own the underlying stocks of an index rather than investing through a pooled fund. This structure allows for a higher level of customization, such as excluding specific companies or industries and tailoring the portfolio to personal goals or values. It also supports tax efficient, and gives investors more control over after tax outcomes.

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Smart Habits of Rich Retirees

Smart Habits of Rich Retirees

Many wealthy retirees don’t just stop working, they shift their focus to protecting what they’ve built while enjoying life. Their success often comes from blending smart financial habits with smart lifestyle choices rather than simply chasing higher returns. The result is greater flexibility, confidence and sometimes other positives in retirement. Annex Wealth Management’s Mike Dodge, CFP®, ChFC®, CLU® is here to discuss.

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