Retirees in these 13 states play by different Social Security rules
CHRISTY BIEBER | THE MOTLEY FOOL | Dec 6, 2021
These are the 13 states where Social Security rules for retirees are different
If you live in one of the following 13 states, you need to understand a key rule that other retirees don’t need to worry about: how your state taxes Social Security benefits.
See, in 37 states, no taxes are charged on these benefits at all. But in these other 13 locations, state taxes are imposed on at least some retirees that end up reducing the amount of benefits they get to keep. The 13 states that are affected are Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. Read more HERE.
Social Security increase 2021: How to calculate your new payment
Updated: Dec. 06, 2021, 6:17 a.m. | Published: Dec. 06, 2021, 6:17 a.m.
By Leada Gore | [email protected]
Social Security beneficiaries are slated to receive a 5.9% increase in 2022, the biggest boost in benefits in 39 years. The cost-of-living adjustment will mean an increase of about $92 a month for most retired workers, bringing the average benefit to $1,657 per month. The Social Security Administration will be sending out letters to beneficiaries detailing how much increase they will see but you can do a little math to find out how your payment will change.
MSN explains it this way: The easiest way to calculate your benefit is by taking your current monthly payment then multiplying it by 5.9%. Add that amount to the original payment and you will see the increase that will be reflected in your check. There is something important to keep in mind, however. Medicare Part B premiums are increasing from $140.50 to $170.10, MSN reported. The increase of $29.60 will be taken directly from Social Security checks so whatever increase is added to your existing benefits, you will have to deduct $29.60 to get the final amount.
Read more HERE.