Advisor Insight by Ian Castille, CFP®, Capital Advantage Senior Financial Advisor
In October of this year, it was announced that Social Security benefit payments would see a 5.9% increase in 2022, after a year of higher-than-expected inflation. This is the largest cost-of-living adjustment (COLA) in almost 40 years!
Seeing a sizeable increase in Social Security payments should be good news for recipients considering that the Annual 2021 Trustees Report showed that both Social Security and Medicare face long-term financing shortfalls under current projections. Both programs project that cost growth will exceed economic growth through the mid-2030s. Additionally, Social Security and Medicare have been significantly affected by the pandemic and 2020 recession. According to current projections:
- The Social Security Trust Fund will be able to pay scheduled benefits until 2033, at which point reserves will become depleted and new income will only be sufficient to support payment of about 76% of scheduled benefits.
- The Supplemental Medical Insurance Trust Fund (which pays Medicare Part B & D) continues to show…
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Advisor Insight by Donna Zinman, CRPC®, Capital Advantage Senior Financial Advisor
Many of my clients are women over 50 who choose to travel solo for various reasons. I recently spoke with several clients that are starting to book their 2022 trips in hopes that COVID-19 will have calmed down some. With this in mind, I wanted to share a recent lunch conversation about women traveling solo that I had with one of my clients, Janet W., a professional travel consultant.
Donna: What travel tips do you have for single women travelers, especially for ocean and river cruises?
Janet: There are several:
- First, pack light! I would pack your suitcase, then remove half the contents. It’s best to bring 3 basic colors you can mix and match, like black, white, and beige. Add color with a lightweight scarf or vest. Bring one pair of black dress shoes and one pair of comfortable walking shoes.
- Use a travel agent. Cruise lines pay commission and will charge you that commission if you book the cruise yourself. Tapping into a travel agent’s expertise can save you time, stress, and even money.
- Dig for deals aimed at singles. Cruise fares are based on double occupancy, and most cruises add a surcharge (which can be as high as 100% of the per-person rate!) to fares for single travelers. Some cruises reduce…
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“I Used to be Somebody” doesn’t give out standard “Life After Retirement” advice. It’s an entertaining antidote to traditional retirement content, which can often be boring (or even depressing!). Instead, host Carl Landau gets real in weekly conversations with entrepreneurs, corporate types, creatives, and eccentrics about making the transition to their second act and building their (non)retirement good life.
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