Investment News – Few are Prepared for Long Term Care Costs

There’s good and bad news on the horizon, including the biggest annual cost-of-living increase in 40 years, but also an offsetting rise in Medicare premiums.
And people who turn 62 in 2022 — meaning they are newly eligible for Social Security — have two things to cheer about. The 5.9% COLA will be factored into their future benefits even if they don’t claim benefits until later. And those newly eligible beneficiaries, who were born in 1960, can expect an increase in their future benefits based on an increase in the latest average wage index rather than the previously forecast decline.

Source: Investment News

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