Social Security Benefits Increase 5.8% for 2009

January 12, 2009

Finally some good news for retirees… Social Security benefits are being increased 5.8% for 2009.  This is the largest increase in more than 25 years!

This increase will boost the average monthly Social Security retirement check from $1,090 to $1,153.

Even more good news… for the first time since 2000, Medicare premiums will not go up in 2009.  Currently the Medicare Part B premium is $96.40 per month.

This is good news for Seniors who have seen their portfolios plunge over the last 15 months.  If possible, you should use this increase to reduce the amount you are withdrawing from your portfolio, to give it more time to recover recent losses.

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Kristine McKinley, CFP®, CPA, is the founding principal of Beacon Financial Advisors, LLC, an independent, fee-only financial planning firm located in Lee’s Summit, Missouri and serving the greater Kansas City area.

Kristine focuses on providing fee-only financial planning, investment advice, and tax preparation to individuals and families from all income levels.  About Us

In the News

Investment News – Kristine McKinley discusses the 0% Social Security COLA (for 2016) in No Social Security cost-of-living adjustment in 2016.

Kiplinger Magazine/NAPFA – Kristine McKinley answered reader’s tax questions during the 2013 Jump Start Your Retirement Plan Days sponsored by Kiplinger magazine and the NAPFA Consumer Education Foundation.