Rest homes in Mass. keep closing as financial pressures mount

Rest homes, a holdover from before Social Security when fraternal, religious and ethnic groups pooled their funds to purchase property to provide housing, room and board for widows and others in need. There are currently 73 rest homes remaining in Massachusetts – rest homes now provide housing and services to low income seniors and others who can’t afford newer assisted living facilities. Governor Charlie Baker has committed to helping Massachusetts rest homes remain open despite rising costs – he increased state reimbursement by 9% and increased the daily minimum to $74 starting December 1. Follow our link to the Boston Continue Reading

Study Finds That Social Security Workers Often Provide Incomplete Information

Americans are misinformed about many aspects of Social Security, and local Social Security offices may not be helping, according to a study by the Government Accountability Office (GAO). The study found that the Social Security field offices often did not provide key information that would help people make well-informed decisions about when to file for benefits. Deciding on the right time and the right way to apply for benefits can be confusing for many people. While you can apply for Social Security at age 62, your monthly benefit will be much lower than if you waited until your full retirement Continue Reading

Typical Social Security Recipient Will Get $4 Benefit Increase in 2017

Social Security benefits will rise only slightly in 2017. This follows no increase in benefits in 2016 and small increases for many of the previous years. The small bump in 2017 will likely be eaten up by higher Medicare Part B premiums. The nation’s more than 65 million Social Security recipients will get a 0.3 percent cost of living increase in payments in 2017. This is expected to raise the monthly payment for the typical beneficiary by $4. Cost of living increases are tied to the consumer price index, and low inflation rates and gas prices means smaller increases. The Continue Reading

Social Security Benefits

When Should You Take Your Social Security Retirement Benefits As you approach retirement, you must decide when to begin taking your Social Security benefits. You have three options: You may begin taking benefits between age 62 and your full retirement age, you can wait until your full retirement age, or you can delay benefits and take them anytime up until you reach age 70. More than two-thirds of people take their benefits early. Some of them don’t have a choice — they need the money right away. But for others, it might make more sense to delay benefits, even past Continue Reading