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Maximize Your Benefits: Navigating the SS Increase for 2023

Imagine waking up to find a little extra cash in your bank account. That’s the reality for millions this year with the **SS Increase for 2024**. Embarking on an exploration of the SS Increase for 2024,we’ll dissect its formulation and scrutinize its effect on your economic well-being.

This hike isn’t just about numbers; it’s about maintaining your lifestyle amidst rising costs. From understanding the boost in social security benefits to navigating changes in taxes and Medicare premiums,we’ve got you covered.

By the end of our discussion,you’ll be better equipped to plan ahead and make informed decisions that secure not just today but also tomorrow. Embarking on this journey,we’ll gradually demystify the complexities surrounding your finances.

 

Understanding the 2024 Social Security COLA Increase

What is a COLA?

The Cost-of-Living Adjustment,or COLA for short,acts like your social security’s shield against inflation. Imagine every year,things get more expensive but your social security check stays the same. That wouldn’t be fair,right? That’s where COLA comes in. It adjusts your benefits based on changes in the consumer price index to make sure you can still afford what you need.

To dive deeper into how it works,visit the Social Security Administration website. They use data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to figure out each year’s increase.

Latest COLA Announcement

In 2024,there was quite the buzz when it was announced that Social Security and Supplemental Security Income (SSI) benefits would see a 3.2 percent jump starting January of next year. For more than 71 million folks in the U.S.,this tweak means their Social Security and SSI payments will stretch a bit further for daily needs.

This adjustment isn’t just pulling numbers out of thin air; it’s calculated with precision using CPI-W figures from the current year compared to last year’s average CPI-W. And let me tell you—this bump up means extra cash in hand for those depending on social security checks for essentials like food and health care.

 

The Financial Impact of the 2024 COLA on Beneficiaries

Benefit Adjustments and Your Pocket

Imagine your monthly social security check got a little heavier this year. Thanks to a 3.2 percent increase,over 71 million Americans will feel their wallets expand slightly. But what does that mean for you? With the Social Security Cost-of-Living adjustment for 2024,those receiving social security benefits can expect their purchasing power to stay in line with inflation.

Amidst soaring prices for essentials like food and fuel,this enhancement in benefits is crucial to keep pace. Yet,there’s more at play here than just an extra few bucks in your account each month. In an effort to keep up with the escalating expenses of daily life,this modification is designed to assist recipients in preserving their lifestyle by adapting to the wider financial shifts.

Navigating Changes in Taxes and Premiums

If you thought taxes were straightforward,think again. The taxable maximum income subject to Social Security tax has climbed up too – reaching $168,600 now. This means wage earners above this threshold will contribute a bit more towards Social Security funds.

But wait,it’s not all take-home increases; Medicare premiums also get a tweak with these changes—think of it as giving with one hand while taking with another but doing so gently enough that most folks still come out ahead financially after all adjustments are accounted for.

Feeling your wallet grow? A 3.2% Social Security boost for over 71 million Americans aims to keep up with the rising cost of living in 2024. #SocialSecurityIncrease #InflationAdjustment Click to Tweet

Adapting Budgets to Accommodate Annual Increases

Every year,the dance between our budgets and the annual COLA (Cost-of-Living Adjustment) takes a new turn. The 2024 Social Security COLA increase is set at 3.2 percent,impacting over 71 million Americans who will see their benefits rise starting January 2024.

This uptick means more than just an extra few dollars in your pocket; it’s about maintaining purchasing power amidst rising costs for essentials like food and health care. Yet,this boost also nudges up the taxable maximum earnings subject to Social Security tax to $168,600.

Smooth sailing through these economic tides might require an immediate reevaluation of your financial plan. Start by scrutinizing current expenses against expected income changes due to the higher COLA. This foresight can prevent financial turbulence down the line.

Future Planning Tips with Expected COLAs

Thinking ahead pays off—literally when it comes to retirement age planning with anticipated higher COLAs in mind. Adjusting savings strategies today can secure comfort tomorrow as both social security checks and living costs swell.

Grasping the personal ramifications of each uptick in benefits is key,a feat simplified by keeping abreast with official bulletins from the Social Security Administration.

Incorporating future expected increases into long-term financial plans not only safeguards against inflation but also ensures that every dollar works harder towards achieving lasting financial well-being.

 

Proven Strategies To Win Your Social Security Disability Case

If you are facing an upcoming Social Security disability hearing or have recently been denied and in the appeals process,you are likely asking yourself,“What can I do to give myself the best chance of winning my Social Security disability case?”

It can be tremendously agonizing to be recently diagnosed with a disabling condition by your doctors but then be told you have to wait to find out if you are eligible to receive Social Security disability benefits. It’s even more frustrating when you know that you cannot work because of your condition,and so does your doctor,yet for some reason you have had your claim denied and now you have to fight through the appeals process to get what you deserve.

If you are in either of these situations,here are some helpful tips to ensure you have the best chances of winning your case.

Applying for disability benefits for the first time

Do your homework

Be sure to thoroughly read the Social Security Administration’s Blue Book to accurately determine whether or not your disability meets the medical listing. In the event that it does not,you can still win your case,but you may need to go through additional rounds of paperwork,and the need to retain qualified legal counsel looms larger.

Be detailed and thorough in your application

The more detail and facts you can put into your application,the more likely you are to win your case. Never leave the answers to questions blank and avoid answering questions with simple yes/no answers. The Disability Determination Department will be looking for concrete facts and examples of why you are unable to work,and complete and thorough answers will do a much better job of proving your case than short answers.

Submit additional records as they come in

As you undergo treatment for your condition and more details emerge,you want to swiftly submit those medical records to SSA for consideration. Additional medical reports can demonstrate additional facts that will bolster your case and you need all the evidence on your side.

Consider hiring a disability lawyer from the beginning

The above advice seems simple in the abstract,but can become daunting when you are actually going through it. An experienced disability attorney like Evan Marken can help you through each of those processes and give you confidence that you are preparing your documents and conducting your research in the best possible manner. It’s the best way to help you avoid any of the pitfalls that first time applicants fall into,and to ensure your application succeeds the first time.

If Your Initial Application Has Been Denied

File an Appeal

If your application is denied,it’s important to make an appeal and not start over with a new application. The appeals process can seem even more daunting than the initial application process,but filing an appeal gives you a much greater chance of success than you might achieve if you were to simply refile an initial application with slightly different details.

Meet Your Deadlines

All Social Security disability claims come with deadlines and the appellate deadlines are of extreme importance. If you have a deadline you really need to meet it,or otherwise winning cases can turn into losers. Social Security has time periods when it comes to appealing your case for disability benefits,returning paperwork or even keeping an appointment to see one of their doctors.

Comply with Prescribed Treatments

Be sure to comply with the course of treatment recommended by your health team. If you’re prescribed physical therapy,attend the sessions. Take your medications as directed and only discontinue medication after consulting with your doctor. Don’t have health insurance? Learn how you can apply for disability benefits without health insurance.

Again,do yourself a favor: Hire an experienced attorney

Many clients who have navigated the disability appeals process will tell you one of the best things you can do is hire an attorney to advocate for you and make sure your application is strong and that your case is up-to-date. An experienced disability lawyer can help with all the above and take the weight off your shoulders. Clients who hire a disability attorney have a higher likelihood of winning their case,especially if they’ve been initially denied.

Marken Law Group | No Benefits? No Fee.

Inlays and Onlays: What are They And When are They Needed?

You may have heard the terms “inlays” and “onlays” from your dentist and wondered what they mean. Simply stated,they are a dental care treatment to repair cavities,tooth decay,wear from bite force,tooth trauma,and small fractures. 

Inlays and onlays are similar to filings and crowns,but differ in the following ways: 

  • Fillings are used for small cavities and are best for the sides of teeth.
  • Inlays are used in place of fillings when only a small amount of tooth structure has been lost to decay. Inlays are used when a cavity requires stronger materials to fortify the tooth.
  • Onlays are for substantial cavities that don’t cover the entire tooth surface.
  • Crowns are used when there is deeper decay or larger tooth fractures,and tooth reshaping is needed. 

What is an inlay?

An inlay replaces decayed tooth enamel. Once your cavity is removed,your dentist places your inlay on the chewing surface of your tooth. Your inlay is custom designed to fit the area between tooth cusps. Inlays are created using an imprint of the affected areas and are manufactured in a dental lab. This means they provide greater strength because they fit your teeth perfectly. Inlays are also better at preserving as much of your natural tooth as possible.

Inlays are made from tooth colored ceramic,porcelain or a composite material that is stronger than traditional fillings. Porcelain in particular can be perfectly matched to the color of your teeth. Porcelain naturally bonds to teeth. This bonding process improves the strength of your tooth.

Inlays vs. fillings 

There are many benefits of inlays compared to fillings:

  • Inlays preserve as much of your natural tooth as possible. 
  • With natural tooth structure in place,it’s easier to clean your teeth.
  • Inlays work better than fillings for larger cavities in the center of the tooth.
  • Porcelain inlays are more stable than amalgam or composite fillings which can expand and contract,causing cracks. This makes fillings ideal for the sides of teeth,while inlays are more durable for chewing surfaces.
  • Porcelain inlays are a biocompatible material. They strengthen teeth and can handle 75% more chewing force.
  • Inlays are custom-made by using an impression to fit perfectly to your teeth. 

Inlays have a few disadvantages in comparison to fillings. When choosing between the two,you and your dentist should take the following into account:

  • Fillings can be placed in one visit. Lab-manufactured inlays usually require two visits.
  • Fillings are less expensive. 
  • In the event of damage,repairing an inlays is more difficult.

What is an onlay?

Onlays are recommended when a cavity is too big to fill,but too small for a crown. Onlays are also called partial crowns. This is because they cover a portion of the tooth. Onlays are placed to preserve natural tooth structure. 

Onlays are custom manufactured in a lab. Our onlays are made of porcelain from an exact imprint of your teeth. The porcelain naturally bonds with your tooth to add strength. The porcelain used in both inlays and onlays is perfectly color-matched to your surrounding teeth. 

Onlays vs. crowns

Onlays and crowns differ in size and location. Crowns are an excellent restorative solution when significant wear or decay has occurred. They either extend down the sides of your tooth or cover the tooth. Onlays are smalle. They fit over the biting surface of your tooth and extend to cover the cusps. 

Dental professionals often recommend an onlay to: 

  • Preserve as much of your natural tooth as possible.
  • Provide additional strength to your tooth. 

If you’re not sure whether you need inlays,onlays,crowns or fillings,we encourage you to reach out to a dental professional for a consultation! Alternatively,click the link below if you’d like to learn more about the services and procedures involving inlays and onlays! 

Discover Inlays