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Randy Dippell on Social Security COLA in 2023

Milestone Money featured in U.S. News & World Report – “Why Seniors Are Getting a Large Social Security COLA in 2023”. Read more from Randy about building your retirement budget around your Social Security benefit and how rising prices and fixed income are intertwined.

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What issues should i consider before i retire?

Randy Dippell, wealth advisor and owner of Milestone Money, appears in a new U.S. News and World Report article about the newly announced cost-of-living adjustment for Social Security benefits for 2023.

With rising prices and inflation at 40-year highs, retirees and those planning for retirement have been some of the most directly impacted when it comes to preserving retirement income and managing their cash flow needs. Social Security benefits are one key aspect of that retirement planning.

Here are some of the highlights from Randy featured in the article:

  • Based upon the high levels of inflation we’ve experienced in 2022, retirees can expect a large increase in their Social Security benefits in 2023.
  • That extra cash [from the 2023 COLA] will provide immediate relief to retirees on a fixed income. You can implement it into your budget for next year.
  • The fourth quarter is a great time of year to conduct a check up of your finances, plan for any actions that need to be resolved before year end and then start thinking about the year ahead.
  • Review any important upcoming purchases you had planned that may be subject to price increases. If appropriate, consider paying down variable interest rate debts or refinancing them to fixed rates. Review your [home and vehicle insurance] coverage amounts to ensure they are adequate for your needs.

Read the full article on “Why Seniors Are Getting a Large Social Security COLA in 2023” here.

What issues should i consider before i retire?

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Life is full of financial milestones. We pay for college, we get married, we start businesses. But the most important financial decision we will ever make is when and how to retire. Milestone Money helps you map success to and through retirement.

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