Every year the Social Security (SS) Administration considers a Cost of Living Adjustment (COLA) to all of the social security checks to help your SS check have the same purchasing power year over year. The greatest factor in this calculation is inflation or the rate at which the cost of goods and services goes up for a certain period of time. Going into 2020 the SSA COLA went up 1.6 %, inflation for 2019 was 1.4%. The annual inflation rate for the United States is 1.2% for the 12 months ended in October 2020, according to U.S. Labor Department data published on November 12, 2020. To offset this inflation the SSA has decided to raise your social security checks for 2021 by 1.3% to offset the 1.2% inflation in 2020. This change should give about an extra $240 for the average US retiree. This increase is not enough to increase your lifestyle, but hopefully enough to maintain it. If you are looking to get a little or a lot more access to cash in retirement, a Reverse Mortgage (RM) might be the right fit for you.
If you have questions regarding a RM loan program or would like to see what you or your client qualifies for, you may contact Robert Krepps rkrepps@hightechlending.com or toll-free at 877-567-7476.
Robert Krepps, NMLS #255191, at HighTechLending Inc. HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
