Happy New Year! Don't you wish you could know how the markets and more importantly, individual stocks will perform this year? I remember the movie, The Final Countdown, where a modern aircraft carrier (USS Nimitz) traveled back in time to the day before the Pearl Harbor attack. The captain of the ship is revealed at movie's end to be a modern day multi-millionaire. Why? Because he knew what investments to make in the intervening years leading up to the time travel. If only we could go back in time …
A 2% Cost of Living Increase for Social Security benefits is applied beginning this month. This increase changes the calculations a little. The checks will be larger and the savings withdrawals needed to match it will also increase.
The Tax Cuts and Jobs Act of 2017 (TCJA) takes effect. Most workers have fewer taxes taken out of their paychecks and even the Democrats grudgingly applaud the extra money for most Americans.
The fund's share price is up yet again, to 29.07 at month end.
Willie had a month end balance of $211,828.56. His monthly benefit check (including the COLA) would be $2104.00 if he changed his mind and decided to file for benefits at this time.
Irma deposited the $2011 check and withdrew $2413 from her existing account, so her net total is $229,341.03. Her Social Security deposited account now has $17,512.47.
Sam used his benefit check to supply $1583.24 of his monthly expenses. His untouched IRA account sat at $230,531.20.