Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • Attorneys
    • Morris Hall Core Values
    • Communities We Serve
      • Arizona
        • Carefree
        • Flagstaff
        • Mesa
        • Oro Valley
        • Phoenix
        • Prescott
        • Scottsdale
        • Sedona
        • Tucson
      • New Mexico
        • Albuquerque
        • Las Cruces
        • Santa Fe
    • Our Team
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Testimonials
  • Our Services
    • Asset Protection
    • Probate
    • Tax Planning
    • Trusts
    • Trust Administration
    • Wills
    • Videos
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Albuquerque Elder Law
      • Las Cruces Elder Law
      • Phoenix Elder Law
      • Santa Fe Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Albuquerque Probate
      • Flagstaff Probate
      • Las Cruces Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Recent Law Changes and Improvements Affecting Arizona and New Mexico
      • Update My Living Trust
    • Reports
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Upcoming Webinars
    • Past Webinar Recordings
  • Contact Us

We Must Be Shopping at Different Places

November 11, 2015 by Morris Hall, PLLC Leave a Comment

The Social Security Administration (“SSA”) recently has reported that there will be no cost of living adjustment in 2016 for Social Security recipients.  Their reasoning being that the cost of living has increased, so one’s 2016 dollar will be the same as it was for 2015.

As a Social Security recipient, I disagree.  Even though the price at the pump has decreased, my household has received significant increases in the cost for groceries, medical care and housing costs including real estate taxes.  I personally see, and fell, these increases in my personal budget.  It makes it difficult to accept SSA’s assertion of no inflation in 2015.

SSA also announced that associated figures will also stay the same in 2016.  That is, there will be no increase in the maximum amount of earnings recipients are allowed without impact to their Social Security income, and the amount of income current employees and employers pay Social Security taxes on also will not change.  The maximum taxable income for Social Security remains at 118,500 per wage earner.  The maximum a Social Security recipient under full retirement age can earn without incurring a penalty stays at $15,720 annually.  The Social Security tax for 2016 will remain at 7.6%.

Though this is not a “good news” report, it is important for those of us receiving Social Security benefits to be aware of what we can expect to continue to receive in 2016.  Our belts will need to be strapped a little tighter, but with some planning, we will continue to enjoy our retirement!

What the Attorneys of Morris Hall, PLLC Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down.  Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Carefree, Tucson, Oro Valley, Prescott, Flagstaff and Arrowhead.  Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe.  Contact us today at 888.222.1328 to schedule an appointment!

This blog should be used for informational purposes only.  It does not create an attorney-client relationship with any reader and should not be construed as legal advice.  If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.

 

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • How Do I Trust Thee…Part I - July 1, 2022
  • Advance Directive: Do I Need One? - May 24, 2022
  • Probate vs. Non-Probate Assets - May 17, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm has offices in Arizona and New Mexico. See all of our locations here.

Our law firm has offices in Arizona and New Mexico. See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube

Need an Estate Planning Lawyer Near You?

Looking for an estate planning lawyer near you? We have office locations in Phoenix, Mesa, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona. In New Mexico, we have office locations in Albuquerque, Santa Fe, and Las Cruces, so please visit us at the location that is closest to you.

  • © 2022 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer