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The most effective tactics for protecting your identity
There have been 95,901 total reports of government imposter scams alone in 2022, according to the Federal Trade Commission (FTC). The Social Security Administration is the most impersonated federal government agency resulting in $46.37 million in total losses. Kurt Knutsson…
Be sure to do this before you start Social Security benefits
Deciding when to begin your Social Security benefits should not be made in a vacuum, especially if you are married. Different claiming strategies will maximize your combined income. Christy Bieber advises if you are thinking about filing for your Social…
Losing money is the last thing any of us wants
Nobody likes to lose money, especially your retirement savings. The stock market can be risky, but a savings account, even a high-yield one, cannot beat inflation. There are still low-risk, guaranteed-growth investments that are an alternative to the riskier retirement…
CBO estimates a funding shortfall in 2032
The Congressional Budget Office (CBO) estimates federal spending on Social Security and Medicare will outpace the revenues and the economy overall. They quoted a variety of factors, including rising costs of medical services, large cost-of-living adjustments, and the last of…
Seniors are feeling economic strain
A survey by American Advisors Group (AAG) found nearly 90 percent of seniors think the United States is experiencing a retirement savings crisis. Chris Moschner, Chief Marketing Officer of American Advisors Group, stated, “The data show that seniors are feeling…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Medicare changes for 2023 you should know
Just in case you missed it, there are some changes to Medicare for 2023. Some costs have gone down, like Medicare Part B premiums, while others have gone up, Medicare Part A premiums. Kate Ashford writes about the seven key…
The 20% Medicare cut coming for hospitals
(By Jakob Emerson for Becker’s Hospital Review) As the U.S. prepares to end the COVID-19 public health emergency, hospitals are facing a major cut in Medicare payments used to treat patients diagnosed with the disease. Since January 2020, hospitals nationwide…
Are you an “employment extender”
A recent report from Voya Financial and the nonprofit Easterseals found that a growing number of older workers plan to work past the typical retirement age but not for the reasons most people think: financial. Although 43 percent are motivated…