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Medicare Advantage plans are getting a raise in 2023
In 2021, more than 26 million Medicare beneficiaries enrolled in a Medicare Advantage plan. The average Medicare beneficiary has access to 39 Medicare Advantage plans, more than double the number of health plans per person in 2017, and the largest…
Don’t ignore your financial health
Americans are obsessed with dieting and exercise; however, they ignore their financial health. According to Laurence Kotlikoff, Boston University economics professor and Social Security expert: We Americans are financially quite sick.” Kerry Hannon writes about her conversation with Mr. Kotlifkoff…
Are you on the right track with your retirement savings?
Saving for retirement at any age can be confusing and daunting. Where do you begin? What percentage of my income should I be saving? Even if you have retirement savings accounts, are you on the right track to a comfortable…
How Secure 2.0 bill will impact your retirement
Although the Securing a Strong Retirement Act of 2022, otherwise known as the Secure 2.0, has yet to pass the Senate, it has the potential to solve some of the retirement problems Americans are facing. With almost half of older…
Are Americans naturally bad at savings for retirement?
The U.S. system of retirement saving, such as it is, has shifted sharply toward personal responsibility, and we Americans are naturally bad at it. This situation is reinforced by the recent findings by the Government Accountability Office (GAO), which found…
Why people collect their benefits ahead of schedule
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up…
Free COVID-19 home tests for Medicare Part B beneficiaries
Starting Monday, the first time in the history of the Medicare program that they will be paying for over-the-counter services or tests. What is this history-breaking product? About 59 million seniors with Medicare Part B can get up to eight…
Will the government raise the Social Security retirement age?
The House of Representatives last week approved a retirement bill that would push out the age for required minimum distributions on certain savings accounts to 75; could other official ages through the government programs be increased? There are no imminent…
Why this financial reporter is not counting on Social Security
According to the Social Security Administration, Social Security benefits represent about 30 percent of the income of the elderly. Have you set retirement savings goals for your later years around taking your Social Security benefits? Even though Social Security benefits…
Social Security’s Telephone Problems
Social Security published an announcement, essentially apologizing to those who have had difficulty contacting them by telephone. That difficulty has taken the form of especially long wait times and, sometimes, being unintentionally disconnected after the call has finally started. According…