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The pandemic has prompted few workers to dip into their retirement accounts early
According to a survey by Edelman Financial Engines, the COVID-19 pandemic has prompted a few workers to dipinto their retirement accounts early, but more are now considering it. The survey found roughly a third of the people said they have…
Before you sign up for one of these expanded plans, be sure you know the limits involved
Since 2019, government rules have allowed Medicare Advantage plans to expand benefits which is commonly referred to as Special Supplemental Benefits for the Chronically Ill, or SSBCI. These new benefits can go beyond medical care and provide support that can…
The 10-year rule is now law for non-spouse beneficiaries
There is some good news and not so good news for non-spouse beneficiaries of tax-deferred retirement accounts. First, the good news, thanks to the 10 year rule in the Secure Act passed last year, most will avoid annual required minimum…
Is the “State” option going to replace other retirement programs
According to Georgetown’s Center for Retirement Initiates, which tracks state retirement programs, since the beginning of the year, at least 20 states and cities have introduced legislation to establish some form of publicly facilitated retirement plan. The officials behind these…
Social Security beneficiaries can expect their monthly payouts to increase in January
For 62 percent of current retirees, their Social Security benefit accounts for a least half their monthly income according to the Social Security Administration. Also, based on the analysis from the Center on Budget and Policy Priorities more than 15…
Educating yourself could help you avoid costly Social Security mistakes
Almost the half of single seniors rely on Social Security for 90 percent or more of their income according to the Social Security Administration and almost a quarter of married couples do as well. So, it’s important to read up…
Addressing the risk of isolation in retirement
There are 35 million Americans living alone which can lead to serious health conditions, such as heart disease, depression, reduced effectiveness of their immune system, and Alzheimer’s disease. Also, there are 53 million Americans, often retirees themselves, who spend time…
The 2021 retirement plan contribution limits for 401(k)s and more
The basic salary deferral amount for 401(k) and similar workplace plans remains flat at $19,500; the $6,500 catch-up amount if you’re 50 or older also remains the same but the overall limit for these plans goes up from $57,000 to…
The Covid-19 recession risks draining the Social Security Trust Fund
A new study from the Bipartisan Policy Center found the COVID-19 recession risks draining the Social Security Trust Fund one to five years earlier than its trustees had projected. The Social Security Trustees had estimated the fund would run out…
There is still some time to make the most of the CARES Act benefits
There is still time to make the most of the Coronavirus Aid, Relief and Economic Security (CARES) Act benefits. Although many of these benefits have expired and may not be renewed, but some of them are still available. In Pam…