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More on Coronavirus and Social Security–What Seniors are Worried About
For folks thinking about retirement finances, Social Security’s solvency has emerged as a serious concern. A Harris Poll conducted on behalf of The Nationwide Retirement Institute reports that “(a)bout 61 percent of people said they were more worried than before about the…
COVID-19 and the Impact on Social Security Benefits
As if the pandemic itself wasn’t bad enough, the impact on the workforce component of the U.S. economy is shaping up to be characterized by potentially severe long-term implications on future retiree benefits. For example, workforce absences induced by COVID-19 will…
A Retrospective on Social Security’s History
Delia De Mello, Community Contributor at patch.com, provides an overview in this post of the positive benefits and services the Social Security program has provided in its almost 85 years. From service to wounded warriors to the economic security provided to…
The Shock of Medical Costs in Retirement…Steps You Can Take to Prepare
With some estimates of out-of-pocket health care costs in retirement approaching the $400,000 level for a couple, it’s no wonder why nearly half of those surveyed in SimplyWise’s July 2020 Retirement Confidence Index ranked this as a major concern. While these costs…
Retirement Savers Avoiding CARES Act IRA Provision
Despite its recognition as a financial bail-out option during the COVID-19 pandemic’s economic devastation, it appears that many savers are electing to avoid that tempting course. In fact, as noted in a statesville.com post by The Motley Fool’s Maurie Backman, ” … only…
Retirement Savers: Avoid Complacency and the “Do-Nothing” Approach
Many folks years away from retirement tend to adopt a sense of complacency in their investment strategies, as suggested in a post by Yahoo Finance reporter Dhara Singh. Quoting Farnoosh Torabi, a financial expert and contributing editor at NextAdvisor.com, Ms. Singh comments…
When Your Paycheck Stops, How Much Will You Need?
The art of retirement financial planning calls for some sound forecasting, specifically with respect to what you’ll need in cash flow to support your desired retirement lifestyle. In other words, when job-related income stops, how much will you need to…
Understanding ABLE Accounts
(Source: Social Security Administration) Approximately one in five Americans has a disability. These Americans have the same hopes and dreams to participate in society as everyone else. On July 26, 1990, President George H.W. Bush signed into law the Americans…
SSA Local-Office Wait Times Continue to Increase
Recent reports from the Social Security Administration Office of the Inspector General (OIG) indicate that wait times at local SSA offices are continuing to build. And with the office closings caused by the pandemic lockdown, the difficulties faced by SSA…
TRUST Act Factors Into Senate Pandemic Relief Bill
Bloomberg.com’s Laura Davison, in a post on their website, reports that the stimulus proposals now being developed in the Senate may be affected by negotiations involving the TRUST Act (S.2733). The Act, introduced last fall by Sen. Mitt Romney, calls for…