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The Insecurity of Social Security
All experts and Social Security scholars agree that the COVID-19 pandemic will worsen the already difficult financial situation Social Security is faced with in the not-too-distant future. Even before the coronavirus hit the Trustees were projecting that, with expenses now…
Why Take Social Security at Age 62?
Provided you’re in good health and expect average longevity, most financial advisors will recommend waiting until you are 70 to claim Social Security. That’s because your benefits grow for each month you delay, earning an 8% bonus for each year…
Bipartisan Bill Offers Fix For “COVID-19 Notch” Issue Affecting Those Born in 1960
Much has been written recently about how Social Security benefits for those turning 60 this year will be hurt due to the COVID-19 pandemic. Often referred to as being in the “pandemic notch,” those born in 1960 and who turn 60 in 2020…
When Will the Medicare Trust Fund Run Dry?
With all the activity in Washington these days focused on a new stimulus package, one thing that isn’t getting a lot of attention is the Medicare Trust Fund, known as the “HI” (Health Insurance) Fund. The HI trust fund, which…
Another Stimulus Package? What Will It Look Like?
Talks about another economic relief (stimulus) package are ongoing in Washington, but not much detail has yet been revealed. So, how can you plan if you don’t yet know? Well, the best advice is to assume that you won’t get…
Offset COVID-19 By Delaying Your Social Security Claim
There are few Americans who haven’t been affected by the COVID-19 coronavirus pandemic. For some, that may be simple inconvenience, while for others it has meant a severe financial impact through job loss and, perhaps, depleted retirement savings. But one…
Widows and Widowers: Are You Getting Your Survivor Benefit?
In a stunning report by Social Security’s Inspector General, many seniors who are eligible for a survivor benefit aren’t receiving it, collectively resulting in millions of dollars in lost benefits. The Inspector General’s report, as revealed in this Motley Fool…
Some Tips for Boosting Your Retirement Savings
Social Security was never intended to be your sole source of retirement income and, with defined benefit pensions plans a disappearing source, Americans must lean heavily on their savings – their retirement “nest egg” – for additional income to supplement…
Should You Claim Social Security During the Pandemic?
The COVID-19 pandemic has put the country into a severe economic downturn, which may very well have affected you financially. But if you find yourself in a position of needing to decide whether to claim your Social Security now, there…
A COVID-19 Recession? Here’s How You Might React
No question that the COVID-19 pandemic has hit the American economy hard – so hard that some say we are already in a recession. And, of course, a recession can cause a great deal of anxiety and financial stress for…