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CMS announces changes to Medicare Advantage and Part D to provide better coverage
On May 22, 2020, the Centers for Medicare & Medicaid Services finalized requirements that will increase access to telehealth for seniors in Medicare Advantage (MA) plans, expand the types of supplemental benefits available for beneficiaries with an MA plan who…
A majority of Americans will be working retirees
A recent survey found 74 percent of Americans intend to have a job during retirement. There are several reasons why holding down a job in some capacity as a senior is beneficial: making up for limited savings or compensating for…
What is the best retirement advice?
Although it’s fun to strike it rich with a stock pick, that’s not usually the best path to success in a retirement plan. Eric Rosenberg (a former bank manager and corporate finance and accounting professional) says his best retirement investment…
Do you have enough money saved for a comfortable retirement?
According to Blacktower Financial Management Group, to have a comfortable retirement the average working American needs to save at least $386,100. Blacktower estimates that a person would need 75 percent of their starting salary per year in retirement. This means…
If you’re 65 or older and lose your job, this is the time to sign up for Medicare
Due to the COVID-19 pandemic, the unemployment rate among people age 65 or older is now over 15 percent. For anyone 65 and older who is now unemployed or had health coverage through a now unemployed spouse, this is the…
How a 401(k) can be the most lucrative way to save for retirement
One of financial experts’ most-recommended retirement accounts is a 401(k). But do you know there are two types of 401(k) plans: traditional and Roth. Do you know which one you have to pay taxes on once you start to withdraw…
What is the 4 percent rule and is it still valid?
Most of us have heard of the 4 percent rule for retirement withdrawals, but do we understand it? In 1994, financial advisor William Bengen published a paper stating that retirees could safely spend about 4 percent of their retirement savings…
Warning: Scammers are posing as contact tracers
The Federal Trade Commission is warning the public of a new text scam using coronavirus response efforts as a cover to obtain financial information. According to the Federal Trade Commission, scammers are posing as contact tracers sending, text messages to…
The value of a Health Savings Account
Health savings accounts (HSAs) have triple tax benefits and can be a powerful retirement savings vehicle. If an employer makes a contribution to an employee’s HSA, the contribution is not included in the employee’s gross income. Also, when an individual…
National Guard troops could see their deployments halted one day short
The media is reporting tens of thousands of National Guard troops responding to the COVID-19 pandemic could see their deployments halted one day short of qualifying for retirement and education benefits under the GI Bill. For a Guard member to…