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Checking the Status of your Stimulus Payment
Somewhat understandably because of the volume of recipients and rapidity of deployment, a degree of confusion exists about who is eligible for a coronavirus stimulus payment, and how and when those payments will be disbursed. Payments starting flowing quickly to those who filed…
Stimulus Payments for Social Security Recipients to Start This Week
Good news from the Internal Revenue Service – stimulus payments will start flowing this week to those on Social Security who did not have current banking information on file with the IRS. The first wave of stimulus payments went to…
401(k) balances sink due to COVID-19 but people are still saving
The wild market swings have taken a toll on retirement savers, with the average 401(k) balance plunging19 percent to $91,000 and the average individual retirement account (IRA) alance also falling by 14 percent to $98,900. According to Fidelity, retirement account balances…
Should you wait to claim your benefits now?
The COVID-19 pandemic and the economic havoc it has caused make it both reasonable and necessary to rethink long-held financial plans. If you are between the ages of 62 and 70 and have not claimed your Social Security benefit, you…
How to change your name on your Social Security card
Your Social Security card must always be up-to-date and correct so if you have legally changed your name you need to get a corrected card. Since you cannot apply to change your name online and currently, and with COVID-19 closing…
The pandemic has impacted the makeup of the US labor market
New research finds the ranks of those planning to retire early are significantly higher during this economic crisis than in previous economic downturns. This could have a huge impact on the US labor market since over the past 20 years…
Americans are living longer and that creates some challenges for retirees.
According to the Social Security Administration, a 65 year-old, on average, can expect to live another 19 to 21.5 years. With the prospect of a 20-year retirement, seniors will have more time to do the things they want and added…
Are you taking early retirement due to COVID-19?
The COVID-19 pandemic may be forcing many workers to stay home for much longer than they want, and in some cases is turning a layoff into forced early retirement. According to a survey conducted in January by Allianz Life titled,…
2020 Medicare Trustees Report & Trust Funds
The Medicare Program is the second-largest social insurance program in the U.S., with 61.2 million beneficiaries and total expenditures of $796 billion in 2019. The Boards of Trustees for Medicare (also Boards) report annually to the Congress on the financial operations…
The Committee for a Responsible Federal Budget Analysis of the 2020 Social Security Trustees’ Report
The Committee for a Responsible Federal Budget released its analysis of the 2020 Social Security Trustees’ Report, noting that Social Security faces a precarious and worsening financial situation–even before accounting for the current pandemic. The Social Security Trustees excluded the…