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Another look at the $5,000 “stimulus” loan idea from Social Security
We at Social Security Report (SSR) have been writing this week on an idea being discussed at The White House that would loan people $5,000 now in exchange for them delaying their Social Security retirement benefit by about three months later. …
Nearly Half of Workers Might Be Wrong About Social Security
Katie Brockman cites a recent survey from the Employee Benefit Research Institute where 48% of participants said Social Security will pay out about the same as it does now. Folks are failing to see that benefit cuts may occur due…
Another $2 trillion in stimulus coming?
More stimulus? Maybe. Both both parties in Washington have different ideas about just what should be stimulated. The GOP prefers a more wait and see approach to how funds already allocated in The Cares Act are working. Mathew Frankel takes…
A $5,000 check idea is considered ill-advised
Our headline post today at Social Security Report discusses in depth the $5,000 payment now in exchange for delaying Social Security retirement checks later (by about three months) idea. Dan Caplinger of The Motley Fool reviews the concept here and gives it…
May 13 is IRS deadline to enter direct deposit info for stimulus checks
Sean Williams reminds readers here that Wednesday, May 13th is the final deadline set by the IRS for one to enter bank direct deposit information on the IRS website. Paper checks will be issued to those who do not have…
A third of retirees are spending more than expected
Maurie Backman reports on the results of a recent survey by the Employee Benefit Research Institute. It finds 34% of retirees admit they are spending more than they thought they would. Why? Health care, housing, and leisure/entertainment are the three categories that lead the way…
Paying employers to hire their workers back: unique idea or just more debt?
Sen. Josh Hawley (R-MO) is proposing a sort of negative payroll tax designed to keep as many employed as possible versus merely paying money out to people directly. Dan Caplinger of The Motley Fool explains Sen. Hawley’s plan in this informative article. Companies are…
2 Social Security Mistakes That Could Cost You During the Pandemic
Katie Brockman’s piece here notes how important it is for folks to avoid making any hasty decisions that can cause long-term consequences. Taking benefits early out of fear and delaying benefits when one cannot afford to do so are the two key…
Social Security recipients don’t anticipate problems in the future – but they should
Maurie Backman writes how today’s seniors have a rather rosy attitude with regard to Social Security, citing recent survey by the Employee Benefit Research Institute. In it 68% of retirees said they’re confident Social Security will continue to provide benefits of equal value…
4 Ways the Coronavirus Pandemic Could Affect Retirees’ Finances
In many ways it’s never been a better time to be a retiree, compared to so many millions of other Americans. No job loss due to the pandemic. Retirees who are single tax filers with incomes below $75k ($150k if…