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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…
Don’t forget that retirement is a marathon, not a sprint
While some people will have no other choice but to use retirement savings for short-term financial challenges, a majority (86 percent) feels that “staying the course” and having a long-term view on their investments is important amid concerns about the…
Read this before starting a part-time business in retirement
Are you thinking about starting a part-time business in retirement? Do you have a well-thought out plan to make the business run? Have you done your essential pre-market testing? Have you told your family and friends? If you are kicking…
Could the record low gasoline prices affect your Social Security increase in 2021?
The Bureau of Labor Statistics’ first-quarter data point to a 0.8 percent Social Security cost-of-living adjustment (COLA) in 2021; however, the estimate is early and subject to change. So why this increase is lower than the 1.6 percent COLA increase…
Could your future Social Security benefits be affected by COVID-19?
The COVID-19 pandemic has affected almost every aspect of society and there is no telling how long it will be before our lives goes back to normal. Many older workers’ retirement plans, many soon-to-be retirees have watched their savings evaporate…