Latest News
Fair COLA Act Reintroduced
Minnesota Congressman Rick Nolan on Friday reintroduced the Fair COLA for Seniors Act legislation (H.R.2896) calling for a one-time, 3.9% mid-year cost of living adjustment (COLA) in the benefits of 59 million Social Security recipients. In a statement posted on his…
Nearing Social Security/Retirement Age? Pointers to help make up ground on savings.
In a podcast available on www.usaastories.com, J.J. Montanaro of USAA provides some advice on approaches to savings that can help those lacking a comfortable cushion to catch up before it’s too late. Listen to the podcast here, or if you’d prefer reading…
HSAs and Social Security…Some Important Details to Know
Ed Slott, a Financial Planning contributing writer, offers some critical information about Health Savings Plans (HSAs) and how they fit into financial planning for seniors. Although his article is geared toward financial planners and the advice they might give clients, the information…
Student Loan Debt Continues to Plague Social Security Recipients
With 2.8 million Americans over age 60 owing money on student loans, and 37% of Americans over age 65 in student loan default, the problem of Social Security garnishment continues to be a significant issue. These figures, from a Consumer Financial Protection Bureau study,…
First-Time Workers: Understanding Taxes
It may seem like a bit of an annoyance, all these deductions from that first paycheck. But with a little bit of counseling, parents can help children understand that the deduction called “FICA” is actually the beginning of a long-range…
The Importance of Social Security and Medicare
Social Security manager Tammy Fluto offers some conjecture on what Social Security and Medicare mean to older Americans in this post on www.walkermn.com. Her article includes a part-by-part definition of Medicare’s primary components, and offers guidance for those nearing sign-up. Read her…
Words of Advice: Avoid Borrowing from Retirement Funds
The impulse to access your accumulating retirement funds to bridge yourself over rough spots can be tempting, but before you take that action, consider the long-term damage you may be doing. In an article posted today on www.stamfordadvocate.com, the folks at…
Surprise! Millennials Might Not be That Far Off the Mark in Retirement Planning
A recent survey by RBC Wealth Management suggests that the millennial generation (those with birth years from the early 1980s to the early 2000s) may not be as unaware of their financial situation as many pundits and media accounts claim. In fact,…
Thoughts on Drawing on Retirement Funds
As you approach retirement life, it’s important to give careful consideration to how, and in what sequence, you’ll be tapping your retirement savings. Frank Mokosak, Certified Financial Planner, offers some guidance on this subject in a post on www.desmoinesregister.com. Check it out…
Your Retirement Finances: How high is up?
So much has been publicized about the poor savings habits of people approaching retirement, creating a persistent question for many people about how much funding they need to have accumulated when they reach those “golden years.” It’s a question that…