seniors
Unexpected costs in retirement
Planning for your retirement is not easy. You must not only account for the costs of everyday things such as housing, insurance, and traveling but also those unexpected costs you may encounter during your retirement that may impact your financial…
Adults are worried
Americans are worried. According to the latest Gallup poll, three-quarters of adults aged 65 and younger said they are concerned about Medicare, and 80 percent said they are worried about Social Security benefits. The poll also found the respondents “make…
Social Security special minimum benefit program
Social Security special minimum benefit program is a special minimum primary insurance amount (PIA) enacted in 1972 to provide adequate benefits to long-term low earners. For individuals with a long history of low earnings, the special minimum benefit could be…
Social Security’s Office of the Inspector General Releases Scam Report to Congress
(Source – blog/ssa/gov) Social Security’s Office of the Inspector General (OIG) recently released its quarterly Scam Report to Congress. The report provides information about scam trends in the second quarter of Fiscal Year 2024 (January 1 — March 31, 2024).…
Payment plan for drugs in 2025
One of the many changes the Inflation Reduction Act (IRA) changed is how Medicare recipients can pay for prescription drugs. Medicare beneficiaries may choose to participate in a program that will spread the costs across several months instead of being…
Social Security benefits and alimony payments
Earlier this month, the Colorado Court of Appeals ruled that Social Security benefits counted as income in deciding alimony payments. So, what will this mean to other seniors? Suzanne Blake reports on how this ruling changes how the court can…
Proposed plan for new retirement system
The Wharton School of the University of Pennsylvania proposed a plan for the federal government to create “personal individual investment accounts” to replace the current retirement systems. According to the authors, “All contributions are made by the federal government without…
Women and retirement savings
At the end of 2022, the average monthly benefit check for a retired woman was $1,638 compared to $2020 for a retired man, according to a report from the Social Security Administration. Why? Women tend to earn less than men,…
Pay attention during the Open Enrollment Period
Although Medicare Open Enrollment is a few months away, it is not too early to learn about changes that may affect your Medicare Part D coverage. The Inflation Reduction Act (IRA) will make significant changes to many individuals with Part…
Are you nervous about retirement?
The majority of Americans are nervous about retirement, according to the latest report from Schwartz Center for Economic Policy Analysis. The results demonstrate that the stress level of retirement differs based on age, gender, economic and educational levels. Lynn Cavanaugh…