seniors
Proposed modernization of the Medicare Savings Programs
To simplify access to the Medicare Savings Programs (MSPS), the Aging & Disability Health Policy Lab has drafted four model policies. Medicare Savings Programs are special benefit programs sponsored by state Medicaid agencies. They are designed to relieve some (or…
Are you prepared for the retirement you might get?
Two-thirds of retirees said they left the workforce earlier than planned, according to the latest survey from the Society of Actuaries Research Institute. The primary driver for the need for early retirement was health issues. These findings confirm other research…
How a bank levy could affect your Social Security benefits
U.S. Census researchers have found that about 14 percent of Americans 65 and older rely on Social Security for 90 percent or more of their income. Given the importance of these funds, private debt collectors cannot garnish them; however, there…
CMS announces aggressive nationwide crackdown on fraud
In a continuing effort to stop fraud before it starts, the Centers for Medicare & Medicaid Services (CMS) is taking decisive action to protect Medicare beneficiaries and taxpayer dollars through implementation of a six-month, nationwide data-driven moratorium on new Medicare…
How the government calculates your Social Security benefits
Your Social Security benefit is calculated based on your highest 35 years of earnings, adjusted for wage growth, and then applied to a formula that determines your Primary Insurance Amount (PIA). However, this amount can be adjusted based on specific…
Old beneficiary forms can override your final wishes
Many Americans assume that their wills or trusts control all aspects of their financial legacy; however, an outdated beneficiary form can override those instructions. Under federal law governing employer-sponsored plans (ERISA), beneficiary designations operate under contract law, which means the…
The fear of running out of money
The fear of running out of money is more overwhelming than the fear of death itself for almost two-thirds of retirees, according to the latest Allianz Retirement Study. Along with the fear of running out of money, more than 50…
What retirees spend the most on the first year
Even though you have recently retired, there are still expenses you need to be aware of. All retirees are affected by healthcare bills, housing expenses, and travel expenses. Nicole Spector, writing for GoBankingRates, explains how to account for these costs.…
Figuring out your ideal retirement savings number
The recent Northwestern Mutual Survey found that the average respondent estimated they would need $1.46 million to live comfortably in retirement, which is up by almost a quarter of a million dollars from last year. One of the factors driving…
The latest 2027 COLA estimates
Social Security’s Cost of Living Adjustment (COLA) is a snapshot comparison of Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) measurements from the previous year’s third quarter to the same period in the current year. Since the…