seniors
Did you receive an overpayment notice from the Social Security?
Yes, the Social Security Administration does make mistakes. How does this happen? There are a few reasons, but usually, the overpayments occur due to an individual not notifying Social Security of changes happening in their life. So how does Social…
Here are the Medicare basics
More than 10,000 people turn 65 every day in the United States. Knowing your options for health care are more important than ever before. Medicare is the federal health insurance program for people who are 65 or older. Understanding Medicare…
Which state is the most expensive to retire in?
When you think of the most expensive places to live in the United States, most people will say California or New York, but that may not be correct for both states. According to WalletHub, California did not make the top…
Seniors are feeling economic strain
A survey by American Advisors Group (AAG) found nearly 90 percent of seniors think the United States is experiencing a retirement savings crisis. Chris Moschner, Chief Marketing Officer of American Advisors Group, stated, “The data show that seniors are feeling…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Are you an “employment extender”
A recent report from Voya Financial and the nonprofit Easterseals found that a growing number of older workers plan to work past the typical retirement age but not for the reasons most people think: financial. Although 43 percent are motivated…
Start telling the truth about Social Security and Medicare.
The vulnerability of Social Security and Medicare programs is not an ideological matter but an economic reality. Both programs are funded in part by dedicated taxes paid by both the employee and employer. However, with fewer individuals in the workforce,…
Raising the retirement age
Choosing when to start receiving your Social Security retirement benefits is an important decision that affects your monthly benefit amount for the rest of your life. For those born in 1960 or later, your full retirement age is 67 to…
Early retirement may impact cognitive functioning
A recent study suggests early retirement may accelerate cognitive decline later in life. Plamen Nickolov, assistant professor of economics at Binghamton University, said, “ We find that increased social isolation is strongly linked with faster cognitive decline among the elderly.”…