seniors
Medicare Advantage and Prior Authorization
For information, “Medicare Advantage” refers to private healthcare insurance which replaces the traditional government-run healthcare program known as “original Medicare.” Medicare Advantage plans have recently been in the spotlight for their seemingly strong tendency to manage their corporate expenses by…
“Cautious Optimism” about Social Security’s Future?
If you read these pages regularly, you know that Social Security will soon have financial difficulties which, if left unresolved by Congress, will result in a cut to everyone’s monthly Social Security payment starting in about the fall of 2032.…
Clarifying Social Security Terminology
There is little doubt that Social Security uses many different terms and jargon describing who is eligible for benefits, and when they might claim those benefits earned from a lifetime of working. If you need an example of the myriad…
Retirement security has become an issue for many Americans
Americans’ growing concern about their future retirement while trying to deal with the higher living costs and the emergence of AI’s impact on the workforce. According to Thrivent, a financial services firm, almost half of the survey respondents are skeptical…
Even waiting a short time to apply can make a huge difference to your checks.
You can start Social Security as early as 62, but your benefit will be permanently reduced. Waiting until FRA gives you the full amount, and delaying until 70 can significantly increase your monthly payment. Let’s make it clear: there is…
Social Security COLAs are failing retirees
Social Security COLA is calculated by comparing the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the current year to the same period in the previous year, with the percentage increase…
You would want to avoid these common misconceptions
Social Security plays a critical role in retirement planning for many Americans. Social Security benefits serve as a stable, guaranteed income source that can be essential for maintaining a basic standard of living. Unfortunately, this important decision, if you get…
Retiring unexpectedly can impact your retirement plans
According to the recent report from TIAA Institute, “Americans are retiring sooner than they expected and most retirees wish they had done a better job saving.” These findings confirm similar findings from two recent reports from the Employee Benefit Research…
New legislation would put caps on retirement balances
New legislation introduced by Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) and House Ways and Means Committee Ranking Member Richard E. Neal (D-Mass.) would require distributions for individuals with very large IRA and defined contribution retirement plan account balances.…
More ways to lower the cost of medical care in retirement
One of the most reported expenses in retirement is the cost of healthcare. Fidelity says a 65-year-old retiring this year can expect to spend an average of $185,500 on health expenses through retirement. However, according to the actuarial and consulting…