As America’s economy reopens, we’re seeing higher inflation rates. This unwelcome surge should prompt retirees to consider the threat it could pose to their financial security.
I am a senior who is still working to increase my Social Security benefits. After age 70, do you still get any increases if you continue paying into the system?
Who needs long-term care insurance … and who might be able to do without it?
Scams target people of all ages, but the most vulnerable tend to be older adults—and the money they lose can have a big impact on their retirement.
You’ll probably rely on Social Security quite a bit once you retire, so it’s important to understand how the program works. Unfortunately, a large number of Americans are in the dark in that regard. In a recent MassMutual survey, 35% of near retirees aged 55 to 65 failed a basic Social Security quiz, while 18% earned only a D. Just 3% were able to answer all 12 questions correctly.
As $1,400 Covid stimulus checks go out, some lawmakers are expressing concern that recipients of Social Security and other federal benefits have yet to get the money to which they are entitled.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
There’s plenty of frightening data on retirement planning in the U.S., even before you consider COVID-19.
There is no clearly defined age when you become a senior citizen. Some people might consider themselves seniors when they retire from the workplace, sign up for Social Security or begin to spend their retirement savings, but others aren’t ready to call themselves a senior citizen yet.