We can’t lose sight of the need to reform Social Security and make it financially sustainable. getty With the political conventions of both major parties scheduled in the next few weeks, it’s a good time to look at the positions the presidential candidates and political parties hold on Social Security. It’s also a particularly opportune
Retirement
Despite average January temperatures that drop below zero, Fargo is the only city that’s been on Forbes’ Best Places to Retire list 10 years in a row. The grisly Oscar-nominated comedy Fargo opens with a blinding white landscape, the fog of a blizzard obscuring flat plains blanketed with snow as far as the eye can
Most pre-retirees badly underestimate their health care costs in retirement. While no individual has any idea what his health care needs are at some distant point, a look at the averages is pretty frightening. Medicare has significant gaps in coverage. Let’s say a couple both age 65 retired today. They would need an additional $285,000
getty Two years ago, the Trump Administration quietly began a review of the nation’s long-term care (LTC) insurance system, focused primarily on ways to enhance private coverage. This week, just as quietly, an administration task force released its report. Unfortunately, for the most part, the group was unwilling to commit to any meaningful changes to
A small green tree grow from its parent getty I write a lot about the importance of retirement and estate planning. It’s not hard to get people to acknowledge that it’s critical for everyone, especially those of us who have reached the second half of life. We need to ask hard questions about how we
Doctor discusses health concerns with couple getty In our last post, we shared landmark new research showing that retirees have been less hard hit financially by the COVID-19 pandemic than younger people. Retirees’ sense of financial security has declined less for a combination of reasons – most no longer have to worry about their jobs,
Who will step up to save Social Security Benefits? President Trump has signed an executive order … [+] which appears to be death knell in the coffin of Social Security Trust funds solvency. Here are 4 ways to save social security now. Getty Images Before the Coronavirus decimated much of the U.S. economy, Social Security
Boy amongst watermelons in Ajijic, Mexico Chuck Bolotin This morning, from the viewpoint of our master bedroom, I woke up to a spectacular view of Lake Chapala, in the Mexican highlands. There had been a light rain the night before. Scanning past our expansive, freshly mowed lawn with the newly planted palm trees my wife had the
By Randy Rieland, Next Avenue Contributor getty Not everyone who cares for a family member or friend with dementia or a chronic medical condition joins a support group. In fact, most don’t. But people who do, often have made deep connections with those with whom they’ve shared the confusion, frustration and even the anger they
Concept of harmony and balance. Balance stones against the sea. Rock zen in the form of scales getty Constructing a portfolio today is different, but not difficult This is the point of the investment market cycle where fortunes are made and lost. And sometimes, both by the same person, one right after the other. That’s
By Kerri Fivecoat-Campbell, Next Avenue Contributor getty Susie Hediger, 56, who lives in Roeland Park, Kansas, worked as a cashier for a big-box lumber retailer when her governor issued a state of emergency in March due to the Covid-19 pandemic. Having been diagnosed with lung cancer in July 2019 and undergoing treatment, she wasn’t sure
getty Yes, yesterday I wrote an article with the intentionally eye-catching title, “Will Trump’s Payroll Tax Cut End Social Security As We Know It? Let’s Hope So.” — because, as regular readers will know, I never miss a chance to promote my preferred Social Security reforms. In the meantime, I have received more than the
getty First, the background: With Congressional negotiations on a “second stimulus” bill going nowhere, President Trump signed a set of executive orders yesterday, of dubious legality or effectiveness, regarding student loans, evictions, unemployment benefits, and, yes, Social Security. After having called for a payroll tax cut since the start of the crisis (as far back
President Trump signed four executive orders on Saturday. They direct the Treasury to extend the federal bonus for unemployment insurance, order the Treasury and HUD to provide temporary funds to renters and struggling homeowners, extend a payment moratorium on student loans, and defer the 6.2% Social Security tax, also known as the payroll tax. All
Economic Security Planning, Inc. Today’s column addresses questions about having no income in the years before filing, potentially filing early with minor children, potential effects of continuing to earn income and how spousal benefit amounts are determined. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
getty Professor Marshall Ketchum eyed the young graduate student. His colleague, Professor Marschak, former director of the Cowles Commission for Research in Economics, had directed the student to get a reading list from the learned academic. That student would go on to win the Nobel Prize. And it was all because of one of the
The Deep Recession Continues getty The Bureau of Labor Statistics released its latest estimates for the state of the labor market on August 7. The economy gained 1.8 million jobs in July and the unemployment rate fell to 10.2% in July from 11.1% in June. Still, 16.3 million workers were looking for a job but
TOPLINE After Norwegian Cruise Line reported dismal second-quarter earnings—with revenue plunging 99% from a year ago—CEO Frank Del Rio said that he was “astonished” that people are still booking cruises, while also expressing optimism the company has enough liquidity to weather a prolonged period of no sailing. Norwegian Cruise Line reported a 99% decline in
By Liz Seegert, Next Avenue Contributor getty Researchers have launched a global effort to examine the long-term effects of Covid-19 on the brain. Scientific leaders from more than 25 countries in Asia, Africa, Europe, Latin and North America, with guidance from the World Health Organization, are looking into neurological complications stemming from the coronavirus. Many
getty A Health Savings Account (HSA) is a savings vehicle for people who are enrolled in high deductible health plans to save for future medical bills. The features of HSA accounts also make it a very good retirement savings vehicle, and in some ways, are better than a 401(k). HSA contributions are pre-tax, if made