I continually remind my readers that they shouldn’t worry too much when they read or hear reports of Social Security’s imminent collapse. Once Congress works up the nerve to deal with the issue (and once the American people accept the fact that the program needs reform), they will get around to passing amendments to the…
Canadians ‘Rethinking’ Retirement Plans Due to Inflation Concerns: Poll
Canadians in their 60s say they may delay their retirement over concerns that inflation will persist into the future, according to an internal poll conducted for the federal government. “Participants nearing retirement expressed concerns about a number of issues including the cost of living,” said a Privy Council Office report, titled “Continuous Qualitative Data Collection…
LIVE NOW: NTD News Today (March 13): Biden: US Banking System is Safe; Federal Government Limits Oil Drilling in 16M Alaskan Acres
President Biden said the U.S. banking system is safe at a speech in the Roosevelt Room of the White House on Monday. Silicon Valley Bank and New York-based Signature Bank both folded last week, prompting concern among workers and depositors. These are the largest U.S. bank failures since the 2008 financial crisis. The Biden administration…
NTD News Today (March 13): Biden: US Banking System is Safe; Federal Government Limits Oil Drilling in 16M Alaskan Acres
President Biden said the U.S. banking system is safe at a speech in the Roosevelt Room of the White House on Monday. Silicon Valley Bank and New York-based Signature Bank both folded last week, prompting concern among workers and depositors. These are the largest U.S. bank failures since the 2008 financial crisis. The Biden administration…
IRS Reminds Many Retirees They Must Withdraw Money from IRAs by Special Deadline or Face Penalties
March 10, 2023
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The Internal Revenue Service (IRS) has issued a reminder to retirees who turned 72 last year that, in most cases, they face a deadline on April 1, 2023, to take their first payment from their workplace retirements plans or face penalties. Americans can’t keep their retirement funds in their accounts indefinitely. When they turn 72,…
How to Save for Health Care in Retirement
By Sandra Block From Kiplinger’s Personal Finance A health savings account provides one of the most-effective strategies to save for health care in retirement. Contributions are pretax (or tax-deductible, if your HSA isn’t employer-sponsored), the funds grow tax-deferred, and withdrawals are tax-free for qualified medical expenses. There are no income limits on HSAs, but you…
Disability Benefits for Senior Citizens
Many older folks are asking me about getting disability benefits from Social Security. I’ll offer some tips on how to go about doing that in a minute. But first, here are some ground rules that vary depending on your age. If you are over your full retirement age, forget about it. Once you reach that…
Retirees Returning to the Workforce—Can Older Americans Resolve the Labor Shortage?
The U.S. labor shortage will not be easing up any time soon, warned Federal Reserve Chair Jerome Powell in November. One of the reasons for the immense gap in the national job market has been the surge in retirements since the beginning of the coronavirus pandemic. A Nov. 2022 report by the central bank revealed…
Don’t Be the Victim of Cyber Fraud
By Janet Bodnar From Kiplinger’s Personal Finance Eric Iversen, author of “How to Be Cyber Safe + Savvy,” a guide for seniors commissioned by the National Cryptologic Foundation, offers advice for seniors. Question: Why a guide specifically aimed at seniors? Answer: Navigating the online world is a learned skill for seniors, and their lack of…
More Questionable Advice From the SSA
I hate writing columns that are critical of some of my former colleagues who are still working for the Social Security Administration. But doggone it, if they are going to keep handing out bad advice, someone’s got to take them to task—and give the right answers to people who are seeking help about their Social…
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