Yes, I have been calling for a comprehensive Social Security reform ever since I began writing at this platform. And, yes, that plan calls for a change from the current formula to a flat benefit for all, or, as I’ve also called it, a “ basic retirement income .” The catch, of course, is this: how do you decide what that right income level is?

For many Americans, retirement may look different in 2021 than it has in years past. The severe economic impact of the Covid-19 pandemic could push many people to consider retiring early, with less saved than they may need. Whether or not your retirement plans are looking secure, the new year is a great time to review where you stand.

We might have all forgotten that a $2 trillion dollar bill was passed last spring called the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This massive stimulus was done in response to the pandemic, and tucked inside it were some very important tax-saving opportunities involving charitable giving. But they go away after Dec. 31.

A friend forwarded me an ad he saw online. The headline read, “Seniors over 65 are getting huge benefits this year. See if you qualify for $144 a month.” How can I get this? he wondered. Another friend asked whether I saw the commercials for the Medicare giveback benefit of up to $144. How could I miss them? I replied. Let’s tackle some questions about the Medicare giveback benefit. What is the giveback benefit? The giveback benefit is officially the Part B premium reduction.

A new national poll found that almost two out of three Americans age 65 or older who are worried about having depression won’t go get treatment and a third believed they could just “snap out” of their depression on their own. The poll was conducted by GeneSight Mental Health Monitor and surveyed more than 1,000 adults over the age of 65 on their attitudes towards depression.

The Internal Revenue Service (IRS) has announced some changes to its collections processes to assist taxpayers who have been impacted by COVID-19. Specifically, the IRS says it is expanding taxpayer options for making payments and alternatives to resolve balances owed.

'The IRS understands that many taxpayers face challenges, and we're working hard to help people facing issues paying their tax bills,' said IRS Commissioner Chuck Rettig. 'Following up on our People First Initiative earlier this year, this next phase of our efforts will help with further taxpayer relief efforts.'

The 2020 Medicare Open Enrollment season runs from October 15 through December 7 and it’ll be even trickier than normal for new and existing beneficiaries. That’s due to a combination of Covid-19, changes in Medicare rules and new types of coverage offered by private Medicare Advantage plans.

In today’s world of remote work, more employees than ever are experiencing the benefits—and challenges—of creating their own at-home work environment. One particularly challenging aspect of working remotely is securing the devices and networks used outside of the traditional office setting. Remote workers can only rely so much on their company’s IT team; it’s incumbent upon each employee to take responsibility for their own security.

by Rachel Layne A health insurance crisis may be looming for employees of small businesses, with many firms struggling to cover their share of these costs, new research from Harvard Business School finds. Nearly one-third of employers surveyed weren’t sure they could pay premiums beyond August 15, 2020, write HBS faculty members Leemore S. Dafny, Zoë B. Cullen, Christopher T. Stanton, and doctoral student Yin Wei Soon .

Which is better, a Roth or traditional 401(k)? The central difference between a Roth 401(k) and traditional 401(k) is the tax treatment of your contributions. Investors make traditional 401(k) contributions before tax while Roth savings occur after tax. Which is best for you will depend on your current/future tax situation, asset mix, and cash flows. For individuals in the upper end of the tax brackets, paying tax now on retirement savings may not make sense.

The workplace has forever changed. In March 2020, more than a third of the world population went into lockdown, and by the end of April 2020, 1.6 billion workers lived in danger of having their livelihoods destroyed. A full return to “normal” is something that many have begun to realize is unlikely.

Younger workers are concerned that social security will no longer be available for them when they retire. They fear that they have been paying into the system for years, but there will be nothing left when they retire.  Social Security Trustees released their annual report in April 2020, and stated there is a possibility that social security could be insolvent in 15 years. The current COVID-19 pandemic is likely also depleting reserves. 

I’m about to enter the third trimester of my first pregnancy. As a soon-to-be mother, I’m excited and scared. As a financial coach, I’ve been in planning mode for months. Having a child is not only a huge physical and emotional change, but it will also be a huge financial change. It’s important to me to understand and ensure that I am taking the right steps to prepare and protect our finances for starting a family.

Are you prepared to live a long time? You should be because many Americans are now living well into their 90s and 100s. If you are over 60, you can probably remember a time when a radio personality by the name of Paul Harvey used to wish a happy birthday to a few Americans who had turned 100 that week. He read off the names in less than a minute on his daily broadcast.

Laura Boylan is the Head of Underwriting Solutions at Haven Life, a digital life insurance agency backed by MassMutual. For decades, life insurance sales in the United States have been declining , with fewer Americans purchasing life insurance and others remaining underinsured. In late February of this year, however, the Covid-19 pandemic and the resulting financial instability that ensued reminded individuals of their own mortality and the need to protect their loved ones financially.

When the Covid-19 pandemic first erupted there was a tremendous amount of attention given to nursing homes and the potential for these facilities to be incubators of the disease. As infections have become much more widespread, affecting how we all work and spend our leisure time, nursing homes have become only part of the story instead of the headline, but one that shouldn’t be ignored as it could set up a changing shift in behavior for retirement planning.

It’s called universal basic income, and the idea is gaining ground here and in Europe, especially with Covid-19 hitting economies so hard. The government would pay every adult a certain amount of money every month, whether you work or not. Democratic party activists love the idea. So do some Republicans. The Pope came out in favor of the notion. A candidate for the Democratic presidential nomination, Andrew Yang, advocated paying every adult $1,000 a month.

There’s a good chance you’ll need long-term care as you age. But if you’re like many Americans, you likely don’t have a plan to pay for this sort of care.

Although about half of adults turning 65 today will develop a disability that is serious enough to require assistance with daily activities of living, only 11% have long-term care insurance coverage that will help pay for the cost of care, according to the Urban Institute. Often, people don’t recognize the need for this sort of coverage because they underestimate the cost of care. And they mistakenly assume that Medicare and health insurance will cover long-term care.

It doesn’t matter how much money you make; for some it never feels like enough. You’re putting in the hours, you’re networking, you’re building up your clientele, you’re working harder than you ever have before and your revenue reflects that, it’s increasing! So why does it seem like it all goes right back out the door to cover taxes, employee expenses, and bills? You should never feel alone when it comes to managing the financial side of your business.

Over 10,000 Tyson Foods meat processing employees have contracted Covid-19 since the pandemic began, according to a study by the Food & Environment Reporting Network, which was released today as the company announced it would implement weekly Covid-19 testing at a number of plants.

In the pandemic era, the future of restaurants is incredibly uncertain. Owners are plagued with concern over whether bailouts will continue to support them and if the virus will subside long enough to find restaurants reopening (and staying open). 

It’s been almost four months since the virus hit, and an entire industry has been forced to rethink how it operates. Wine bars are now bottle shops. Hallowed cocktail bars are selling Sazeracs in plastic cups and Michelin-starred tasting menus now come in Tupperware containers. 

Very few people like surprises in retirement. You’ve worked your whole life and want to relax. The last thing you want to encounter are surprise expenses on a fixed income. Yet they often bedevil retirees who are not prepare for them. A recent study published by the National Bureau of Economic Research and cited in the Squared Way blog showed how damaging some costly events can be. The death of a spouse, the study found, was one of the costliest events for retirees.

One of the most important and also most intimidating questions is, “When can I enroll in Medicare Part A and Part B?” This is important because missing your chance to enroll or enrolling at the wrong time can have both immediate and lasting repercussions. It is intimidating because there is no one perfect answer. When to enroll depends on your individual circumstances. Let’s look at the most common enrollment periods, the situations to which they apply, and what can go wrong.

Having a baby can bring the gaps in your financial plan into sharp focus. New parents often feel they need to find ways to provide financial security to their growing families, including buying life insurance. With so many to-dos competing for your attention and money, buying life insurance can fall to the bottom of the list. When you’re ready to put this puzzle piece into place in your financial plan, here are the top things to know as you get started.