(Mid-America Pension Rights Project): Who owes all that student debt? And who’d benefit if it were forgiven?
Via Brookings By Adam Looney, David Wessel and Kadija Yilla Student debt is a big issue in the 2020 presidential campaign for an obvious reason: There’s a lot of it—about $1.5 trillion, up from $250 billion in 2004. Students loans are now the second largest slice of household debt after mortgages, bigger than credit card debt. About 42 million Americans (about one in every eight) have … Continue reading (Mid-America Pension Rights Project): Who owes all that student debt? And who’d benefit if it were forgiven?
Ready to Retire? Apply Online with Social Security
By Vonda Vantil, Social Security Public Affairs Specialist It’s never too early to start planning for retirement and our online tools can help. Go to http://www.socialsecurity.gov/myaccount to access your my Social Security account to get a personalized estimate of your retirement benefits based on your earnings record. Once you have an account, you can use our Retirement Calculator, to check out how your benefits change … Continue reading Ready to Retire? Apply Online with Social Security
(Mid-America Pension Rights Project): Retirement dreams: $3 million is the new $1 million — here’s how to get there
Via MarketWatch By Shawn Langlois Have you and your 401(k) plan ridden this relentless bull market into glorious millionaire territory? If so, congratulations! Well done. Etc. Now here’s the bad news: ‘The new rule of thumb is $3 million.’ That is financial planner Thomas Balcom explaining to Fortune why the long-held goal of a million bucks in retirement savings isn’t cutting it these days. Another adviser in … Continue reading (Mid-America Pension Rights Project): Retirement dreams: $3 million is the new $1 million — here’s how to get there
(Mid-America Pension Rights Project): Baby boomers commit the ‘7 deadly sins’ of retirement planning
Via MarketWatch By Brett Arends The lights have been green for the baby boomers all their lives. They were born just after World War II, between 1946 and 1964, and raised during the biggest, most sustained economic boom in human history. They were sent to college, and grad school, by their doting parents when it was still cheap — or nearly free. And then, when … Continue reading (Mid-America Pension Rights Project): Baby boomers commit the ‘7 deadly sins’ of retirement planning
(Mid-America Pension Rights Project): Getting SECURE Act’s Lifetime Income Provisions Right
Via PlanSponsor By John Manganaro RETIREMENT INDUSTRY ANALYSTS broadly agree the passage of the “SECURE Act” late last year marked the most significant change for the retirement industry in more than a decade. The landmark legislation includes substantial adjustments to the regulatory systems controlling the operation of defined contribution (DC) plans, pension plans, individual retirement accounts (IRAs) and 529 college saving plans. It also creates a new marketplace for “open … Continue reading (Mid-America Pension Rights Project): Getting SECURE Act’s Lifetime Income Provisions Right
Social Security Q&A Part 22
By Vonda VanTil, Social Security Public Affairs Specialist Question: Can I refuse to give my Social Security number to a private business? Answer: Yes, you can refuse to disclose your Social Security number, and you should be careful about giving out your number. But, be aware, the person requesting your number can refuse services if you don’t give it. Businesses, banks, schools, private agencies, etc., … Continue reading Social Security Q&A Part 22
Making Wise Choices When a Representative Payee Manages Your Money
By Vonda Van Til, Social Security Public Affairs Specialist Some of the millions of people who get monthly Social Security or Supplemental Security Income benefits need help managing this money. A person assigned to help you manage your monthly benefits is called a representative payee. We may decide you need a representative payee if we receive information that indicates you need help to manage your … Continue reading Making Wise Choices When a Representative Payee Manages Your Money
(Mid-America Pension Rights Project): Should Clients Take a Lump-Sum Social Security Payment?
Via ThinkAdvisor By Ginger Szala Advice from many experts today is that people should delay claiming their Social Security benefits for as long as possible, or until age 70, when they have to claim them. But what do advisors tell clients who have delayed taking Social Security even after reaching full retirement age (FRA), and when they make the claim, the government offers them a … Continue reading (Mid-America Pension Rights Project): Should Clients Take a Lump-Sum Social Security Payment?
(Mid-America Pension Rights Project): Secure Act’s 401(k) Annuity Options: The Pros and Cons
Via ThinkAdvisor By William H. Byrnes and Robert Bloink The Secure Act contains provisions that will impact nearly every client saving for retirement—along with many who have already begun taking withdrawals from qualified plans and IRAs. The Secure Act provisions impacting lifetime income options in defined contribution plans have the potential to be some of the most significant. Although it is expected that most 401(k)s … Continue reading (Mid-America Pension Rights Project): Secure Act’s 401(k) Annuity Options: The Pros and Cons
Beware of Social Security Scams
By Vonda Vantil, Social Security Public Affairs Specialist There’s a widespread telephone scam involving callers claiming they’re from Social Security. The caller ID may even show a government number. These callers may tell you there’s a problem with your Social Security number. They may also threaten to arrest you unless you pay a fine or fee using gift cards, pre-paid debit cards, a wire transfer, … Continue reading Beware of Social Security Scams