Does a prior employer owe you benefits?
For many years, the Pension Retirement Center (PRC), a nonprofit organization, has provided services at no cost related to individual retirement plans. The center has encouraged the development of a database of information about benefits that employees are entitled to from previous retirement plans. As a result of the SECURE 2.0 Act of 2022, the Department of Labor created such a... READ MORE
Money won’t buy happiness in retirement
For decades, the retirement industry has focused almost exclusively on one core question: Do you have enough money to stop working? But what if financial security isn’t the biggest challenge retirees face? What if, instead, the real retirement crisis is emotional, psychological and social? Take Jim, for example. He retired at age 65 with a generous pension, a well-diversified... READ MORE
Use a decoy email address with strangers
So much of the internet now requires that you hand over your email address before you’re able to use any services — from an app you’ve downloaded to signing up for a newsletter or redeeming a special offer online. But who says you have to give your real email address? Next time you’re asked, consider using an email mask. There are a growing number of services that give out... READ MORE
For good discounts, join orgs or just ask
Dear Savvy Senior, My husband and I are in our 50s and would like to know what resources you recommend for locating senior discounts, and what age do they kick in? —Frugal Fay Dear Fay, One of the great perks of growing older in America is the many discounts that are available. There are literally thousands of senior discounts on a wide variety of products and services,... READ MORE
Should you ditch your Medicare Advantage?
Medicare coverage doesn’t just mean signing up for government insurance. In fact, more than half of Medicare recipients now get their coverage through a Medicare Advantage plan, or Medicare Part C plan, which is offered by a private insurer. Advantage plans are an alternative to original Medicare, replacing Part A (hospital coverage), Part B (outpatient care coverage), and sometimes... READ MORE
Americans have to save Social Security
The Social Security system is efficient. It is not a Ponzi scheme, as White House adviser Elon Musk has characterized it. Millions of Americans depend on the survival of Social Security in its current form, and the American public should be telling members of Congress that they should be doing everything they can to prevent the system from failing. It has been proposed that... READ MORE
Protect yourself from the latest scams
Most of us need a refresher course on how to protect ourselves from scams. “Scams have become so sophisticated now. Phishing emails, texts, spoofing caller ID, all of this technology gives scammers that edge,” said Eva Velasquez, president and CEO of the Identity Theft Resource Center. As scammers find new ways to steal money and personal information, consumers should be more... READ MORE
The importance of naming beneficiaries
Unfortunately, when a retirement plan owner or beneficiary makes an error regarding naming beneficiaries or managing his account assets, the result can be a loss of hundreds of thousands of dollars that don’t go to the beneficiary of their choice. If you are the owner of a retirement plan with significant assets, it is crucial that you make your decisions regarding naming beneficiaries ... READ MORE
In economic rollercoasters, try CD ladder
Things might be changing soon for savers. Kiplinger Investing for Income editor Jeffrey Kosnett recently said, “You might be wise to lock in Treasury-bill and CD ladders sooner rather than later.” The reason? Rates on CDs are still high, with many terms earning you over 4%. However, those rates might be coming down in the future if the Fed decides to cut interest rates. And... READ MORE
With AI, scammers have more ways to deceive
Late at night, while watching television at home, your cell phone suddenly lights up with a FaceTime call. On the screen, you see the tear-streaked face of your beloved grandchild, visibly distressed and pleading for your assistance. She explains that she’s in a foreign country in trouble, desperately needing money for bail. She implores you to keep this situation secret from her parents... READ MORE
