The Wall Street Journal (by Yuka Hayashi, 8/29/18) reports that a new federal law going into effect in September 2018 will make it easier for parents to check a child’s name and freeze their credit to combat the growing problem of ID theft of children.“A child’s Social Security number can be used by identity thieves…
Author: Financial Planning For Women
The Medicare Debate
Health care is sure to be one of the focal points of the 2020 presidential election. While Trump is proposing substantial cuts to Medicare, Democrats are promoting variations on “Medicare for all” ranging from allowing persons 50 and older to buy into Medicare with annual premiums to more extensive plans to promote universal access to…
Sequence of Returns Risk in Retirement
Many have heard that it is “safe” to spend 4% of one’s nest egg (adjusted for inflation) each year in retirement, expecting funds to last for a 30 year retirement.Michael Kitces explains both the up and down side risk:https://www.kitces.com/blog/url-upside-potential-sequence-of-return-risk-in-retirement-median-final-wealth/There are many reasons for adjusting one’s spending during a lengthy retirement rather than expecting to spend…
Tax cuts = Massive federal deficit
“The federal government spent $310 billion more than it took in during the first four months of the new fiscal year, a 77 percent jump from the same period a year ago” and the tax cuts are primarily to blame according to the Washington Post. How many times have you heard politicians say that budgets…
Trump’s tariffs and trade wars are costing consumers and businesses
“President Donald Trump regularly declares that he’s winning his trade wars. Yet evidence is growing that the U.S. economy is a net loser so far.” Writing for Bloomburg News,Shawn Donnan reports: “economists from the Federal Reserve Bank of New York, Princeton University and Columbia University found that tariffs imposed last year by Trump on products…
Trump’s tariffs and trade wars are costing consumers and businesses
“President Donald Trump regularly declares that he’s winning his trade wars. Yet evidence is growing that the U.S. economy is a net loser so far.” Writing for Bloomburg News,Shawn Donnan reports: “economists from the Federal Reserve Bank of New York, Princeton University and Columbia University found that tariffs imposed last year by Trump on products…
Social Security and divorced spouses
My ex-husband is 60 years old. I am 62. Can I file for benefits now based on his work record? No. Most workers need to be at least 62 years old to file for Social Security retirement benefits. (Exceptions include survivors and people with disabilities.) That requirement applies to divorced spouses, too. Before you can…
The 7 most common Social Security mistakes
“Social Security is a complicated element of anyone’s retirement plan. Here are the most common mistakes individuals tend to make and how to avoid them.” by Scot Landborg. 1. Turning on Social Security at 62 while you’re still working. 2. Not utilizing the restricted application strategy (if you are eligible). 3. Remarrying without understanding the…
Social Security 2100- a bill to ensure the viability of Social Security for the next 75 years
Social Security 2100 Act Congress needs to act to ensure the future of Social Security. The 2018 Social Security Trustees report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office’s estimate is more dire, setting the year at…
Help for the disabled: Household Acccomodations Guide
People with disabilities face financial challenges as they fight workplace discrimination and encounter the higher cost of living in order to accommodate their needs. Thanks to Denise for sending this helpful link to a comprehensive guide to home adaptations for disabled people. It can be found at: https://householdquotes.co.uk/disability-accommodation-guide/ Source: Financial Planning for Women