How Much Does Motherhood Cost Women in Social Security Benefits?

Jan 23, 2018 /

The increase in female labor force participation coupled with a higher number of women reaching retirement unmarried has increased the share of women claiming Social Security benefits earned through their own job histories. But they still bear the lion’s share of caregiving responsibilities, and the previous literature has provided clear evidence that motherhood reduces earnings during the childbearing and child-rearing years. What remains understudied is the extent to which mothers face lower lifetime earnings and, consequently, lower Social Security income.

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7 Ways to Eliminate Stereotypes About Aging

Jan 19, 2018 /

George H. Schofield, Ph.D., is one of Next Avenue’s “2017 Influencers in Aging.” When asked, “If you could change one thing about aging in America, what would it be?” he answered, “Eliminate stereotypes.”

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Update on Health Care Reform

Jan 12, 2018 /

It looks like lawmakers have done all they’re going to do in the way of health care reform until after the 2018 midterm elections. President Donald Trump and GOP leaders came out of their Camp David retreat last weekend with a scaled down agenda for safety net programs and health law. For what it’s worth, polls show that the vast majority of both Republicans and Democrats oppose funding reductions for Social Security and Medicare. Of course, lawmakers did enough in December, when they passed the Tax Cuts and Jobs Act which, among other things, struck down the individual mandate requiring every American to have health insurance.

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An Overlooked Epidemic: Older Americans Taking Too Many Unneeded Drugs

Jan 9, 2018 /

For decades, experts have warned that older Americans are taking too many unnecessary drugs, often prescribed by multiple doctors, for dubious or unknown reasons. Researchers estimate that 25 percent of people ages 65 to 69 take at least five prescription drugs to treat chronic conditions, a figure that jumps to nearly 46 percent for those between 70 and 79. Doctors say it is not uncommon to encounter patients taking more than 20 drugs to treat acid reflux, heart disease, depression or insomnia or other disorders.

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Immigration Reform’s Impact on Social Security Coffers

Jan 5, 2018 /

Legislation introduced by Republicans in the Senate that would reduce the number of green cards would have the unintended consequence of expediting Social Security’s impending insolvency, according to new analysis from the Urban Institute.

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5 Places to Retire on Social Security Alone

Jan 2, 2018 /

It’s relatively hard to live on Social Security alone in the United States, where the average monthly benefit is $1,374 for a retired worker—or $2,090 for a couple.But take that modest budget overseas to a place where your dollars stretch, and you'll find you can be free from money woes.”

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Federal Taxes Have a Good Side Too

Dec 28, 2017 /

A Donald Duck cartoon funded by the U.S. government in 1943 urged Americans to pay their income taxes to support the war effort. Paying taxes was a patriotic act, to build up the inventory of war planes and battleships to defeat the Nazis— “sink the Axis!” the narrator bellows. Nobody liked paying taxes then, and they still don’t. Yet there was a growing awareness as the war played out in the 1940s that taxes—like saving your scrap metal—were necessary to advance the greater good.

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AARP claims, ‘$1.5 trillion bill will have a negative impact on millions of older Americans’

Dec 22, 2017 /

Congress gave its final sign-off on a massive tax overhaul bill on Wednesday, which deeply cuts tax rates for businesses but provides only temporary tax relief for most households. The AARP believes it will likely raise health care costs for millions of older Americans and increase the federal deficit by $1.5 trillion, putting at risk critical programs vital to older Americans.

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6 Ways Republicans Could Cut Social Security Benefits

Dec 18, 2017 /

According to the latest annual report from the Social Security Board of Trustees, the program will begin paying out more in benefits than it collects in revenue by 2022, which is mostly a result of lengthening life expectancies and the ongoing retirement of baby boomers. By 2034, the roughly $3 trillion in asset reserves held by the trust will be completely gone, leading to what the trustees project will be a cut in benefits for existing and future retirees of up to 23%. A combination of raising additional revenue and cutting benefits would be ideal, but compromise is in short supply in Washington. Here are six ways the GOP could, in theory, cut Social Security payments over the course of many years.

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Preparing for Retirement, In Every Way

Dec 15, 2017 /

By the end of 2016, there were 800,000 more Americans 65 and older not in the workforce (and without a disability) than the year before, Bloomberg reported—a number that will continue to rise as baby boomers age. Chances are, you have clients approaching retirement. They need to be prepared, and not just financially. Here are nine ways to help get them ready for retirement.

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December 7 Newsletter Now Available

Dec 13, 2017 /

Every advisor wants to maximize Social Security benefits for his or her clients. In this newsletter, Elaine gives a preview of the many calculations that go into updating the Savvy program materials, and what they mean for you. You will also find information about new Medicare brackets, presentation updates for 2018, the question of the week, and retirement news from around the web.

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Retire Now, Retire Later? Social Security and Medicare in an Age of Uncertainty

Dec 12, 2017 /

What does longevity mean for your clients? Working longer? Filing restricted? Helping dependents? Planning for widows? Get up to speed on the growing and complex ways the two biggest retirement programs interact and impact retirees and pre-retirees.

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Spending in Retirement - Or Not?

Dec 8, 2017 /

Something unexpected has been the shared experience for our most recent generation of retirees. The vast majority haven’t been spending their retirement savings—leaving nest eggs mostly untouched and living on ready sources of income instead. However, future retirees may be less fortunate.

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Coming in 2018: Financial Educator Workshops

Dec 5, 2017 /

Anyone can organize a one-time client event or workshop. But it’s entirely different to build a full-blown marketing and prospecting system that creates a steady stream of incoming prospects motivated to work with you for years to come.

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Shining a Light on Those Who Provide Dementia Care

Dec 1, 2017 /

As National Family Caregiver Month comes to a close, the SSA looks to shine a light on some of the often overlooked aspects of caring for someone with Alzheimer’s. Today, more than 15 million Americans provide unpaid care for more than 5 million people living with Alzheimer’ or other dementias. It is estimated that in 2016 those caregivers delivered 18.2 billion hours of assistance, often at the cost of personal and financial sacrifices.

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4 States Are Recognized for Improving Older Adults’ Lives

Nov 28, 2017 /

The SCAN foundation, a national nonprofit dedicated to preserving the dignity and independence of older adults, has recognized four states for their “progress made in improving the lives of older adults, people with disabilities and family caregivers.” Vermont, Wisconsin, Minnesota and New York were chosen for the Pacesetter Prize based on their performance in four aspects of 2017 Long-Term Services and Supports State Scorecard.

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The Planning Gap

Nov 21, 2017 /

There have in the past years been several tectonic shifts that are re-defining retirement income planning, and ultimately the financial adviser’s role and responsibilities, which now include retirement risk management in addition to asset management. To help better understand what advisers will be facing, Nationwide explored investors’ and advisers’ expectations for retirement, and the diferences between the two. They conducted two surveys: one of individual investors and another of financial advisers, asking questions about retirement outlooks, retirement risks, and retirement income advice.

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How to Plan for Retirement if You Don't Plan to Retire

Nov 17, 2017 /

Some people are counting the days until retirement, and there is nothing wrong with that. Others have decided to keep working out of financial necessity, and this seems to be a prudent decision. Still others, however, have assessed the situation and deemed that although they have achieved financial security for retirement they are happy with their current condition and feel like they want to keep working until Father Time tells them differently.Suddenly financial planning takes on a different meaning. You need to consider how this changes if your client continues working.

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Trump picks Alex Azar to lead Health and Human Services

Nov 14, 2017 /

President Trump has selected Alex Azar, a former pharmaceutical executive and a top health official during the George W. Bush administration, to lead the Department of Health and Human Services. Republicans predicted that, if confirmed, Azar would pursue Trump’s goals to tilt health-care policies in a more conservative direction through executive action. Leading Democratic health policy experts, while not sharing Azar’s views, said he is well qualified for the post.

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Social Security November 9 Newsletter Now Available

Nov 10, 2017 /

A financial advisor may be one of the first to notice cognitive decline in a client, even before the family. In this newsletter , Elaine lays out what a power of attorney is and how it is different for the SSA, in addition to sharing important news from around the Web.

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