Taking Aim at Veterans’ Nest Eggs
Military veterans are frequently targeted by fraudsters, but perhaps the most insidious are self-described “veterans advocates” who take aim at retirement nest eggs. Some promise lump-sum cash payouts for veterans’ pensions and future benefits. But officials warn that those advances typically pay only pennies on the dollar of the pension’s actual worth and can carry loan shark-like interest rates (reports range up to 106 percent). Some charge hefty fees for services like filing pension or other claims or getting military …
Savers Need a Projection of Their Full Retirement Income
Individuals need better information to know how much to save for retirement. A good place to start is to provide them with a projection of their total retirement income that includes the monthly income they can reasonably expect from their retirement savings and their Social Security benefits. This combined estimate needs to be on one statement. Fifty-nine percent of U.S. savers in one poll reported being very or moderately afraid that they will not have enough money in retirement. That …
Bird-Dogging for Social Security
At Take a Stand, we call the tactic “bird-dogging.” And I believe it’s a major reason Social Security is going to become a much bigger issue in the 2016 presidential campaign. It works like this: At town halls and other political get-togethers in the early presidential contests, AARP volunteers are pressing each candidate on how they plan to keep Social Security strong for future generations. Our “bird dogs” are asking them to be specific — and reminding them of the …
Taking a Stand for Social Security
Social Security hasn’t gotten much attention yet in the presidential campaign. But we aim to change that. A growing cadre of AARP volunteers and concerned citizens is calling on every presidential hopeful to lay out a plan to keep the promise of Social Security for future generations. We call our new effort Take a Stand. I’m helping run it, and I recently traveled to the early battleground states of Iowa and South Carolina to see how it was faring. What …
Federal Agencies Team Up to Help Workers Make Smarter Retirement Decisions
Workers are often confused about Social Security, which can lead them to shortchange themselves later when claiming benefits. A new report by the Consumer Financial Protection Bureau (CFPB) cites studies that find only 1 in 5 preretirees know their full retirement age for Social Security. (For anyone born after 1942, the age is 66 to 67 years old.) And only 1 in 8 understand how benefits would change if they claimed them before, at or after their full retirement age. Simple …
8 Scams That Take Aim at Veterans
En español | Just in time for Veterans Day, there’s a despicable new addition to a long list of scams that target veterans and their families. Scammers are calling widows of military veterans, saying the deceased had a hefty life insurance policy but payments are in arrears — and a few thousand dollars will bring the life insurance policy up to date. Whether you’re an active-duty member or a military veteran, a family member or an everyday civilian who appreciates …
