Category: Uncategorized

Pandemic Relief: Retirement Account Owners Do Not Have to Take Required Distributions in 2020

Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Federal law requires individuals who were age 70 1/2 before the end of 2019 to begin taking required minimum distributions (RMDs) from their retirement plan in […]

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Yes, You Can Receive Unemployment and Social Security at the Same Time

The COVID-19 pandemic has sent unemployment to its highest levels since the Great Depression, and older workers have been particularly hard hit, with one in five over age 55 now out of work, according to one estimate. Many people continue to work beyond retirement age, either by choice or out of necessity, at the same […]

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Census 2020: Counting Those in Nursing Homes

The 2020 census has started, and seniors need to be counted. The U.S Constitution mandates that the federal government conduct a census every 10 years. Information from the census is used to determine how many representatives each state sends to Congress as well as where hundreds of billions of dollars from federal programs, such as […]

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Should Seniors Who Lose Their Job During the Coronavirus Pandemic Claim Social Security Benefits Early?

In the wake of the coronavirus pandemic, unemployment is skyrocketing. Seniors who lose their jobs may be tempted to claim Social Security benefits early, but should they, given the resulting reduction in future benefits? The answer depends on your situation, but you may be able to claim and not sacrifice much in terms of future benefits. […]

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How Does the Coronavirus Relief Bill Affect Seniors?

The $2 trillion economic relief package that Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic contains some provisions that affect seniors. In addition to authorizing direct payments to most Americans, including seniors, the law also changes required retirement plan distributions for this year and includes Medicare-related provisions. Signed […]

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Stimulus Check Will Not Impact Public benefits

As part of the CARES Act passed on March 27, 2020, many Hoosiers can expect to receive a direct support payment.  This will include many elder and disabled Hoosiers who are receiving Medicaid, Supplemental Security Income (SSI), SNAP, and other public benefits. Because these payments will be structured as tax refunds (even if you paid […]

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