Can You Take Your Social Security Benefits Early if You’ve Been Laid Off?
If you are close to retirement age and recently lost your job, there is a good chance you may not find work again. The Great Recession (2007-2009) saw workers aged 62 and more were about half as likely to become re-employed compared to those in the age group of 25 – 34. The Becker Friedman Institute for Economics at the University of Chicago found that more than four out of ten jobs lost during the COVID-19 pandemic may never come back, pushing many pre-retirees into early retirement. For many, this means an unexpected shortage of cash. As retirement can last ... Read More
Are Medicare and Social Security at Risk of Insolvency?
A government study found that Medicare and Social Security are at risk of collapse. Unless action is taken, Social Security will exceed its income by 2020, whereas Medicare is projected to exceed its hospital insurance fund by 2026. Social Security will have to start spending down, potentially including massive cuts in payments to recipients by 2035. Likewise, Medicare will be forced to leave patients on the hook for more and more of their hospital and nursing home expenses. This will have massive effects, especially on those who rely on these social welfare programs the most. According to this study by ... Read More
