Working Archives - DR News - News, Retirement, Finance

Delaware Working Group Recommends Changes to State Retiree Healthcare Benefits, Including Medicare Advantage Plan Elimination

Dover, Delaware – The Retiree Healthcare Benefits Advisory Subcommittee has recommended that Delaware no longer consider a Medicare Advantage plan for state retiree healthcare benefits. The working group was established by the state’s General Assembly a year ago to address concerns about healthcare benefits for current and retired state workers and the growing unfunded liability for those benefits. This recommendation comes after a proposed transition to a Delaware-specific Medicare Advantage plan faced strong opposition from …

Earnings Test Dilemma: Older Husband Seeks Guidance for Working Wife’s Social Security

Washington, D.C. – An older husband seeking guidance with his working wife on how to navigate Social Security benefits was the subject of a recent inquiry to AMAC Certified Social Security Advisor Russell Gloor. The couple was grappling with the idea of using the wife’s Social Security benefits to manage their credit card debt while she continues to work. The husband, aged 74 and retired, receives Social Security benefits and pensions to sustain their lifestyle, …

Boomers Embrace Unretirement: Why Many Choose to Keep Working Past Retirement Age

CHICAGO, IL – Baby boomers are defying traditional retirement norms, choosing to remain in the workforce well into their later years. New insights reveal a shifting mindset among this generation towards work and the financial challenges hindering their ability to retire. In a recent report, it was disclosed that many boomers, like 73-year-old George Cavdeon, find fulfillment and purpose in their careers, opting to continue working rather than retire. Cavdeon, who attempted retirement in his …

“Espionage” Ex-US Ambassador to Bolivia Sentenced to 15 Years in Prison for Working as Cuban Agent

Miami, Florida – A former career diplomat and US ambassador to Bolivia has been sentenced to 15 years in prison for acting as an agent for Cuba. Victor Manuel Rocha, 73, admitted to passing information to the Cuban government for over four decades, marking a significant case of espionage between the US and Cuba. In a surprising turn of events, Rocha reversed his initial plea of not guilty in February, opting to plead guilty in …

Social Security Benefit Calculation: How Working at 62 Affects Your Checks

Atlanta, Georgia – Many individuals who opt to claim Social Security benefits at the earliest age of 62 are not necessarily retired. Some continue working while receiving these benefits, either out of necessity or a desire to remain active in their careers. However, this decision to work while receiving Social Security checks can complicate the calculation of one’s benefits. The amount of the monthly checks is based on the individual’s income over their working years, …

Retirement Benefits Trap: US Government’s Discriminatory Rule Penalizes Working Seniors

Los Angeles, California – Many American workers approaching the age of 62 may be unaware of the complexities and restrictions surrounding their eligibility for Social Security retirement benefits. While the Social Security system promises financial support to those who have paid into it for at least ten years, certain regulations can limit the ability to receive these benefits if not followed precisely. For individuals under the full retirement age of 67, the government imposes strict …

Social Security Strategy for Working Divorcee: Maximize Benefits by Waiting

Atlanta, Georgia – A recent question posed to retirement expert Rusty concerns a working divorcee who just turned 65 and is wondering if she can start collecting Social Security while working full time. The individual, who was divorced after a 38-year marriage, is also curious about potentially collecting her ex-husband’s higher benefit amount. The complexities of Social Security benefits for divorced individuals can be confusing, but Rusty provides clarity on navigating the system. One important …

Gender Pension Gap: Women Working 19 Years Longer to Recover £136,000 Discrepancy

London, England – A recent study has revealed that women in the United Kingdom are facing an additional 19 years of work to make up for the £136,000 gender pension gap shortfall. This alarming disparity highlights the ongoing issue of gender inequality in retirement savings and financial security for women in the country. The report points out that women, on average, earn less than men throughout their careers, leading to significantly lower pension savings over …

Disability Dilemma: Maximizing Social Security Benefits While Working

Miami, Florida – A reader sought advice on how working while collecting disability would impact their Social Security benefits. The reader, currently receiving Social Security Disability Insurance (SSDI) payments at 64, was contemplating returning to work before reaching full retirement age at 67. Under SSDI, Social Security assesses monthly earnings to determine disability status. If monthly earnings exceed $1,550 in 2024 ($2,590 for the blind), it signals to Social Security that the individual may no …

Retirement Crisis: Why Working Longer Might Not Be the Answer

New York City, New York – The landscape of retirement in America is facing significant challenges, where many individuals are struggling to secure financial stability in their later years. According to Teresa Ghilarducci, a renowned labor economist and professor at the New School for Social Research, the situation for older individuals is dire. In her latest book, “Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy,” Ghilarducci sheds light on the harsh reality …