Welcome to In The News. A list of the top retirement, Social Security, Medicare and financial articles of the week, curated by the Sagewell Team.
1. Biden’s 2023 Budget Includes $14.8 Billion For Social Security
If you’re collecting Social Security or planning to in the upcoming future, you may experience an improvement in the federal agency’s services. All thanks to President Joe Biden’s proposed 2023 budget, which could see Social Security spending increase by 14% year over year.
2. A New Scam Targeting Medicare Recipients
For those receiving Medicare, watch out for a new scam which has been reported. Scammers are calling people on Medicare in the Washington region and falsely claiming Medicare is replacing their paper cards.
3. Stimulus Money Allowed Seniors To Retire Early and Receive Full Benefits
A new analysis of government data conducted by the Washington Post found that the COVID-19 economy has created “some of the strongest incentives to retire in modern history.”
4. Florida just became the largest state to mandate personal finance education in high school
Florida is the latest in a growing trend of states adopting legislation that includes personal finance education for students. Students will learn the basics of money management, understanding debt and understanding how to balance a checkbook as part of their high school curriculum.
5. Retirement is a fairly new thing
Most people today think that retiring at age 65 has always been the norm, but really it has only formally been around since 1935.