Social Security needs reforms to strengthen it. One that would incentivize workers to delay retirement is to pay the delayed-retirement credit as a lump sum according to Wharton Prof. Olivia S. Mitchell, cited in Morning Consult.…Read More
Poor financial capability can erode later life well-being. Use auto-pay for bills, keep track of spending, and take the time to improve financial literacy, advises Wharton Prof. Olivia S. Mitchell, via TheStreet.com.…Read More
‘Do Required Minimum Distribution 401(k) Rules Matter, and For Whom? Insights from a Lifecycle Model:’ Wharton Prof. Olivia S. Mitchell notes that raising the RMD age would have little effect on most people, but would help wealthier retirees leave a legacy, via MarketWatch. Full paper here.…Read More
COVID is eroding the Social Security and Medicare trust funds, already facing looming insolvency. Not much time left to fix the system, cautions Wharton Prof. Olivia S. Mitchell. Via the Philadelphia Inquirer. See also Andrew Biggs’s examination of the social security benefits loophole, “How the Coronavirus Could Permanently Cut Near-Retirees’ Social Security Benefits.”…Read More
The Federal Reserve will keep near-zero interest rates ‘til at least 2023. But long-term low returns will lead people to save less for retirement, dip into retirement savings, and start drawing social security benefits earlier than planned, causing problems down the line, says Wharton Prof. Olivia S. Mitchell via Penn Today.…Read More
The next US president faces an economic crisis with no quick solutions. Wharton Prof. Olivia S. Mitchell says that his first priority should be taking the COVID-19 pandemic seriously which will boost the economy, via Newsweek.…Read More
The COVID-19 economic crisis is a perfect storm for retirement savings with near-zero interest rates, early Social Security benefit claiming, some using their retirement accounts to make ends meet, and the looming insolvency of the Social Security Trust Fund: Wharton Prof. Olivia S. Mitchell discusses with Knowledge@Wharton.…Read More
The Social Security Administration’s estimates of its shortfalls are overly optimistic, and looming insolvency will likely come sooner than expected unless key problems are addressed, cautions James Moore on the RetireSecure blog.…Read More
The Federal Reserve plans to keep interest rates at or near zero until at least 2023, and the ongoing economic fallout of COVID-19 puts retirement saving in an even more precarious position. Wharton Prof. Olivia S. Mitchell joins Dan Loney on Wharton Business Daily to discuss what might come next.…Read More
COVID-19 fallout may deplete Social Security reserves sooner than expected, according to new research by the Penn Wharton Budget Model. Working longer can help, even just part-time, Wharton Prof. Olivia S. Mitchell says, via CNBC Make It.…Read More
