U.S. Sens. Bob Casey Jr. and Tim Scott, chairman and ranking member of the Senate Special Committee on Aging, are urging seniors and people with disabilities to prepare for anticipated financial decisions.
The senators last week unveiled a new, bipartisan report entitled, Financial Literacy in Retirement: Providing Just-in-Time Information and Assistance to Older Americans and People with Disabilities.
The report examines the real-time information and help older Americans and people with disabilities need as they face changes in their lives, known as “just-in-time” financial literacy. The senators also held a hearing on this topic, which highlighted the report and a brochure for consumers to help them navigate these decisions.
“This year, more than 10,000 Americans will turn 65 every day. Around kitchen tables all across the country, retirees and seniors are asking: ‘Should I take my Social Security or should I wait?’ and ‘Do I need to sign up for Medicare, or can I wait?’ These are not simple decisions,” Casey said. “As we begin 2022, I urge seniors to make a New Year’s resolution: Take stock of your finances and get prepared for these upcoming decisions.”
The report identifies the six common decisions that require, and can benefit from, this kind of financial literacy: Claiming Social Security, enrolling in Medicare, annuitizing a 401(k), giving to charity, downsizing a home and responding to a natural disaster.
President Biden in December issued an executive order to enhance customer experiences across federal agencies and align services to support people at critical decision points in their lives, like turning 65. This executive order expands retirees’ ability to claim Social Security benefits online, receive updates on their application status and access personalized online tools for Medicare enrollment and coverage options.