NEWS FLASH
💸 Medicare's Last Call: The clock is ticking for seniors who missed their initial Medicare Part B enrollment window. Through March 31, those 65+ can still secure medical coverage, albeit with a potential sting in the tail. The standard monthly premium sits at $185 for 2025, but procrastinators face a perpetual 10% premium hike for each year they delay—a costly reminder that timing matters in healthcare decisions. While Part A (hospital insurance) typically comes free for those who've paid their Medicare taxes, Part B's window of opportunity is closing fast. Coverage kicks in the month following enrollment, offering a quick path to protection for those who act now.
👮♀️ Watchdog Down: The Consumer Financial Protection Bureau (CFPB), a watchdog that recovered $21 billion from financial fraudsters, has been abruptly shuttered by the new administration. Acting head Russell Vought ordered staff to stay home and cease operations, despite the agency's track record of winning major settlements, including a $3.7 billion penalty against Wells Fargo for widespread banking violations. The move, justified by Project 2025's claims of the bureau being a "shakedown mechanism," comes as crypto-friendly officials gain influence. Critics argue the closure aims to dismantle consumer protections, effectively giving financial predators a freer hand in an era when scrutiny of banking practices is more crucial than ever.
🔮 Social Security Scare Tactics: The Trump administration, backed by Elon Musk's Department of Government Efficiency, is raising eyebrows with claims of massive Social Security fraud, suggesting "tens of millions" of deceased people are collecting benefits. The reality check? Official data shows improper payments amount to less than 1% of disbursements, with fewer than 90,000 beneficiaries aged 99 or older. This narrative emerges as Social Security faces genuine challenges: the program could struggle to pay full benefits by 2035, while Trump proposes a $2.3 trillion tax exemption on benefits without explaining how to offset the loss. Meanwhile, Social Security's acting commissioner Michelle King has stepped down following disputes over recipient data access.
RETIREMENT ARTICLES
What We're Reading
- What do investors' stock holdings actually reflect? (Boston College)
- Why you should double-check your Form 1099-R (Morningstar)
- Has anything gotten cheaper? (NPR)
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Flood risk and the U.S. mortgage market (Consumer Finance)
- Why the IRS urges taxpayers to choose tax preparers carefully (IRS)
- Tips on how to snap out of your retirement identity crisis (The Ethel)
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Should you pay off your mortgage before retirement? (Ben Carlson)
- 5 ways to use your tax return to buy happiness (Fast Company)
CHART OF WEEK
More homes are selling below asking price: There are now 1.8 million active listings of US homes for sale, the highest inventory since June 2020. As of the third quarter, 17% of owners had a mortgage with a rate of over 6%, the highest share since 2016. It suggests that more homeowners are accepting higher borrowing costs after years of waiting for mortgage rates to cool.