10 surprising HSA-eligible expenses, the future of Social Security |
Your Money Decisions From U.S. News |
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Funding for most federal agencies is set to expire at midnight on Thursday, barring further political action. This possible partial government shutdown means federal employees, including some at the U.S. Centers for Disease Control responsible for overseeing aspects of the U.S. COVID-19 response, could be furloughed.
Citizens may begin to feel the effects of the shutdown when carrying out common tasks that involved the federal government, such as attempting to apply for a passport or a home or small business loan. Americans who rely on the Supplemental Nutrition Assistance Program, also called food stamps, or even Social Security benefits could also be affected if the shutdown is sustained over a long period.
Prepare for a possible shutdown by creating an emergency fund in case other safety net benefits are affected and read more about what to expect: What Happens When the U.S. Federal Government Shuts Down.
Emma Kerr
Personal Finance Editor, U.S. News
Send your personal finance questions to ekerr@usnews.com. Trouble Ahead for Social Security Social Security will exhaust its trust funds by 2034, and then benefits will be cut by 22%, according to the 2021 Social Security Trustees report. However, Congress could also make adjustments to improve the program. Here's a look at what could happen to Social Security in the future. Read more. The amount of your Social Security payments depends on your earnings history and the age you sign up for benefits. First, be sure to work at least 35 years if possible. Then try these other strategies to maximize your payments. Read more. You can sign up for Social Security at any time after age 62. However, your monthly payments will be larger for each month you delay claiming them up until age 70. Here is when most people start receiving Social Security payments, and how signing up at each age impacts your payout. Read more. Time to Review Your Benefits Anyone with a qualified high-deductible health insurance plan can open a health savings account, also known as an HSA. Money deposited into these accounts is tax-deductible and can be used tax-free to pay for eligible medical expenses. In addition to doctor bills, hospital stays and prescription drugs, HSAs can also pay for the following items, which might surprise you. Read more. You may think that you don't need to worry about health care costs after you turn 65 and are eligible for Medicare. But you still have to pay some premiums and out-of-pocket expenses, and the numbers can add up over time. The following steps can help you prepare for these expenses in retirement and minimize your health care costs. Read more. During open enrollment this fall, you'll have lots of important decisions to make, including the best health insurance plan to select, whether to enroll in group life or disability insurance and, if you have the option, whether to utilize a health savings account, or HSA, or flexible spending account, or FSA. If you're stumped about which one to choose, here's what to know about HSAs vs. FSAs. Read more. The Latest Coronavirus Updates "That has a lot of people nervous or concerned. People say I don't know if I can live on 78% of my Social Security benefits. But I say, not so fast. What I expect them to do is to continue to make incremental changes to keep it viable." – Beau Henderson, founder of RichLife Advisors in Gainesville, Georgia. Follow Us✉ If you're enjoying this newsletter, forward it to a friend. They can click here for the latest personal finance advice and check out more of our U.S. News newsletters.
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