Boomers and Retirement Worries

High medical expenses are Americans' biggest financial worry about retirement, according to a new Bankrate.com (NYSE: RATE) report. 28% of Americans gave this response; the highest-income households (over $75,000 per year) are actually more concerned about high medical expenses than the overall population. Running out of money is the biggest fear for millennials (18-29 year-olds) and a close second overall.

One-third of Americans say they can't save more for retirement because they have just enough money for their day-to-day expenses. 14% blame other family obligations and 10% lay fault with their student loan debt (millennials were more than twice as likely to give this answer than other age groups). 29% are satisfied with the amount they are currently saving.

Working Americans are realistic about Social Security's role in their eventual retirements: just 13% expect it to account for all or most of their retirement income, while another 14% expect it to account for half their retirement income. About one in four believe they won't get anything.

"The average Social Security payout is only around $15,000 per year, so people are realistic to think they'll need to supplement that income," said Sheyna Steiner, senior investing analyst at Bankrate.com. "But despite all the gloom and doom about the future of Social Security, most Americans are optimistic that they'll get at least something from the program. That even includes millennials – 63% of them think Social Security will fund at least some of their retirement several decades from now."

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.bankrate.com/finance/retirement/survey-americans-racked-by-retirement-fears.aspx

No More Paper Checks for Social Security

If you've been receiving a social security or disability check in the mail, you better get ready for a MAJOR change. Effective this month, the Social Security Administration is forcing millions of older Americans to jump into the 21st century and the digital age of banking. That means you either need to have a checking account for direct deposit or get used to spending your money with a pre-paid debit card. This move will affect about five million people.

The Department of the Treasury says the government will save approximately one billion dollars over the next ten years through the elimination of the paper checks and going paperless will also result in fewer lost and stolen checks.

If you don't have a bank account, there are a couple of options to get started:

Direct Express Card – a prepaid MasterCard debit card recommended by the Treasury. For no monthly fee (unlike many other prepaid cards), your benefits are deposited automatically to the card, which can be used to make purchases or withdraw cash from an ATM. Your deposits are also federally insured by the FDIC.

Open an Electronic Transfer Account – ETAs are available at nearly 400 banks nationwide. They are a low-cost account designed specifically for Americans receiving some sort of federal government benefit payment (including Social Security).

Some EXCEPTIONS are being made the new paperless social security checks. The government says people who are 90 and over and are still getting Social Security benefit checks will continue to receive their benefits the same way. There are approximately 275,000 people who fall into that category.

In addition to the automatic waiver from electronic payments for those 90 and over, people living in remote areas who might have trouble getting to a bank can also petition for a waiver from the new rules.

So it looks like the days of grandma stashing cash inside her mattress may be over.

Baby Boomer Facts about Social Security, Divorce and Death

Today on my Boomer Beat Radio Show, my guest (a retirement financial planner) told me something I was unaware of. He said if I divorced and never remarried, I would be entitled to the social security benefits of my ex upon his death.

Furthermore, according to the Social Security Administration website, if you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has REMARRIED) if:

You are unmarried;
You are age 62 or older;
Your ex-spouse is entitled to Social Security retirement or disability benefits and the benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work.

And that's not all......if you remarry and that marriage ends by death, divorce or annulment you may still collect SS benefits from your ex.

To learn more about ex spouses and social security, check out this retirement blog

Baby Boomers Can Connect to Medicare Online

The Federal Government is doing its part to get baby boomers up to speed when it comes to dealing with technology. The Social Security Administration is now making it possible for you to register for Medicare benefits ONLINE, even if you are not ready to sign up for your monthly Social Security check.

The new online application, which takes less than 10 minutes to complete, is for people reaching the Medicare eligibility age of 65 who want to delay filing for Social Security retirement benefits

To apply online for Medicare do the following.
● go to www.socialsecurity.gov and
● choose Retirement/Medicare under the header, “Select Below To Apply For.”

You will be asked a brief series of questions.

If you have a question or need additional information, there are “more info” links.

When you’re done, just select the “Sign Now” button to submit the application.

There are no paper forms to sign, and usually no additional documents are required. If more information is needed, Social Security will contact you by phone or letter.

Make sure you ***tweet this*** to let all of your baby boomer friends on Twitter know.