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Your Retirement Finances

By Joshua Z | April 21 2020

The economic impact of the coronavirus may fall especially hard on retirees who are living on a fixed income. Retirement finances account have lost value, and savings accounts are likely to generate even less interest than they did in the recent past. However, the Social Security and Medicare programs have recently been tweaked to support retirees. This article is brought to you by Car Title Loans California – get a California title loan today!

What the Coronavirus Means for Your Retirement Finances

Retirement FinancesHere is how the coronavirus pandemic could financially impact retirees:

  • Social Security offices are closed.
  • Medicare will now pay for telehealth services.
  • Retirement accounts have lost value.
  • Savings accounts will pay lower interest rates.
  • Recreation spending has dropped.
  • The urge to panic is strong, but stay rational.

Social Security Offices Are Closed

Social Security OfficesAll local Social Security offices were closed to the public beginning on March 17, 2020, to prevent the spread of the virus among the older population. Scheduled appointments will now be handled over the phone. Social Security payments will continue as scheduled via direct deposit or the postal service. Seniors will still be able to access many services online via my Social Security account or by calling 1-800-772-1213. Those who wish to enroll in retirement, disability, or Medicare benefits can still do so online.

“If you want to sign up for the first time, I would advise doing so through the Social Security Administration website, since the volume of phone traffic will be excessively high,” says John Palmer, a Syracuse University professor and former public trustee for the Medicare and Social Security programs.

Medicare Will Now Pay for Telehealth Services

Telehealth ServicesMedicare beneficiaries will be able to speak with their doctors from home without traveling to a doctor’s office or hospital for the duration of the COVID-19 public health emergency. They will pay for telehealth visits with doctors, nurse practitioners, clinical psychologists, and licensed clinical social workers starting on March 6, 2020.

“Based on the data that we have gathered from Medicare beneficiaries, those in the older age group are more prone to adverse outcomes if and when they get the COVID-19, and therefore I urge all Medicare beneficiaries to take advantage of this is made available by their provider,” says Zaldy S. Tan, a medical doctor and associate chief of the UCLA division of geriatric medicine.

Medicare beneficiaries will be able to receive many services remotely, including evaluation and management visits, common office visits, mental health counseling, and preventive health screenings. Telehealth visits will be paid at the same rate as typical office visits, and Medicare patients may face out-of-pocket costs including coinsurance and a deductible. One of the ways to get the money in this financial crisis is to get an online car title loan. Title loans are a way of using the title of your car as collateral for obtaining short-term loans to sort out emergency and unplanned expenses that may arise in the course of one’s daily activities. 

Retirement Accounts Have Lost Value

Retirement AccountsWatching your retirement account balance plummet is especially horrifying for those who are already retired. “Minimizing and/or delaying withdrawals from retirement finances accounts while we are in the midst of the crisis allows your accounts time to recover”. Says Adrienne Ross. “It allows you to delay or avoid selling assets when they are down in value”. Think about ways to delay purchases and reduce spending. This gives your investments time to recover in value before you lock in the loss by selling your assets. Title loans are also referred to as pink slip loan and there are different types of title loans. 

If you have other options, consider tapping into a savings account or emergency fund. Rather than taking a withdrawal from a depleted retirement or investment account. “Hopefully you’ve got an emergency fund that allows you to keep the money invested”. says Marie Thomasson. “If you need to withdraw money for required minimum distributions or living expenses, take out only the minimum necessary”. Read more about Title Loans at https://www.europeanbusinessreview.com/how-to-know-if-you-qualify-for-a-car-title-loan/

Savings Accounts Will Pay Lower Interest Rates

Lower Interest RatesThe Federal Reserve’s interest rate cut is likely to lead to lower interest rates on savings accounts. However, you can still look for a savings account that has a better interest rate.

“Online savings accounts are a fantastic alternative to the traditional savings account, and are still FDIC-insured,” Thomasson says. “They offer a much higher interest rate overall and I recommend them to all my clients.”

If you won’t need your savings shortly, you can also park your money in a certificate of deposit. “CDs are a good option if you are comfortable locking in that money for a certain amount of time,” Thomasson says. “Make sure you have enough cash or other income through Social Security or your pension that you won’t need to tap the CD early.”