Avoid This Social Security Mistake

+ What the weak dollar means for your investments If you are having trouble viewing this email, click here.

Many Americans lack a basic understanding of Social Security (and Medicare too for that matter). But can you blame them? It's not like you have to pass Entitlement Programs 101 to graduate from high school. Nor do most employers do a good job of preparing workers for decisions about retirement. It's on you to do your own research, and most people are too busy or don't even know where to start. So, for example, when the time comes that your spouse needs to move into a care facility, you might be totally unaware that Medicare won't pay for it. Or you might mistakenly believe you can claim Social Security at 62 and then automatically get a boost in benefits when you reach full retirement age. These misperceptions can do real damage to your financial plan. Learn more about Social Security — and COVID-19's impact on Baby Boomers' retirement plans — in today's edition.   Best wishes, Elizabeth   P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE 1 in 4 Baby Boomers Say They'll Postpone Retirement Due to the Pandemic   But they need to brush up on their Social Security knowledge. RV Rentals Are Hot Right Now   Here are five tips to find the right insurance without overpaying.  The Dollar Is Heading for Its Worst Month Since 2011   Here's why that's good for your investments. RETIRE WITH MONEY COMMUNITY INSIGHTS This week in our Retire with Money Facebook group, members discussed this provocative article, by a hedge-fund manager who says he's "determined to die with zero" dollars. That is, he's going to spend down his savings while he's still alive. He has a point — some people end up robbing themselves of wonderful experiences by saving too much. But given all the unknowns, it's very hard to know how to pace yourself when withdrawing from your nest egg. As one member wrote, "If you just tell me when I'm checking out, I'm with you."    In my opinion, the author didn't adequately address potential long-term care costs. He mentions long-term care insurance as a way to transfer that risk to a company, but most long-term care policies these days limit the payout to several years' worth of care. Yes, the average stay in a care facility is only a couple years, but dementia patients often need care for much longer than average. And independent of this kind of long-term care, medical costs can soar toward the end of life.   Bottom line? It can be very helpful to work with a fiduciary financial advisor to help you pace your withdrawals. An advisor can model numerous scenarios for market conditions and longevity and give you permission to spend if warranted. RETIREMENT NEWS FROM AROUND THE WEB Lifestyle Changes Could Delay or Prevent 40% of Dementia Cases: Study   This holds true even for people with a higher genetic risk of dementia. THE GUARDIAN Avoiding Care During the Pandemic Could Mean Life or Death   Models predict tens of thousands of delayed cancer diagnoses.  KAISER HEALTH NEWS Why Forgiving Someone Is Really About You   Here's a five-step process toward healing yourself through forgiving others. NPR How to Get Rid of Stuff   The author of a book on downsizing shares strategies and survey results. NEXT AVENUE ABOUT ELIZABETH Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money. Privacy Policy • Advertise With Us • We're Hiring! You can update your email preferences or unsubscribe by clicking here. Copyright ©2020 Ad Practitioners, LLC. All rights reserved. Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, 00968 Puerto Rico, United States