How to Maximize Unemployment Benefits

9 Financial Aid Mistakes to Avoid Think about how much your bills cost in 2009. While inflation has been pretty tame over the past decade, you're probably paying more than you used to for expenses like groceries, property tax, and health care. Now consider this: in inflation-adjusted terms, the average weekly unemployment benefit rose by just $1.24 from 2009 to 2019. In other words, the purchasing power of an unemployment check rose a little more than a dollar in a decade, according to a Money analysis of Dept. of Labor data. But it's not news to the millions of Americans laid off in the pandemic that unemployment doesn't cover their needs. The extra $600 in weekly federal benefits helped a lot, but that's long gone now. Learn more about unemployment insurance — and how to get the most money you're eligible for — 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 2020 Finally Broke the Unemployment Safety Net Meet some of the Americans who are falling through the cracks. How to Apply for Unemployment Benefits — and Get as Much Money as Possible We have answers to common unemployment questions. 9 Mistakes to Avoid When Applying for Federal Financial Aid The biggest mistake might be failing to apply at all. RETIRE WITH MONEY COMMUNITY INSIGHTS In our Retire with Money Facebook group this week, members discussed this article on the risk of declining cognitive functioning in retirement. One woman wrote, "The human brain is elastic—use it or lose it. Way too many people think retirement means one no longer has to learn new things, which is the biggest mistake." I couldn't agree more. And learning can be lots of fun. One of my favorite retirement recommendations — dancing! — is a three-fer: you get the cognitive stimulation of learning new steps, the physical exercise of movement, and the social stimulation of being in a group. Granted, you might not seek out the third during the pandemic, but you can still get the first two benefits from YouTube dance tutorials! WHAT WILL MY SAVINGS COVER IN RETIREMENT? Planning for retirement can be tricky; after all, there's no way of knowing for sure how much money you may need. You can start by estimating how much you may spend each year in retirement. You probably won't spend as much each year in retirement as you do during your working years, so you'll only need to replace part of your income in order to maintain your lifestyle in retirement. As a general rule of thumb, you can estimate that your savings (including a pension, if you have one) should provide a yearly income equal to about half of your pretax, preretirement income. Your Social Security benefits may cover the rest of your annual retirement expenses, but it depends on your spending and lifestyle. The age at which you claim Social Security benefits can have a significant impact on your monthly income too. Click below to see if you are saving enough for retirement. See if you're saving enough Investing involves risk, including risk of loss. Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2020 FMR LLC. All rights reserved. 938453.1.0 RETIREMENT NEWS FROM AROUND THE WEB Opinion: Older Workers Are Working From Home More Successfully Than Their Younger Colleagues The mental health toll of the pandemic has hit younger workers particularly hard. MARKETWATCH Why Own Bonds When the Rates Are So Low? Bonds' yields after inflation are expected to be negative for the foreseeable future, but here's why you should consider owning some anyway. OF DOLLARS AND DATA 9 Strategies to Help Boost Your Mood During the Dark Fall and Winter Seasons Talk a short walk outside, even if it's overcast, and other easy tips to boost your energy and mood. REAL SIMPLE Why Science Labs Love Older Scientists Dr. Anthony Fauci isn't the only scientist working well past retirement age. Meet some others who continue to make contributions to their fields. NEXT AVENUE 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. 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