Jun 4, 2020
In connection with the covid-19 health crisis, workers have lost their jobs outright, have been laid off with no recall to work date, have been furloughed, or are generally working fewer hours than they previously were. Those who are self-employed, work in the gig economy, and small business owners have also experienced reductions in income.
While the economy is emerging from safer-at-home orders, many household incomes are still not back to the levels they were at earlier this year. In this episode, we talk with a financial expert about navigating money challenges and looking ahead to retirement – from the perspective of early-, mid- and late-career workers.
Guest for this episode:
Dr. Elizabeth Kiss is an associate professor in the College of Health and Human Sciences and a Family Resource Management specialist with K-State Research and Extension. In this position, she assists in the development and delivery of a statewide Cooperative Extension program focused on developing the financial knowledge and skills for sound financial decision-making of Kansans. She supports the work of Extension agents across the state by providing linkages to current research, educational resources, and statewide and national organizations.
Her specialties include:
Links to Resources:
Rainy Day Fund to Cover Three Months Expenses
2018: 49.8% of Kansans (source)
2020, April: U.S. families (source)
Full Social Security Retirement Age
Full retirement age, also called "normal retirement age," was 65 for many years. In 1983, Congress passed a law to gradually raise the age because people are living longer and are generally healthier in older age.
The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later. https://www.ssa.gov/planners/retire/ageincrease.html
Some age markers
Age 62 – youngest age at which you can claim Social Security benefits
Age 65 – youngest age at which you can claim Medicare benefits
Age 70 – age after which an additional month of age at claiming no longer entitles the beneficiary to an incremental benefit increase