Social Security Administration is in a 'customer service crisis' says SSA commissioner — here's how to be prepared for anything in retirement
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For the millions of Americans who rely on various programs run through the Social Security Administration (SSA), it’s a slog to receive — and keep — your benefits.
More than 9.2 million Americans receive disability insurance through the SSA each year, and many of those who use the program are struggling with reconsideration requests for specific benefits that take months (or sometimes more than half a year) for a response. The SSA’s new commissioner, Martin O’Malley, has outlined some reasons for the delays. Under-staffing has led to what he calls a “customer service crisis,” where some Americans are forced to wait hours to simply get on the line with a representative.
According to O’Malley, approximately “10,000 people a year die waiting for their disability determinations to be made.”
If you want to avoid a potentially life-altering crisis in your golden years, consider protecting your retirement with savings that will shield you from relying on Social Security for your retirement income.
You can create your own portfolio of wealth-building and income-generating assets to live well in retirement. Here’s our best advice for how to accomplish this goal.
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The problem
Nearly 10,000 Baby Boomers in the U.S. are entering retirement each and every day. That’s an incredible wave of folks who will be collecting Social Security, to say nothing of the nearly 10 million Americans currently receiving some sort of disability payment.
With such an influx of new “customers” and staffing levels that haven’t changed in 27 years, customer service issues are projected to increase. But there are also inflation-related concerns plaguing many retirees, as the Cost of Living Adjustments (COLAs) aren’t matching the real pressures many Americans are experiencing.
What you can do about it
The good news is that not all hope is lost. While time is on the side of younger investors, it’s also true that it’s always “better late than never” to start saving for retirement.
Consulting a financial advisor to create a plan is a good first step, regardless of your age or financial status. A qualified pro from Zoe Financial can help you understand your options and co-create a retirement plan that gives you confidence in the future. Booking an initial consultation with one of your advisor matches is free and simple to do. Just fill in your information and browse profiles to find your fit.
Among the asset classes you may want to look at for retirement savings is gold.
Gold is a durable asset that many investors see as a hedge against inflation. So, for those worried about inflationary pressures eating away at their savings (and an economic downturn hitting their retirement accounts), investing in a Gold IRA from American Hartford Gold (AHG) is worth considering.
This retirement account can potentially help you stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.
One of the country’s most trusted precious metals companies – with an A+ rating from the Better Business Bureau – American Hartford Gold has delivered more than $2 billion in gold and silver.
If you think a gold IRA might be right for you, you can request a free information guide that details how you can receive up to $15,000 in free silver on qualifying purchases.
Read more: These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
Finally, retirees (or those closing in on retirement) may want to consider if their life insurance policy is the best choice in terms of coverage and cost.
Ill health and accidents can create financial chaos for families without a good insurance plan that will cover the right costs.
Using the LifePlans insurance aggregator, you can find coverage starting at $15 a month.
Just fill in some information about yourself – it takes less than 3 minutes – and LifePlans will provide a list of offers for you to compare.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
