Social Security Rolling Out New Change in August, Says Policy Now Optional
In a post on the SSA website, the agency said that it will be debuting a Security Authentication PIN for account-holders starting in the middle of August, noting that it is 'designed to make the identity verification process faster and more secure when calling the National 800 Number to handle your Social Security business.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
4 hours ago
- CBS News
Should a 70-year-old buy an annuity? Here's what to know now.
Turning 70 is a major milestone, and for many, it brings a clearer focus on preserving income, simplifying finances and making sure retirement savings last, especially in today's unusual economic landscape. With traditional pensions becoming less common, stock market volatility at the forefront of many retirees' minds, and inflation ticking back up, the idea of locking in a guaranteed income stream becomes increasingly more appealing. An annuity can offer that, which is why these unique insurance products have become a useful tool for creating predictable retirement income. With an annuity, retirees can get reliable monthly payments for the entirety of their lives in return for a lump sum payment. That allows retirees to supplement their Social Security income, retirement savings and returns from other investments without having to return to work or put their retirement benefits at risk. In turn, an annuity can be a smart addition to the right retirement portfolio. But is purchasing one at age 70 really the right move? That's what we'll examine below. Find out how you can add an annuity to your retirement portfolio today. At age 70, the decision to purchase an annuity comes down to a range of factors, including your goals and your financial situation. While it might seem late to buy one, there are several reasons why purchasing an annuity at this age could be ideal, and there are also a few reasons why it may not be. If you're seeking guaranteed income you can't outlive, an annuity offers just that. The older you are when you buy an immediate or deferred income annuity, the larger your monthly payments tend to be. That's because annuities are essentially bets against the insurance company. If you live longer than their actuarial tables predict, you come out ahead. And, since insurers are factoring in fewer years of life expectancy when you buy at age 70, they pay more over a shorter period. For example, a 70-year-old who puts $100,000 into an immediate annuity today could receive significantly higher monthly payments than someone who did the same thing at age 65. And, a healthy 70-year-old woman might reasonably expect to live into her late 80s or beyond, meaning that not only would their payments be higher, but she could also potentially collect annuity payments for 15 to 20 years. So, you might be an ideal candidate at age 70 if you're in excellent health and longevity runs in your family. And, this could be an ideal time to purchase one since interest rates are still relatively high right now. That means fixed annuities, in particular, are offering stronger returns than they were just a few years ago. These market conditions can make it a more attractive time to lock in a payout rate. Explore your annuity options and find the right fit now. On the flip side, annuities often come with trade-offs. Once you hand over your money to the insurance company, it typically becomes illiquid. That means you won't be able to access that lump sum if your needs change, unless you've chosen a specific type of annuity with liquidity features, which can be more expensive. If you have significant health issues that suggest a shortened lifespan, buying at age 70 is risky, as you might not live long enough to recoup your initial investment, either. And, if leaving a legacy to heirs is important to you, an annuity may be problematic since most of your principal gets tied up with the insurance company. The fees associated with annuities can also be substantial, particularly with variable or indexed products. So, if you purchase one at age 70, you have less time to overcome these costs through the potential returns. Or, if you have other reliable income sources like pensions or substantial Social Security benefits, you might not need the additional guaranteed income an annuity provides. There's no universal "best age" to buy an annuity. The optimal age varies depending on the annuity type and your circumstances, but there are some general guidelines worth considering. As noted above, purchasing an immediate annuity at a later age can be the optimal route. That's because the monthly payments increase significantly as you age, as the insurance company expects to pay out for fewer years. However, deferred annuities often work better when purchased earlier. These products allow your money to grow tax-deferred for several years before you start taking income. Starting at 60 or 65 gives you more time for potential accumulation, though you'll face penalties if you need to access the money before age 59½. Many financial advisors suggest that the "sweet spot" for immediate annuities falls somewhere between ages 70 and 75. At this point, you're likely already retired, have a clearer picture of your other income sources and can command relatively high monthly payments. You're also old enough that longevity insurance becomes more valuable, but not so old that health concerns make the purchase questionable. At age 70, an annuity can be a smart addition to your retirement strategy, but it shouldn't be an impulse purchase. The decision hinges on your unique circumstances: your health, family longevity history, other income sources and how much guaranteed income you need. Before making any commitment, shop around extensively, as annuity terms and fees vary dramatically between companies. And, once you hand over that lump sum, getting your principal back becomes difficult, so make sure you're comfortable with the trade-offs in exchange for guaranteed lifetime income. For the right 70-year-old, though, an annuity can provide invaluable peace of mind during retirement's most uncertain chapter.
USA Today
6 hours ago
- USA Today
The Daily Money: A warning sign in the job market
Good morning! It's Daniel de Visé with your Daily Money. While economists have viewed the U.S. labor market as resilient in recent months, some warn that cracks have started to emerge – including among the country's Black workforce. The unemployment rate for Black Americans hit 7.2% in July, up from 6.3% a year ago. Here's why that may be a troubling sign. Student loan payments increasing Millions of student loan borrowers who were enrolled in a Biden-era repayment plan will soon see their monthly payments increase. Nearly 8 million borrowers in the Saving on a Valuable Education (SAVE) plan are now collecting interest on their loans for the first time since former President Joe Biden placed the group in forbearance in July 2024, pausing both monthly payments and interest accrual. Here's what that means for future payments. 📰 More stories you shouldn't miss 📰 📰 A great read 📰 Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it! A popular pastime among Americans of a certain age is to wage an internal debate about when to claim Social Security: At age 62? Sixty-five? Seventy? In purely monetary terms, as it turns out, the question has a simple answer, and you can find it right on the Social Security website. About The Daily Money Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you. Daniel de Visé covers personal finance for USA Today.
Miami Herald
6 hours ago
- Miami Herald
RightCapital Launches RightExpress(TM): A Transformative Way for Advisors to Deliver Focused, Actionable Plans to Prospects
Advisors can Leverage RightExpress to Revolutionize Their Prospecting Approach. SHELTON, CT / ACCESS Newswire / August 5, 2025 / RightCapital, the fastest-growing financial planning software for financial advisors, today announced a new planning offering to transform the advisor prospecting process. RightExpress enables advisors to develop a focused financial plan with minimal data input. With this new offering, advisors can deliver a topic-specific financial plan, such as Retirement or Social Security, to new clients. RightExpress lowers the barriers to engagement, quickly addresses the client's most glaring financial planning concerns, and allows the advisor to instantly showcase value in the planning process. "Financial planners face a difficult challenge: delivering exceptional service to existing clients, while growing their business," said Shuang Chen, co-founder and CEO of RightCapital. "We have set out to transform how advisors can enhance and scale their prospecting processes. With RightExpress, advisors select a specific planning topic, gather limited data inputs, and quickly deliver powerful client visuals and reports. This new approach will optimize how quickly advisors deliver value to prospects." RightExpress plans allow advisors to easily create topic-specific plans, selecting from up to six core RightCapital modules: Social Security, Retirement, Debt, Risk, Vault, and Tasks. Advisors can identify which areas they would like to include for each prospective client plan, with only 2-3 data entry steps per-module. For example, if a prospect is seeking help to make a social security decision, advisors can quickly deliver a focused analysis with limited onboarding. Advisors can also develop and deliver reports for RightExpress plans, including key data visualizations and relevant disclosures. "I'm focused on growing my advisory business, and RightExpress is the perfect tool to help me do that," said Jim Munchbach of BayRock Financial, LLC. "Creating a template for a specific topic, such as Retirement, makes it easy to engage new prospects, showcase my advice, and seamlessly transition them into comprehensive planning relationships as their needs evolve." At the click of a button, any RightExpress plan can become a full RightCapital plan, with the advisor and client simply adding in any missing information to map out the client's full financial picture. This easy switch makes the transition from prospect to full planning client a smooth experience across the board. RightExpress is available to all advisors leveraging RightCapital's Premium and Platinum subscriptions. To learn more, visit the RightCapital website, or contact RightCapital Sales at sales@ or (888) 982-9596 Opt. 1. This launch is RightCapital's latest update designed to support advisor growth. Advisors interested in learning more about how to grow and scale their practices can register for RightCapital's virtual event, RightInsights. RightInsights will take place on August 20, 2025, and will feature two free CFP® continuing education credit sessions from Drew O'Hearn, Senior Director and Head of Account Management at Cerulli Associates, and Adam Van Deusen, CFP®, Associate Financial Planning Nerd at Click here to register for these sessions About RightCapital RightCapital is financial planning software done right. RightCapital is used by thousands of financial advisors to grow their practices and set their clients on the path to financial success. Founded in 2015, RightCapital is the fastest-growing financial planning software with the highest user satisfaction among advisors (Source: The Kitces Report - 2024 Financial Planner Productivity Study). For more information, visit RightCapital media contact: marketing@ SOURCE: RightCapital Inc
