Forecasts Call for No Social Security COLA for 2021

It may be a little early to think about the potential Social Security COLA (cost of living adjustment) changes for 2021, but the writing might just already be on the wall. The pandemic, which is wreaking havoc with every facet of our lives right now, is also now targeting next year’s potential adjustments in the COLA and Social Security payments. Not very good news, is it?

While forecasters predict there will be no Social Security COLA for 2021, there's more to know. Read on about deflation and what it means for the future.

With inflation likely to barely register this year, forecasters say that there will simply be no Social Security COLA for 2021. The COLA, which will be officially set in October 2020, would be zero, zilch, nada, nil. And that means no change in benefits next year for millions of Social Security beneficiaries. That is a blow that many just can’t take.

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Is the Pandemic a Retirement Dress Rehearsal?

Most everyone thinks and worries about money whenever the subject of retirement is discussed. That totally makes sense because having enough money is such an important part of your retirement. With it, you can take care of yourself and enjoy life to the fullest, and when you don’t have enough of it, you are in some danger and high risk. I can write volumes about money and the ways to approach it when it comes to retirement and you will agree or disagree, but right now you may be dealing with another huge piece of the retirement planning puzzle.

We often plan financially for retirement, but what about how you'll spend your time? This pandemic might just be a dress rehearsal for retirement planning.

That piece is a real life experience that over 30 million of us are now getting because of the COVID-19 pandemic and that is this: “How are you spending your time when you do not have to get up and go to work every day?” Is this like a dress rehearsal for your retirement?

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Celebrating Mother’s Day in a COVID-19 World

As a former boss of mine once said to me (and I have regretfully repeated over the years), “Father’s Day is the most important day of the year”…not! Let’s get real here, your mom was, has been, and still is the very most important person ever. I’m not here to list all the reasons why and that is because you already know that without her, you just wouldn’t exist, so case closed. If you are fortunate enough to have your mom still around, it’s really important to recognize her. But how will you celebrate Mother’s Day in a COVID-19 world?

Mother’s Day is coming, but this year it may be difficult to see your mom in person. Here are some ways to celebrate from a distance.
Family Together in Bedroom

Some Things Still Haven’t Changed – Yet

Whether you’re staying at home or not (and you must social distance in order to protect yourself and everyone around you), you can still send your mom a heartfelt or funny greeting card and you can do it without ever leaving your house.

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The Impact of Coronavirus on our Economy

The total number of coronavirus cases in the United States has now exceeded well over one million. The American death toll, over 60,000 now (that we know of), has surpassed that of the Vietnam War…in just 2 months. But today’s post is not about the horrendous health impacts of the virus so far, but the economic impacts yet to come.

Recent reports about our the future of our economy are hopeful, but are they grounded in reality? Things may never be the same again.

The bad news is that our economy was reported this week to have shrunk by nearly 5% in the first quarter, the worst performance since the recession of a decade ago and probably the forerunner of a much steeper collapse in the second quarter that could be the worst one since the Great Depression, 90 years ago!

But in spite of these things, the White House on Wednesday declared its response to the crisis “a great success story”.

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How Are We Paying Out Trillions of Dollars for the New National Deficit?

With all my free time these past few weeks, I have been mostly sitting around here thinking about the hundreds of thousands of victims around the world contracting the coronavirus. Watching the news each day is very depressing and frightening. Is there anything more we can do and are we on the way to stopping it? The questions I have and all of us have seem to be open and unresolved.

Recent moves to protect our economy have also ballooned the national deficit by several trillion dollars. How will we ever pay that off?

Second only to the life and death issues we face are the financial questions. Millions are now unemployed and the financial markets are crumbling around the world. So how is it possible that the U.S. government is handing out trillions of dollars to businesses and citizens? Where is all this money coming from? And even bigger of a question, how will the new national deficit ever get paid back?

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The “Virtual” Solution to Your Money Problems

If you feel like today is March 38th, you are not alone. The coronavirus pandemic has broken lots of records and one of them is extending March into what seems to be the longest, loneliest month in all of history. I’m not kidding here.

If you're struggling financially during this crisis, virtual jobs may be the answer to your money problems. Here are several jobs and how to get started.

Since I write about finances and money issues rather than medical problems, I’d like to say this: There are some solutions to the money issues and problems you are facing, so don’t throw in the towel just yet. Consider virtual jobs as the solution to your money situation!

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Do You Check All of These Boxes as Sources Of Income?

As you go through daily life, that is normal daily life, you primarily think about income as the money you earn from some sort of a job. For most people, it’s money paid to you from an employer, the business you report to every day and who pays you a check every week or two. If you have a real skill and are lucky, you may even have your own business and be the boss.

When it comes to sources of income, there are many ways to generate cash. Here are 12 types of income you should plan now for the future.

That’s the way it was before the pandemic hit. Now, getting a weekly paycheck for getting up and heading to a job seems like it was a past life for an awful lot of people. I was just speaking to someone on the phone that has only been home for four days and he is already going crazy with anxiety. He is not alone.

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Crisis Time – The Wants Versus Needs Test

In an event that’s so horrific like this pandemic, I am searching for something to cling to and be able to continue writing here. At some point, and I wish I knew when, life will once again become more normal. And when that happens, personal finances will once again be a huge topic of conversation. But, actually, it really is even right now. It all comes down to wants versus needs.

During this pandemic crisis, it's critical that you can distinguish wants versus needs and save money wherever you can. All of us will need to save.

Now, during a real crisis, is one of those times when it’s particularly important to understand what you really need, as opposed to stuff you just want. The COVID-19 pandemic is the reason why prioritizing your needs has become so important. It was perhaps all just fun and games for some before this so called “gut punch”, but it’s not anymore!

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