Among the best stories from Retirement Daily for March 9 - 13: How to protect yourself from coronavirus scams, understand market corrections, and carrying debt into retirement.
Isn't it enough that we are being bombarded with coronavirus warnings, recommendations and news? Now we need to protect ourselves from coronavirus scammers, Jeanette Pavini writes in her consumer column this week, As Coronavirus Spreads, so do the Scammers. "Scammers are clever and spend a lot of time thinking of new ways to take advantage of trusting individuals," she writes. "And as they often do, these crooks will use a crisis to gather personal information or money from those who are trying to do the right thing."
The World Health Organization (WHO) has issued a warning for people to beware of criminals pretending to be from WHO. The goal? To have you turn over sensitive, personal information or donate money without suspecting you are feeding it right into the hands of criminals. These professional scammers will use websites, emails, phone calls, text messages and fax messages to push their scams. And the correspondence can sound and look official. Emails that appear to be from WHO are nothing but a phishing expedition. Some of the questions these fraudulent emails will ask are for information such as usernames or passwords, to open an attachment or to click on a link. Once you do this, these criminals can install malware or rob you of sensitive information. Read more here.
And in case you missed them, here are some more great columns in Retirement Daily:
Adviser Eric Weigel reviews types of market corrections and issues investors should consider.
If ever you needed a reason to retire without any debt, it would be this, Robert Powell writes. New research shows that debt at older ages can negatively influence retirement well-being. Using data from the 2015 National Financial Capability Study and an extensive literature review, the researchers showed that lack of financial literacy, lack of information, and behavioral biases help explain the prevalence of debt later in life.
Adviser Sandra Adams writes that you probably did not plan on becoming a widow/widower before retirement. How do you start, starting over?
A reader asks about appealing to Social Security to see if their Medicare income-related monthly adjustment amount can be reduced.
Question: What does "dually eligible" mean regarding widow's benefits? I am a widow who has been collecting on my deceased husband's work record. I would love to also collect on my own work record. I thought this was impossible.
Question: Is it possible for me to get one-half of my ex-spouse's Social Security benefit (as long as we were married 10 years or more) when I reach retirement age and use that income until I fully retire at 70, at which point I would claim on my own work record? When I went to the Social Security website I saw something that made me think the law had changed.