Selected Financial and Social Service Resources for Older Americans.
COVID-19: Selected Financial and Social Service Resources for Older Americans.
Updated September 20, 2021
This Insight links to selected resources for older constituents who have been financially affected by the Coronavirus Disease 2019 (COVID-19) pandemic.
#Social #Security.
During the pandemic, the Social Security Administration (SSA) continues to pay benefits. Although Social Security offices are closed for walk-in service, many services are available online. Additional guidance appears on SSA’s Coronavirus Disease (COVID-19) webpage and SSA’s blog.
Other resources include:
SSA (Workers): Your Options: Working, Applying for Retirement, or Both?;
SSA(Workers): Benefits Planner, Retirement;
SSA (Supplemental Security Income (SSI) and COVID-19 Financial Assistance):
Monthly Benefits and Other Financial Help;
CRS Report R44948, Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI): Eligibility, Benefits, and Financing; and
CRS Report R44670, The Social Security Retirement Age.
#Retirement #Income.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) allowed for #penaltyfree #coronavirus-related #distributions (CRDs) from certain retirement accounts in 2020 and suspended required minimum distributions for 2020, among other provisions. The deadline to take a CRD was December 30, 2020; however, individuals with employer-sponsored plans may be able to take a hardship distribution or loan (if the plan permits).
Participants in the federal Thrift Savings Plan (TSP) can find revisions to plan operations at the TSP’s COVID-19: Latest Information. Information is also available from the Internal Revenue Service (IRS) at Coronavirus-related relief for retirement plans and IRAs questions and answers.
Other resources include:
Department of Labor, Employee Benefits Security Administration: Response to COVID;
IRS Retirement Topics – Plan Loans;
IRS Retirement Topics – Hardship Distributions;
TSP: Changes to Required Minimum Distribution (for 2020);
TSP: COVID-19 Withdrawals and Repayments;
CRS In Focus IF11482, Retirement and Pension Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); and
CRS In Focus IF11369, Early Withdrawals from Individual Retirement Accounts (IRAs) and 401(k) Plans.
#Unemployment #Compensation,
Home and Community-Based Services,
#Economic #Impact #Payments,
Frauds and Scams,
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