What the latest stimulus package means for senior citizens Last Updated: Dec. 26, 2020 at 10:04 a.m. ET First Published: Dec. 23, 2020 at 10:15 a.m. ET By
Congress passed a long-awaited stimulus package this week. Getty Images Email icon Resize icon
The latest stimulus package, aimed at improving Americans’ financial and medical situations during the pandemic, mentions little about retirement savings and yet, there’s plenty that retirees need to know about it.
The long-awaited $900 billion stimulus package, which President Trump signed into law on Sunday, allows for distribution of a second round of checks, as well as money for vaccine disbursement and suffering small businesses. The 5,500-page bill also prolongs unemployment benefits and prevents evictions.
COVID-19 Will Change LTC Plans for Clients The pandemic has hit long-term care institutions particularly hard, and the effects are likely to persist, including a shift to more home-based care and changing projections for clients’ retirement costs.
Long-term care has long been the biggest hole in the U.S. retirement safety net, and the pandemic is raising the stakes on the risks your clients face.
The horrific level of death among residents and staff in care facilities has called into question the model for institutional care. Meanwhile, the costs are jumping, driven by accelerating pressures on care facilities.
For planners advising clients on a future that may require a lengthy span of care at some level, the outlook is opaque.