Senate Aging Committee Releases Financial Literacy Resources

Senate Aging Committee Releases Financial Literacy Resources

The U.S. Senate Special Committee on Aging released a bipartisan report that examines the real-time information and help older Americans and people with disabilities need as they face changes in their lives, known as “just-in-time” financial literacy.

The committee held a virtual hearing on January 13 to discuss the topic and the report itself, titled Financial Literacy in Retirement: Providing Just-in-Time Information and Assistance to Older Americans and People with Disabilities.

The report identifies six common decisions that require, and can benefit from, this kind of financial literacy: claiming Social Security, enrolling in Medicare, annuitizing a 401(k), giving to charity, downsizing a home and responding to a natural disaster.

“This year, more than 10,000 Americans will turn 65 every day. Around kitchen tables all across the country, retirees and seniors are asking: ‘Should I take my Social Security or should I wait?’ and ‘Do I need to sign up for Medicare, or can I wait?’ These are not simple decisions,” said Senator Bob Casey (D-PA) (pictured), chairman of the Senate Special Committee on Aging. “As we begin 2022, I urge seniors to make a New Year’s resolution: take stock of your finances and get prepared for these upcoming decisions.”

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.