Warren Cohen, Author at The Financial Wire

Elderly couple reviewing documents at home

Retirees poured $107 billion into annuities in the first quarter alone, a tenth straight record quarter, as savers without pensions try to build their own.

Warren Cohen1 month ago1 month ago010 mins

The corporate pension that once handed retirees a guaranteed lifetime paycheck has all but disappeared from private-sector jobs, and a growing share of older Americans are now buying that guarantee for themselves. New industry figures show just how far the shift has gone. Annuity purchases set another record to open 2026, as savers looked for…

Focused thoughtful gray-haired mature man doctor studying medical report of patient, working with paper documents sitting at desk in office room in medical clinic.

Original Medicare caps nothing on your 20% share of doctor bills.

Warren Cohen1 month ago1 month ago09 mins

Original Medicare pays about 80 percent of the cost of covered doctor and outpatient services, and the person on the plan owes the other 20 percent. For a routine visit, that share is small change. The catch that surprises many retirees is what happens when the bill is not routine: Original Medicare puts no ceiling…

Elderly man enjoying leisure time in a hammock while using a tablet indoors.

Social Security replaces only about 40% of the average worker’s pre-retirement paycheck.

Warren Cohen1 month ago1 month ago010 mins

Many workers picture Social Security as the foundation of retirement, and for good reason, but the program was never designed to carry the whole load. For an average earner, the benefit is built to replace only about 40% of the wages earned before retirement. That leaves a gap of roughly 60% that has to come…

Next year’s Social Security raise is tracking near 3.8%, about $74 a month, but a higher Medicare premium is set to quietly eat into it.

Warren Cohen1 month ago1 month ago011 mins

Early projections point to a Social Security cost-of-living raise of roughly 3.8% for 2027, which would add about $74 to the average monthly check. That would be a welcome bump for retirees who watched inflation chew through recent budgets. The catch is that a chunk of the increase never reaches the bank, because a higher…

Photo of a couple of Bitcoin crypto medallions alongside the words 'Crypto Scam'. You can use the image under the Attribution Creative Commons licence, though we do ask that you please credit https://www.bybit.com/en-US/ with a link.

Americans 60 and older lost $4.35 billion to crypto scams last year, most of it funneled through the cash-to-crypto kiosks now sitting in gas stations and grocery stores.

Warren Cohen1 month ago1 month ago010 mins

Americans age 60 and older lost $4.35 billion to cryptocurrency scams last year, and investigators say a growing share of that money left victims’ hands through the cash-to-crypto kiosks now bolted to the walls of gas stations, convenience stores, and grocery aisles. The machines look like ordinary bank ATMs, but they convert cash into digital…

Four nines fine standard 400 oz gold bars

A courier posing as a U.S. marshal talked one older woman out of nine gold bars worth $137,000, then pushed her to drain $429,000 from her retirement account.

Warren Cohen1 month ago1 month ago011 mins

An older woman in Hawaii handed nine gold bars worth more than $137,000 to a stranger who arrived at her home claiming to carry the authority of the federal government, and prosecutors say the scheme was only getting started. The same operation, according to the Justice Department, pressed her to pull $429,000 out of a…

Senior couple insurance and contract with financial advisor and retirement plan to sign Document pension and business analyst with information and paperwork in office for signature of will

A bipartisan group of senators introduced the PROMISE Act to force action on Social Security, whose retirement fund is now about six years from shortfall.

Warren Cohen1 month ago1 month ago09 mins

Eight senators from both parties introduced legislation on July 14 to force Congress into action on Social Security before the retirement trust fund runs dry. The bill, S. 4979, arrives roughly six years before the Old-Age and Survivors Insurance fund is projected to be depleted in the fourth quarter of 2032, at which point only…

ill beautiful senior woman with facial mask holding pills

Medicare’s out-of-pocket drug cap rises to $2,400 in 2027, up from $2,100.

Warren Cohen1 month ago1 month ago09 mins

Medicare beneficiaries who rely on Part D prescription drug coverage will face a higher out-of-pocket spending limit in 2027. The Centers for Medicare and Medicaid Services set the annual threshold at $2,400 for that year, a $300 jump from the $2,100 cap in effect for 2026. The increase follows an automatic annual adjustment built into…

Mature man with woman holding paper on sofa at home

About 3.2 million retired teachers, police and firefighters are getting bigger Social Security checks, roughly $360 more a month, after Congress dropped two old penalties.

Warren Cohen1 month ago1 month ago010 mins

Retired teachers, police officers, and firefighters across the country are receiving larger Social Security checks after Congress eliminated two penalties that had reduced or wiped out benefits for public-sector retirees with non-covered pensions. The Social Security Administration (SSA) reported that it has completed over 3.1 million payments totaling $17 billion under the new law, finishing…

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Two men were sentenced this month, one to more than 11 years, for a scheme that cheated thousands of investors out of tens of millions.

Warren Cohen1 month ago1 month ago09 mins

Neil Suresh Chandran will spend the next 136 months in federal prison after a judge sentenced him and co-defendant Bryan Lee on the same day for running a fraud operation that stole tens of millions of dollars from thousands of investors between 2018 and 2022. Lee received 36 months. The two men used shell companies,…

Warren Cohen

Retirees poured $107 billion into annuities in the first quarter alone, a tenth straight record quarter, as savers without pensions try to build their own.

Original Medicare caps nothing on your 20% share of doctor bills.

Americans 60 and older lost $4.35 billion to crypto scams last year, most of it funneled through the cash-to-crypto kiosks now sitting in gas stations and grocery stores.

A courier posing as a U.S. marshal talked one older woman out of nine gold bars worth $137,000, then pushed her to drain $429,000 from her retirement account.

Medicare’s out-of-pocket drug cap rises to $2,400 in 2027, up from $2,100.

Two men were sentenced this month, one to more than 11 years, for a scheme that cheated thousands of investors out of tens of millions.

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