Social Security Administration
Inquiry revealed unpaid life benefitsPosted by RJ and Makay on Apr 25, 2012 |
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A state inquiry into by how well insurance companies track life insurance policyholders revealed more than 30,000 policies and $262 million in unpaid benefits resulting from insurers not checking whether customers had died. Under pressure from state regulators, life insurers in New York crosschecked standard federal death data and lists against 89.58 million insurance records.
Americans who live to be 100 years old will spend $3.5 million in their lifetimes, according to Bureau of Labor Statistics (BLS) data. More than $1.5 million will be spent by age 50, another $1.4 million by age 81, and $630,000 more for those fortunate enough to be centenarians. Even though many older people plan to cut back on expenses in retirement, the high cost of retirement often comes as a shock to retirees, the BLS said.
Fifty-five million retirees will receive a 3.6% cost-of-living (COLA) increase this January, the U.S. government announced yesterday. The COLA adjustment is the first since 2009 and will also apply to eight million Americans participating in the Supplemental Security Income program that aides the blind and disabled.
