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American Focus > Blog > Economy > 3 Worst Ways To Use the Extra Funds
Economy

3 Worst Ways To Use the Extra Funds

Last updated: May 1, 2025 2:00 pm
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3 Worst Ways To Use the Extra Funds
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Millions of Americans recently experienced a boost in their Social Security benefits, thanks to the Social Security Fairness Act signed into law by President Joe Biden earlier this year. Beneficiaries who were impacted by the Windfall Elimination Provision and the Government Pension Offset saw an increase in their monthly benefit amounts as well as a one-time retroactive payment dating back to January 2024.

While receiving a larger check from Social Security can provide a welcome financial lift, it’s crucial to have a smart plan in place for utilizing these additional funds. Without careful consideration, it’s easy to make mistakes that could have long-term consequences for your financial security. Here are some of the worst ways to use your extra Social Security funds according to experts.

One common mistake is using the extra money to consolidate unsecured high-interest debts without a clear repayment plan. While this may seem like a quick fix, it can breach fiduciary duties under SSA guidelines, especially for representative payees managing benefits on behalf of others. Additionally, speculative investments like cryptocurrency or high-risk stocks should be avoided, as they can jeopardize the financial stability of retirees.

It’s essential to remember that Social Security benefits should be used for basic needs first, such as housing, healthcare, and food. Seeking guidance from a fiduciary financial adviser well-versed in elder law can help ensure that you are making sound financial decisions with your benefits. Ignoring tax implications is also a common pitfall, as the additional income could push you into a higher tax bracket or result in more of your benefits being taxed.

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In conclusion, treating your Social Security benefits as a guaranteed source of income and using them for essential expenses is key to maintaining financial stability in retirement. By avoiding risky investments and consulting with financial professionals, retirees can make the most of their increased benefits without jeopardizing their long-term security. The COVID-19 pandemic has brought unprecedented challenges to individuals, communities, and nations around the world. With the rise of new variants and the ongoing struggle to contain the spread of the virus, it is more important than ever to adhere to public health guidelines and protocols to protect ourselves and others.

One key aspect of preventing the spread of COVID-19 is wearing face masks. Masks have been shown to be highly effective in reducing the transmission of respiratory droplets that carry the virus. By wearing a mask, you not only protect yourself from inhaling potentially harmful particles, but you also protect those around you by preventing the spread of the virus if you are infected and asymptomatic.

However, there has been some misinformation and confusion regarding the effectiveness of different types of masks. It is important to understand the differences between various types of masks and choose the one that provides the best protection.

N95 masks are considered to be the most effective at filtering out airborne particles, including viruses like COVID-19. These masks are designed to form a tight seal around the nose and mouth, ensuring that air is filtered through the mask material before being inhaled. While N95 masks are highly effective, they are also in high demand and should be reserved for healthcare workers and other frontline workers who are at a higher risk of exposure to the virus.

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Surgical masks are another commonly used type of mask that offers good protection against respiratory droplets. These masks are loose-fitting and are designed to prevent the spread of droplets from the wearer to others. They are also effective at filtering out larger particles in the air, but may not provide as much protection as N95 masks.

Cloth masks are a popular option for everyday use and are effective at reducing the spread of respiratory droplets. They are reusable and can be washed and worn multiple times, making them a cost-effective and environmentally friendly choice. It is important to choose a cloth mask that has multiple layers of fabric and fits snugly around the face to ensure maximum protection.

In addition to wearing masks, it is important to continue practicing other preventive measures such as washing hands frequently, maintaining physical distance from others, and avoiding large gatherings. By following these guidelines and making mask-wearing a priority, we can all do our part to help stop the spread of COVID-19 and protect ourselves and our communities.

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