Seniors: Don't Miss This October 30 Deadline for Your Social Security and Savings

📘 Get the guide → The exact forms, phone scripts, and deadlines Social Security, Medicare, your bank & the IRS never explain in plain English: https://www.franklinlaw.shop On a Wednesday in mid-September, the Federal Reserve raised interest rates for the first time since 2023. By the next morning the prime rate, which credit cards and home equity lines are built on, was up to 7%. The rate on most people's savings accounts did not move, and for most people it still hasn't. Every change this fall moves at one of two speeds. The things that cost you move fast, on their own, without asking. The things that pay you move slowly, or not at all, unless you ask. This video sorts every real change by speed: what's coming at you fast and how to slow it down, and what's coming toward you slowly and how to speed it up. I'm Franklin. I read the rules so you don't have to. I'm not a financial adviser, and this is education, not advice about your own money. 🔹 THE FASTEST THING THIS MONTH IS A RUMOR: Your Social Security isn't cut on October 1. There are no $2,000 tariff checks. The automatic 4% Medicare cut is not coming, because Congress wiped the scorecard that would have triggered it. And there is no rule locking older people out of their bank accounts. 🔹 THE TWO-SPEED RULE: What a bank charges you is tied to a moving number, so it rises automatically. What a bank pays you is set whenever the bank chooses. 🔹 YOUR SAVINGS: The national average is just under 0.4%. The best insured accounts pay a little over 4%. On $100,000 that's roughly $380 a year versus more than $4,000. The one question to ask your bank. 🔹 WHERE CASH HIDES: Sweep accounts inside your IRA, Treasury bills that are exempt from state income tax, and why a ladder beats locking everything into one long CD. 🔹 MOVING FAST, SAFELY: Money market account versus money market fund, the Synapse collapse and what it means for apps, and how naming beneficiaries can extend FDIC coverage to as much as $1.25 million at one bank. 🔹 YOUR DEBTS, THE FAST SIDE: Cards near 21% and variable home equity lines, why savings earning nothing next to a card balance means paying the bank twice, and the one phone call that gets a lower rate. 🔹 ENERGY AND THE RAISE: Heating costs hit now while the raise arrives in January. Fixed or capped oil contracts, budget billing, medical certificates against winter shutoffs, and heating assistance. 🔹 THE RAISE, AFTER DEDUCTIONS: Part B is projected to rise from $202.90 to about $209.50 and comes out before you see the money. Plus the frozen tax thresholds, and the W-4V form to fix your withholding. 🔹 THE FAST SALE: Agents can now meet you and enroll you in one visit. Never enroll the same day you first hear about a plan. 💡 BOTTOM LINE: Everything that costs you this autumn is already moving. Everything that pays you is sitting still, waiting for you to ask. The people who come out ahead won't be the cleverest. They'll be the ones who asked. 📅 DATES THAT MATTER: Tax extension deadline and open enrollment begins: October 15 Social Security raise announced: mid-October Federal Reserve decision: October 28 Medicare open enrollment closes: December 7 Government funding runs out: December 11 📞 HELPFUL RESOURCES: Confirm an FDIC-insured bank: fdic.gov (BankFind) Buy Treasury bills directly: treasurydirect.gov Social Security: 1-800-772-1213 | ssa.gov Free, independent Medicare counseling (SHIP): shiphelp.org SOURCES: Federal Reserve / FOMC; FDIC National Rates and Rate Caps; U.S. Treasury; Congressional statutory PAYGO scorecard provisions (P.L. 119-37); Social Security Administration; Centers for Medicare & Medicaid Services. Rates and projections are current at the time of recording and can change without notice. 🔔 SUBSCRIBE for plain-English breakdowns of the rules that quietly decide what seniors keep. ⚠️ DISCLAIMER: This video is for general educational purposes only and is not financial, tax, or investment advice. I am not a financial adviser. Rates, rules, and account terms vary by institution. Confirm your own situation with your bank, your brokerage, or a qualified professional before moving any money. 👨‍👩‍👧 SHARE WITH FAMILY: Send this to anyone whose savings are still at the bank they've used since the 1980s. #SeniorFinance #Retirement #Savings #HighYieldSavings #FederalReserve #InterestRates #CDrates #Treasury #SocialSecurity #COLA #FDIC #FixedIncome