With the cost of long-term care being what it is veterans benefits planning is very important for those who have served in the Armed Forces. How expensive is long-term care? The costs are going up every year, so it is hard to predict exactly how high they will climb over the next few decades, but as of 2012 a year residing in a private room in a nursing home averaged over $90,000 in the United States. If you're thinking that Medicare is the answer you are making a common error. … [Read more...] about Senior Veterans Benefits Planning
Retirement Planning
Retirement Planning: Revise and React
When you are a young adult you have a unique opportunity to develop a long-term financial plan that leads to a comfortable retirement. Clearly, the more time you have to save the more likely it is that you will be successful and ultimately reach your goals. Unfortunately, when people are young they may be more prone to live in the moment without thinking ahead toward the future. As a result, in many cases this opportunity is lost. Even those who did take the necessary steps may be … [Read more...] about Retirement Planning: Revise and React
Studies Reveal Trend Toward Reduced Inheritances
There is an interesting trend that researchers are finding regarding the inheritances that members of the baby boomer generation will be receiving. These are the people who were born between 1946 in 1964, and they are incrementally reaching their mid-60s, which is of course the approximate age of retirement for most individuals. Merrill Lynch surveyed a sampling of individuals who are in possession of at least $250,000 of investment assets over a period of time. In 2009, 54% of … [Read more...] about Studies Reveal Trend Toward Reduced Inheritances
How Long Will You Continue Working?
People are working longer than they did a couple of decades ago according to research that has been compiled by the Sloan Center on Aging & Work at Boston College. While you may want to work even if you don't have to, it is certainly a good idea to make this choice on your own. You don't want to be forced to work when you are in your late 60's, 70's, and perhaps beyond out of financial need. And even those who would like to be working may not be capable of doing so at some point in … [Read more...] about How Long Will You Continue Working?
Youthful Wisdom Yields Long-Term Results
Some retirement planning experts have suggested that people should begin thinking about retirement when they are still in college. It is certainly true that you can never start saving too soon. The quality we know as "wisdom" is often thought of as being the exclusive domain of those who have a considerable amount of life experience. This may be true to some extent, but sometimes young people can make wise decisions as well. When you do the math you have a considerable amount of time to … [Read more...] about Youthful Wisdom Yields Long-Term Results
Special Pension for Service Members Who Need Living Assistance
Living assistance is very expensive, Medicare won't pay for it, and of course most senior citizens are living on a fixed income. This is not the best combination of circumstances. People who have served in the military may be able to tap into a benefit that they have earned to help them address the expenses that they may incur if they need help with their day-to-day needs. This benefit is called the Veterans Aid & Attendance special pension. To qualify you have to be able to … [Read more...] about Special Pension for Service Members Who Need Living Assistance
Are You Sure a Reverse Mortgage Is a Good Idea?
A home equity conversion mortgage is a reverse mortgage that is fully backed by the United States Department of Housing and Urban Development. To obtain one of these mortgages you must be at least 62 years of age and have significant equity in your home or own the residence outright. The government wants you to understand exactly what you are getting into when you take out a home equity conversion mortgage. As a result you must undergo a counseling session with an approved … [Read more...] about Are You Sure a Reverse Mortgage Is a Good Idea?
2013 Average Social Security Payouts
We are all aware of the fact that the economy hasn't been at its best over the last several years. A lot of Americans are finding it challenging to simply make ends meet in the present. As understandable as this may be you don't want to be in denial about the future. Just about everyone would like to retire someday. And, even if you truly enjoy working and are capable of doing what you do as a senior citizen you probably want to work on your own terms. Most of us pay into … [Read more...] about 2013 Average Social Security Payouts
Seniors Face Higher Medicare Deductibles, Part B Premiums
Retirement planning is very important if you don't want to find yourself on a very tight budget during the latter portion of your life. Living on a fixed income can be very challenging, and Social Security alone is really not enough for most people. And even if you could get by on Social Security on the day that you retire costs inevitably go up and cost-of-living adjustments are very modest to say the least. In fact, in 2010 and 2011 there was no Social Security cost-of-living … [Read more...] about Seniors Face Higher Medicare Deductibles, Part B Premiums
Long-Term Planning: Longevity Is a Factor
There are multiple contingencies to consider when you are making preparations for the latter stages of your life. Financing your retirement years is of course going to be one of your concerns, but you also have to consider the eventualities that go along with entering into your twilight years. Your longevity is going to be one of the variables that is a significant factor. The population is rapidly aging, and senior citizens are making up a large percentage of the overall … [Read more...] about Long-Term Planning: Longevity Is a Factor
