When you are looking forward toward retirement and otherwise preparing for the eventualities of aging you need to know all of the relevant facts about retirement planning in Indiana. One of the best ways to go about this type of planning is to do it with the assistance of a licensed elder law and retirement planning attorney.
This having been stated, there is a certain amount of research that you can do online to prepare for your consultation so you can ask the right questions. We would like to point you toward some very valuable online resources coming from completely reliable sources.
Social Security
If you’re like most people Social Security will play a significant role for you during retirement. However, you want to make sure that you understand the limitations of your monthly benefit.
Social Security benefits are modest, and even the maximum benefit (that few people would qualify for) is only $2,513 in 2013.
The amount that you receive is based on the 35 years during which earned the most amount of money. You could find out where you stand by accessing your Social Security statement online.
Here’s the link you can follow to register your account: Register Social Security Account.
You potentially become eligible for Social Security when you reach the age of 62, but you would be taking a reduced benefit. The full age of eligibility is somewhere between 66 and 67 if you are not yet receiving your benefit.
To find out exactly when you become eligible to receive your full benefit visit this page: Social Security Benefit eligibility.
Long-Term Care
Once you have enjoyed your golden years the twilight years beckon. During the latter portion of your life you may need assistance with your day-to-day needs.
This can result in residence in an assisted-living community or nursing home. These facilities are very expensive, and most people cannot easily absorb these costs out-of-pocket.
As a result, a high percentage of people in nursing homes are enrolled in the Medicaid program.
Long-Term Care Insurance
Some people purchase long-term care insurance in anticipation of the possibility of incurring long-term-care expenses later in their lives. There are a lot of things to think about when it comes to this type of insurance.
For one, you have to evaluate the cost of insurance over a number of years versus the cost of the care you may be receiving. In addition, you should scour the coverage information very closely to make sure that the policy will pay for the appropriate level of care.
You can learn some things about long-term care insurance by visiting this site: American Association for Long-Term Care Insurance.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- Understanding the Annual Exclusion - January 31, 2023
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
