The health of an elderly parent falters and fails, a home for decades gives way to a hospital room and suddenly the longtime source of family unity and strength can’t even live alone anymore. That’s a family challenge that often sends adult children to a financial advisor for help.
Why do baby boomers face such dispiriting retirement prospects? The enormous size of this age cohort, born between 1946 and 1964, led to a ratcheting back of old-age benefits. Statisticians figured society simply couldn’t afford to be as generous.
Retirement isn’t easy for most couples, and it’s even harder for lesbian, gay, bisexual and transgender (LGBT) people. A modest amount of planning can go a long way to providing the financial support you need.
If you receive a government pension, your Social Security benefit may suffer a reduction due to a rule called the Windfall Elimination Provision. It pays to know how it works when you plan for your retirement income.
Inflation is the worst enemy of retirees. It is a far bigger threat to your financial security in retirement than any potential for investment loss. Preparing for inflation is crucial. Here are a few tips.
If you’re like most who think about how much you need for your golden years, you probably calculated based on still having a spouse. Widows, widowers and divorcees approaching retirement and about to file for Social Security, though, need to recognize filing options that can significantly increase monthly benefits.
Old age should come with a caution label for many reasons. Most of us expect to live longer than our parents or grandparents. And with longer life come difficulties – and sometimes financial predators.
If you already started Social Security benefits, can you change your mind? Yes. With a little trick called “file and suspend,” you can put your benefits on hold and restart them later to maximize retirement income.
Single folks who were never married have fewer Social Security filing options. Still, you should understand what they are and which fits your needs best.
Getting old is hard. Your parents’ ability to manage their own finances may decline as they age. Helping them with money matters is a sensitive issue you need to approach carefully.