Elder Care

Are You Your Family’s Bank?

Your open heart and your destitute relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future before you write that well-intentioned check.

If you’re a baby boomer on the other side of 50, patterns are emerging about how you spend your money – including assets you set aside for retirement. Merrill Lynch recently co-released “Family & Retirement: The Elephant in the Room,” a study of boomers’ contributions to family finances.

Milking the 1% Won’t Work

Once more, we hear calls to soak the rich, a.k.a. the wealthiest 1% of the population. Unfortunately, doing that won’t solve the nation’s economic problems. Most likely, the government will end up slamming a lot of taxpayers whose incomes are far from high-end.

Your Spouse’s Social Security

If you find Social Security spousal and survivor benefits confusing, here are the differences and similarities you need to understand as you make decisions about applying for one or the other.

For one thing, you may be entitled to these benefits based on someone else’s Social Security record, such as your spouse or ex-spouse. No matter the size of your own Social Security benefit, you qualify for spousal benefits and survivor benefits if your spouse has a Social Security retirement benefit on record.

Unsung Social Security Extra

If you are married, you can use your spouse’s Social Security to collect extra benefits, even before you touch your own. This often-overlooked feature may add thousands of extra dollars to your retirement income.

Social Security has a Rodney Dangerfield problem because it just doesn’t get the respect it deserves. It is a great risk-free, cost-free inflating annuity for life. But what’s even better is that married couples have additional ways to increase benefits.

Skepticism on Long-Term Care

Long-term care insurance is over-priced and often sold to people who don't need it. The worst part is that when people have to use it, they’re more likely to feel frustrated, disappointed and dissatisfied than to enjoy the comfort and peace of mind they expect.

A Coming Caregiver Crunch

As the giant baby boomer generation enters old age, who will be their caregivers? A shortage looms, with possibly dire consequences.

Most Americans are in the dark when it comes to understanding the true cost of health care. A collision between demographics, technology and the Affordable Care Act is a jarring trifecta that will affect multiple generations.

Why You Need Long-Term Care

Long-term care insurance is something everyone needs, and the earlier they buy it, the more affordable it is. Not that it is cheap. But coverage generally gets costlier, year by year, and more so for those in their 50s and 60s.

Most younger people probably do not think of LTC, as it’s called. It’s no surprise older people, who are retired or close to it, think about it: They want to prepare for what could be a huge financial burden. They fear the potentially corrosive power of LTC costs on their retirement savings.

A Plan for Family Elder Care

Elder care looms large in your life if to you falls the responsibility of caring for parents or other elderly family members. Here’s what to know and how to plan for it.

The sandwich generation describes those squeezed between caring for their aging parents and supporting their dependent children. Studies show that nearly half of adults in their 40s and 50s have a parent 65 or older – perhaps on the lip of beginning to need long-term care.

Insurance With No Exam?

Most people think of buying life insurance as a long process of paperwork, medical exams, even more paperwork then paying big. Here’s how to avoid the expense.

Insuring Long-Term Care?

You know the day’s coming when you need extra care – at home, in a hospital, in a special residence. You also know your care in those times will cost big bucks. Here’s how big, and how to prepare.

Long-term care insurance (LTC) covers nursing-home care, home-health care and personal or adult day care for those older than 65 and with a chronic or disabling condition that needs constant supervision. Private LTC also often offers better flexibility and options than many public assistance programs.

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