As baby boomers continue to get older and reach retirement age at a rate of thousands every day, health industry experts are becoming increasingly concerned with the prospect of facing an aging population that has more and more health problems. According to a recent study, baby boomers are far more likely to live longer than previous generations, while at the same time having chronic diseases that lower their quality of life significantly. The study, published in the Journal of the American … [Read more...] about Baby Boomer Health a Growing Problem
Retirement Planning
Nursing Home Costs Can Erode a Parent’s Assets
The chances you'll live in a nursing home at some point in your life rise considerably the older you get. According to the Census Bureau, only about 1% of people between 65 and 70 live in an extended care or nursing home facility, but by the time someone reaches 90, that percentage rises to more than 20%. The prospect of having to pay for such care is not a pleasant proposition, as nursing home costs can easily erode a senior's assets. The average cost of nursing home care can easily be … [Read more...] about Nursing Home Costs Can Erode a Parent’s Assets
The Best Retirement Choice May Be Not to Retire
You Keep Yourself Happy Work can be fulfilling. The chance to work with other people, help solve problems, build something, contribute to a goal, and organize other people, all offer a sense of purpose and fulfillment. Even when work is a chore, it's also a way to feel like you've accomplished something and that you're needed. Also, if you stop working and suddenly find yourself out of sorts, you'll probably make life a lot less happy for your family and loved ones. You Keep Yourself … [Read more...] about The Best Retirement Choice May Be Not to Retire
3 Financial Traps That Retirees Can Avoid
Trap 1: The Reverse Pension Plan Though they have faded in popularity over the past several years, reverse pension plans are a notorious scam and are always a bad idea. These plans come in a variety of forms, but typically try to convince you to pay a very small upfront fee, usually around $50, for a potential benefit of about $50,000 later on. If anyone comes to you offering a reverse pension plan and tells you how you can benefit from it, you should immediately walk away. Trap 2: Carrying … [Read more...] about 3 Financial Traps That Retirees Can Avoid
With More Baby Boomers Retiring, Retirement Homes Are Out of Style
The estimated 10,000 baby boomers that will reach the age of 65 on each and every day between the years of 2011 and 2030 are making it more and more apparent that the traditional idea of what a retirement home should be is no longer adequate. Any baby boomer making an estate plan should consider several key topics and issues that you will want to account for if you are considering an assisted living community as part of your plan. Issue 1. Lifestyle. For healthy and active baby boomers, the … [Read more...] about With More Baby Boomers Retiring, Retirement Homes Are Out of Style
What If I Don’t Qualify For Social Security?
There are a great many people who are reaching their sixties right around now due to the maturing of the baby boomer generation. The way that a majority of them will be financing their retirement years is going to be by using Social Security as the centerpiece of their income. To qualify for your full Social Security benefit you must reach full retirement age, which is 66 for people who were born between 1943 and 1954. In addition to this age requirement, you must also have paid a sufficient … [Read more...] about What If I Don’t Qualify For Social Security?
Will Budget Cuts Impact Social Security?
There are people who think that they can personally seize total control over matters that involve dynamic outside influences, but the fact is that this is simply not possible. Think back to the financial meltdown of 2008 and you can see how true the above statement is. Many people who had been carefully planning for retirement for years leading up to that time saw their "best laid plans" hit a snag. None of us has a crystal ball, but what you can do is keep a very close eye on all of the issues … [Read more...] about Will Budget Cuts Impact Social Security?
Maximizing Your Social Security Benefit
In excess of 60% of Americans who are receiving Social Security say that they rely on it as their foundational source of retirement income. So if you are among the majority, your anticipated Social Security benefit is probably something that will play a role as you are planning for your retirement years. But even if you have been successful enough to be in a position where you do not really need your Social Security benefit to get by, you certainly paid into the system and it can only help to … [Read more...] about Maximizing Your Social Security Benefit
Retirement Planning: Three 401k Facts
Many people rely on their 401K plans for their retirement needs, and if that is the case, they should learn everything they can regarding these accounts. We have come across three things that many don’t realize about 401K retirement accounts: 1. Annual Limits The IRS limits pre-tax deductions to an amount that changes annually. A person's maximum before-tax contribution for 2011 is $16,500, which is unchanged from 2010. It is important to understand this limit. This figure indicates … [Read more...] about Retirement Planning: Three 401k Facts
Seven Estate Planning Tasks for Your IRA
Did you know that your retirement account avoids probate? Since there is a beneficiary form associated with this account, it is considered non-probate property, and the funds will normally get to your beneficiary more quickly than probate property. Just like your other estate planning documents, your retirement account needs to be properly set up and maintained, and you need to: 1. Make sure you have named a primary beneficiary and a secondary beneficiary (some forms may call it a … [Read more...] about Seven Estate Planning Tasks for Your IRA
