Who wants to think about death, dying and bank accounts? Not too many people do. That’s why so many of us tend to put off creating or updating our wills and trusts. However, taking a different approach, breaking up the task into four key components, and including more than the assets you’ve accumulated over a lifetime can make planning your personal legacy rewarding. The Street’s recent article, “Planning Your Legacy: More Than Just Finances,” explains how this works. [Read more…]
New Medicare Cards – A Couple Things to Note
Across the country, people have been receiving new and safer Medicare cards. Yet there are a few questions that people have had according to an article from The New York Times, “New Medicare Cards Are Being Issued. Here’s What You Need to Know”.
The replacement of these cards has not been immediate, but that is nothing to worry about. The sending out of these cards is structured in waves. There are 10 waves to stagger the mailings, and if a friend or relative in another state receives(ed) a card before do not worry.
Aging Parents and the Important Conversations to Have Now, Not Later
When you were a kid, your parents were in charge. Now your parents are older, and you must be the adult in the room. Embracing that role with thoughtfulness will make it easier for you and your parents as you address the issues that come with aging. As recommended in the article “How to Have Difficult Conversations With Your Aging Parents” from Next Avenue, having these conversations will help you all avoid some of the uncertainty and stress in the future.
Here are the conversations you need to have:
More Information Equals a Better Outcome in Retirement Planning
Money and health are the two biggest worries about retirement. There are other unknowns: where will we live? How long will we be able to travel? What’s all this about paying estimated taxes, and how does Medicare work? Getting prepared for retirement will be less stressful, says the article “3 Ways to Approach Retirement More Confidently,” from The Motley Fool, if you follow these steps:
Start with a budget. The chances are that you don’t know how much money you spend every month. You’re working, money comes in and it goes out. However, if you know how much money you are spending, and what you are spending it on, you’ll be able to have a handle on how much money you’ll need for retirement. You’ll also be able to see where your discretionary dollars are going and make a conscious decision as to whether those are dollars that should be going into long-term savings for your retirement. [Read more…]
Are You or Will You Become a “Solo Ager”?
Did you know that a study from the Pew Research Center says about 20% of the 75 million baby boomers don’t have children—a figure that’s double what it was in the 1970s and one that’s expected to keep rising.
We mention this because these people need someone to count on to always be there if they need help making decisions and managing their affairs as they get older.
NH Magazine’s recent article entitled “The Difficulties That Come with Solo Aging” says that, for those without children or parents who are estranged from them, it’s frequently a tough question to answer. [Read more…]
Dementia and Estate Planning, from a Voice of Experience
When a loved one receives a diagnosis of dementia, as described in this deeply personal article fromFinancial Advisor, “The Limits of Financial and Estate Planning for Dementia,” the family has to begin immediately planning for the present and the future. It is a difficult journey. The story shares the family’s experience to help others.
The father was an extremely intelligent man, with a master’s degree in engineering and an MBA from a prestigious business school. When diagnosed with dementia, he and family members moved quickly to ensure that the correct documents were in place, working with a trusted estate planning attorney. The family’s plan worked well, as his father was able to be active for the early stages of the disease and never injured himself or anyone else.
Nothing Saved for Retirement? At Least You’re Not Alone
The National Institute on Retirement Security is a non-profit research and educational organization that focuses on the development of public policies that help retirement security in America. A recent report using U.S. Census Bureau data looked at median retirement account balances for people ages 21 to 64.
Think Advisor’s recent article, “Most Americans Have $0 Saved for Retirement: NIRS” says that the report revealed that nearly 60% of all working-age individuals don’t have assets in a retirement account. That’s based on the Census Bureau’s Survey of Income and Program Participation data from the year 2014.
How Much Life Insurance Do You Need?
Most people never really think about adding more life insurance once they buy a policy. They figure they have that policy and insurance through their job. However, what if you wanted to have more coverage? This recent article from Nerd Wallet, “Can You Have More Than One Life Insurance Policy?” explains some life insurance basics.
Can Someone Become My Guardian Without My Knowing It?
The concept of guardianship for a senior is a difficult thing to consider. Maintaining your independence and remaining in charge of your own life would be at risk if someone wanted to become your legal guardian, says nj.com, “Worried someone may want to be your guardian? Here’s what you need to know.”
Let’s start by understanding what guardianship is, and how it works.
Awareness and Communication Can Help Head Off Elder Abuse
As we age, so does our brain. Even high functioning retirees, who have no outward signs of dementia, find it more challenging to distinguish between safe and risky investments, according to recent studies. The numbers say it all: only 7% of seniors over 60 have dementia, but nearly a third of those who are 85 years old or older have dementia.
If you’re a senior or you have one in your life, it’s critical to know how to prevent abuse. The Kansas City Star provides some helpful ways to prevent abuse in its recent article, “Five ways to avoid elder financial abuse.”