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You’ve Unexpectedly Lost Health Insurance: Now What?
The year 2020, although we’re only nine months in, has been consistently inconsistent. Nearly every aspect of our daily lives has changed. And for many of us, it seems the effects—including lost health insurance—will be long lasting. The economic impact of the COVID-19 pandemic has weighed heavily on older Americans. There are currently 5 million unemployed people aged 55 to 70. And now, six months into the pandemic, many have given up on finding work again. So, since March 2020, 7% of Americans aged 55 to 70 have decided to voluntarily exit the workforce. And, while retiring early may sound [...]
This is What You Need to Know About Estate Planning During COVID-19
As the coronavirus continues to be an issue, more seniors are thinking about end-of-life plans and their estate planning. If this is the situation you find yourself in, there are some steps you can take to get started. Step #1: Know the estate planning terminology There are quite a few buzzwords related to estate planning. Familiarizing yourself with these terms, having a basic understanding of what they mean, and learning how they’ll impact your estate is an important first step to embarking on any end-of-life plans. So here are a few terms you should know: What is a Will? A [...]
Preparing for the Future: Financial Security After Your Spouse Passes
Do you have a plan in place to provide for the needs of your spouse? Many people don’t financially prepare for the future—especially when it involves the passing of a spouse—and understanding why is easy. Confronting the unavoidable reality of mortality isn’t pleasant. You’ve been saving for retirement your whole life, and every conversation has been about “we” not “me.” But you need to consider your future finances now, for the sake of you and your spouse. While no one wants to think about when their husband or wife passes, everyone wants their partner to live comfortably for the remainder [...]
Senior Financial Planning and Estate Planning: What to do During Times of Uncertainty
Senior financial planning and estate planning is a meticulously thought out course of action to ensure you enjoy the best possible retirement. Although time-consuming and sometimes painstaking, making these plans and successfully executing them is a rewarding process. But what happens when we face the unthinkable? We’re talking about the COVID-19 pandemic. This worldwide disruption has caused numerous financial and economic aftershocks, to say the least. On March 16, the Dow Jones experienced the second-biggest drop in history, even exceeding the crash of 1929, by losing 12.93 percent in a single day. But what does this mean for senior financial [...]
Final Expense Insurance: Is It Right for You?
Final expense insurance is an option you may consider as you organize your retirement details. In the event of your death, having a plan in place can help family members take care of your funeral and related expenses—without financial stress. But where do you start? There are many options to cover end-of-life costs. Additionally, talking to loved ones about death can be difficult. Here are some tips to get you started: 1. What is final expense insurance? Final expense insurance is a policy that you purchase to cover any expenses related to your death. That includes medical fees and funeral [...]
Long-Term Care Insurance: 3 Common Misconceptions
Like any insurance plan, long-term care insurance provides financial relief when you need it most. However, long-term care insurance is expensive. Given the expense, people put off buying a long-term care (LTC) policy or even making a plan for their future care needs. But if they do need it (and the odds are higher as people age), and care facility costs and home-care provider fees start to build up, the premium can provide financial support and peace of mind. Here are three common misconceptions why people think they don’t need an LTC plan and why rethinking that approach is important: [...]
Your Term Life Insurance Is Expiring. Now What?
Your term life insurance is about to expire, you’re retiring, and the kids are gone. This is a good time to determine your insurance needs and weigh your options. Here’s how to choose the best course of action for your ending-soon term life policy. Start with these 3 questions: 1. Do loved ones need your financial support? People often buy a term life policy when they get married, buy a house or have their first child. This type of cost-effective policy provides financial security for your family in the event of your passing. Now that your children are grown and [...]
How Does a Fixed Annuity Work and What Are the Benefits?
Like general annuities, a fixed annuity provides guaranteed income for people heading into retirement. The annuity is also a contract—with variables. And that can make choosing the right one challenging. Take Jackson, for example. He’s in his early fifties. His mother passed away several months ago, leaving him an inheritance. He wants to invest the money as soon as possible. Jackson hears about fixed annuities for building retirement income. He sifts through online articles but finds it difficult to sort out the details. Jackson talks to his retirement specialist who explains how a fixed annuity works and the benefits of [...]
What You Need to Know about Working after Retirement
These days, many seniors are working after retirement. They continue to work and collect social security benefits, often as a means of earning extra income or staying active and engaged in a working community. While continuing to work has benefits, there are earning limitations that may affect your social security benefits. Before getting that new job, it’s important to understand the nuances of working while collecting early retirement benefits. Here are some important things to consider as you plan for working after retirement. Analyze your early retirement needs Once you’re in your sixties, you may decide to retire early and [...]
Income Annuities: A Good Retirement Income Choice?
Income annuities can get complicated. There are different types of annuities with many variables. Additionally, getting one started often requires handing over a large sum of money. If you are close to retirement (or in it), an annuity may be a good fit for reinvesting money tucked away in savings and CDs, mutual funds, 401(k)s and IRAs. But how do you know which is the right annuity to guarantee a predictable income stream for retirement? Meet Stan. Stan is concerned about outliving his income. He wants to enjoy his retirement without worrying about money. The thing is, he’s read about [...]
