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What Aging in Place Actually Means and Why Planning Matters
What Aging in Place Actually Means (And How to Plan for It) Aging in Place is a phrase many people hear, but not everyone understands. For some, it sounds comforting. For others, it can feel stressful or unclear. That is because aging in place is often misunderstood. If someone is helping care for you, like a spouse, child, friend, or family member, this relationship matters. It's built on love. But it can also be hard, awkward, and confusing. No one teaches you how to do this. Aging in place does not mean doing everything on your own or refusing help. [...]
What’s the Full Retirement Age? Get the Facts. Know the Rules.
A Guide to Know and Understand your Retirement Age Understanding your full retirement age is crucial for effective retirement planning. Let's dive into what it means, how it has evolved, and the essential rules you need to know for 2024. Full Retirement Age: A Brief History The full retirement age (FRA) was set at 65 for decades. However, changes were made in 1983 to gradually increase this age, reflecting longer life expectancies and healthier aging. Today, the full retirement age is 67 for those born in 1960 or later. For those born between 1943 and 1959, the FRA ranges [...]
Financial Planning in the New Year: 5 Tasks You Can Do Today
January is traditionally the time for evaluation and new beginnings—particularly when it comes to financial planning for the new year. And this is especially true right now! The COVID-19 pandemic radically changed the financial lives of many Americans. Investment accounts went up and down like out-of-control carnival rides. The housing market came to a screeching halt, followed by a huge boom. And researchers estimate that, although the official unemployment rate stands at 6.7%, unofficially, there are likely more than 31 million Americans not working who should be. Whatever your financial experience in 2020, you aren’t alone. But the start of [...]
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 [...]
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 [...]
3 Quick Personal Finance Tips to Kick off 2019
When it comes to personal finances, it’s easy to put them in the too-hard basket and forget about them. The thing is, like living a healthier lifestyle by moving more, taking care of your personal finances leads to a healthier financial way of life (like having greater peace of mind and the freedom to do what you love). And the beginning of the year is the perfect time to get a fresh start on your financial health... Vicki and James will retire from their jobs in the next 5-7 years. They want to fix their finances and understand how they [...]
Should You Roll over Your 401(k) When You Retire?
Do you wonder if you should rollover your 401(k)? After all, your last day at work is coming up. You’re dreaming about your new freedoms — like meeting friends for coffee on a Monday ... in your running gear. Over the years, you’ve invested in your 401(k) with the added benefit of your company’s matching contributions. Now, with that final check just around the corner, it’s time to make some decisions about your 401(k) plan... Roll over your 401(k) and make a clean break from work Along with clearing out your desk and grabbing the plant, this might be a [...]
Long-term Care Insurance: Do You Need IT?
William and his son, Jack, listen as the doctor explains the long-term care William will now need. Jack can cook for his dad, but William will need help with everyday tasks, such as dressing and bathing. And that means hiring care providers to come to William's home. Thankfully, his long-term care insurance will help with this new expense. When it comes to long-term care insurance (LTCI), many people delay buying it or figure they can get by without it. Plus, from premium costs to benefits, there are a lot of variables of consider. So, here are some important points to help you decide if [...]
