Just because the stereotype portrays today’s elderly American as docile, rocking chair bound and cookie-baking grandmas and grandpas, it doesn’t mean it’s accurate. Surely, some – if not most – of us look forward to the day we can retire, slow down our pace and reacquaint ourselves with the concept of relaxation, but for others, it’s all about making a statement. If that “statement” happens to make the international news, well, then, all the better. Such as the case with Sister Megan Rice. In … [Read more...]
Are Reverse Mortgages Putting Seniors at Risk?
Most of us have seen the commercials touting the many benefits of reverse mortgages. When they became more popular and well known, many believed these financial products were the solution for senior citizens in need of a cash influx. Now, though, there are new worries that some government agencies insist are putting the elderly at risk. In fact, in the past few years, there have been substantial changes in reverse mortgages that are “more complex” with higher “long term costs”, according to a … [Read more...]
Between Retirement and Elder Years
Many Americans are retired, but also are able to carry health insurance through their former employer’s retirement only insurance plans. Until recently, it was a significant benefit for those who might not be preparing for their “elder years” but who were also no longer working full time. You know: those golden years when life falls into place, the grandkids are the only priority and enjoying life without budgeting the pennies is no longer the reality. After all, this is our reward for working … [Read more...]
NAELA Issues Long Term Care Concerns
A new report, released last week, reveals some of the bigger problems facing America's growing need for long-term services and supports. Unfortunately, there were a few glaring unresolved problems that have already begun to affect America’s elderly. The problems are far easier to identify than the solutions. Many Long Term Care Concerns One of the first challenges facing the Long Term Care Commission was that Congress only provided a 90 day window to conduct hearings, investigations and then … [Read more...]
Retirement Truths
Think about those 380 Facebook friends you have. Odds are, you went to school with many of them or you might be related to them, but either way you slice it, half of those friends are not saving enough money to sustain them during their elder years. This means they won’t be able to cover important living expenses in retirement, cover the rising costs of medication and won’t be prepared for an unexpected hospital stay. A new survey by Fidelity Investments showed that 55% of Americans will retire … [Read more...]
Senior Citizens Reality: 1 in 4 File Bankruptcy
It’s difficult to even fathom, but a report released by the Journal of General Internal Medicine shows that 25 percent of senior citizens file for bankruptcy each year. The reason? Overwhelming out of pocket medical costs. The soaring costs are keeping many away from much needed medical attention, which is the true tragedy. The study shows that out of pocket expenses in the final five years of life totaled $39,000 for individuals and $51,000 for couples where one spouse dies. A staggering “25 … [Read more...]
Estate Planning and Remarriage in Essex Junction Vermont
Sometimes, happily ever after isn't as clear-cut as we'd like. Remarriage is as much a part of life as the sun rising in the east. Whether you're widowed or divorced, there's good chance another walk down the aisle is in your future. But how do you even begin to cover the bases from an estate planning perspective? Here are a few important tips when it comes to estate planning and remarriage in Vermont. Finances and Legalities It's crucial to update not only your banking and financial … [Read more...]
When Should You Take Retirement?
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