Why Many Seniors Face High COVID-19-related Treatment Costs

While a number of COVID-19-related services are offered with no out-of-pocket spending for Medicare and Medicare Advantage participants, a new study predicts up to 6 million seniors would have to pay out of pocket on their own for health care services if they catch the virus. This is because that many seniors didn’t purchase Medicare Advantage or another Medicare Supplement …

What To Do With Safe Money

Where can investors find safety without taking on too much market risk? Here are some important ideas: Annuities Annuities have a contractual guarantee. The insurance company issuing the contract takes on some or all of the market risk.  If the stock market or bond market crashes, the annuity company is still obligated to fulfill its promises to the annuity holder. …

Focus on Your Health During the COVID-19 Outbreak

Now more than ever you should make sure your body has the best fighting chance possible, and that means you should pay especially close attention to what you put into it. Your body needs the right fuel to stay healthy, including a well-balanced diet and drinking plenty of fluids. The World Health Organization recommends that you eat a variety of …

Securing a Guaranteed Income for Life

Many of us understand the need for protection against the financial consequences of unexpected illness and death. But what about the financial impacts of living a long life? Americans are living longer into retirement than ever before. That means retirement savings need to last longer, too – and withstand significant stock market and inflation risk. Consider: A 65-year-old man has …

Reverse Mortgages Are Safer and Stronger Than Ever Before

Reverse mortgages were originally designed and still aim to help seniors in need. However, reverse mortgages in 2020 are safer, stronger and better than ever before. These loans have evolved so that they now have many official protections in place to make sure that borrowers are secure. More borrowers are using the loans as a financial planning tool and not …

Three Ways To Pay For Long Term Care

Many consumers are hesitant to purchase coverage because of premium hikes applied to long term care insurance and the disappearance of several trusted insurers from the market. However, the need for coverage remains. Recent research shows that the median cost of a private room in a nursing home exceeds $75,000. In addition to this, nursing home room rates are increasing …

Is It Ever Too Late For Life Insurance?

Many people think life insurance is only for the young. They believe that life insurance is a tool best used by newlyweds with mortgages, parents of young children, and spouses who are both employed.  But what does that mean for seniors? Does that mean retirees have no need for life insurance? The answer to that question depends on your family’s …

Amid COVID Crisis, Many Savers Eye Fixed-Term Annuities

Pension and life insurance companies are reporting a major uptick in demand for fixed-term annuities since the coronavirus outbreak started, with the number of applications almost four times higher in May than at the beginning of the year. The increased interest is from people who are concerned about the uncertainty COVID-19 has created, as well as the ensuing stock market …

Turning 65? Here’s What You Need to Know About Medicare

When you turn 65, you have some important decisions to make about your Medicare benefits. You must also make these decisions within a specific time frame. It’s important to understand your choices, and the timeline by which you must make them in order to avoid penalties. Normally, most Americans become eligible for Medicare benefits when they turn 65. The process …

The Biggest Money Mistakes Retirees Make

The abundance of investment options that are available to us as we plan for a financially secure retirement can be daunting. Some retirees take too much risk and fail to plan for longevity. Here we look at the biggest mistakes retirees make, and how you can avoid them. Taking too much investment risk Many retirees overestimate their investment acumen, or …