Health Care Costs to Consume Half of Social Security Income by 2030 In 9 years, health care costs are projected to consume at least half of the average senior citizen’s Social Security income, even with basic Medicare coverage. Also, by 2030, some 42% of all seniors will be spending at least 20% of their total incomes on health care expenses. …

Many people, after their children have grown and they’ve paid off the mortgage, consider not renewing their term life insurance coverage or surrendering their permanent life policy, particularly as they near retirement. But that may not always be the best strategy, and there are instances when maintaining a life insurance policy in your retirement makes sense. The decision should be …

The COVID-19 pandemic has shined a light on our mortality, and those of us with dependents obviously worry what would happen to our loved ones if we were to be taken prematurely by the coronavirus. As a result, there’s been a growing interest in estate planning to secure the futures of our loved ones should we pass.  COVID-19 brings opportunities …

When you apply for life insurance, or open a retirement account, you’ll be asked to name beneficiaries. This is an important step in financial planning. Failure to name beneficiaries can be a costly mistake, and one that can cause your loved ones a great deal of hardship after you’re gone. What’s a named beneficiary? A named beneficiary is the party …

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) eliminates the stretch IRA for most non-spouse beneficiaries, beginning with deaths in 2020. That means many taxpayers should look at revising their estate plans. Here’s why. New IRA rules Prior to the SECURE Act, which was a tax measure signed into law in December 2019, the law …

This year provides traditional IRA and 401(k) owners a unique opportunity: It may be a great time to move retirement assets from these and other tax-advantaged retirement accounts to a Roth IRA. Here’s why: Once they reach age 72, most IRA and 401(k) owners normally must begin taking a minimum amount out of their accounts. These withdrawals are called required …

More and more people are becoming aware of reverse mortgage as an option for tapping their home’s equity. Here are 6 reverse mortgage facts to know before using this type of loan to supplement retirement income. 1. Reverse Mortgages Are for Everyone (Over 62-Years-Old) There are some restrictions on who can apply for a reverse mortgage. The primary borrower must be …

People who use financial advisors are more than twice as likely to feel confident in their retirement preparedness than people who don’t. That’s the conclusion of a recent report from the LIMRA Secure Retirement Institute. 43 percent of U.S. pre-retirees surveyed who work with an advisor reported that they feel well prepared for retirement. In contrast, only 21 percent of …

The COVID-19 pandemic and the resulting changes in our lives has put physical, emotional and financial stress on a significant portion of the population, particularly seniors. A recent survey found nearly half of currently employed Americans between the ages of 56 and 75 polled said they were uncertain about when they would be able to retire as a result of …

The number of Medicare Advantage plans is increasing, as is the quality of care and services that Advantage beneficiaries receive, according to a new report. Medicare Advantage plans are at the forefront when it comes to providing value-based care, with beneficiaries having access to integrated health care plans that continue to innovate, according to the “State of Medicare Advantage” report …