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 …

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 …

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 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 …

George Herman Ruth had a lot of bad financial habits. He spent too much, he spent frivolously and he fumbled away his earnings power to some degree. But the Babe was shrewd in one important aspect: The annuities he bought protected him for life. That purchase proved to be one of the best decisions Ruth ever made, once the Great …

You might be surprised by how many people are utilizing reverse mortgages. Borrowers come from a wide variety of socioeconomic backgrounds and ages range from 62 to 95 and older. One thing everyone struggles with is when is the best time to get a reverse mortgage. While there is no one right answer, below are a few guidelines to help …

Estate planning laws change from one year to the next. Anyone who is doing estate planning for the first time in 2020 should especially be aware of the current laws, and it is also helpful for people who have planned before but are not sure about current rules to update their knowledge. These are some of the most important tips …

One of the sad realities of an emergency is that there are people who come out of the woodwork to take advantage of others by seeking to fleece them of their money or steal their identities. During the COVID-19 crisis, scammers are as busy as ever, and they are using this opportunity to especially target seniors, believing that they are …

Over the long run, the stock market has been a historically reliable generator of wealth for generations of investors. Over the short run, things are a lot more dicey. In fact, for investors who are relying on their investments for retirement income, a stock market crash at the wrong time can be devastating to individual financial plans. Here is a …

For many Americans, home equity is the single largest component of net worth. It can be a valuable contributor to retirement and financial well-being, especially during this pandemic and extraordinary time of monetary strain. The current economic conditions might make this a particularly interesting time for a reverse mortgage. What Exactly is a Reverse Mortgage? A reverse mortgage is a …