Articles on "Financial Planning"
AARPs Position on Social Security Questioned
CNBC reports that some are questioning AARPs change in position to cut Social Security to maintain the programs fiscal health. Read more AARP responded with the following statement: AARP Has Not Changed Its Position on Social Security Reaffirms that program must be strengthened to maintain critical benefits WASHINGTON — AARP CEO A. Barry Rand offered the following statement in response to inaccurate media stories on the association’s policy on Social Security: “Let me be clear — AARP is as committed [...]
State of American Retirement in Question
Wall Street Journal reports there is a “troubling picture of the state of financial capability in the United States” comes from a new working paper published by the National Bureau of Economic Research, authored by Professor Annamaria Lusardi of the George Washington School of Business. “Americans’ Financial Capability” surveyed nearly 1,500 Americans in the summer 2009 and found that not only is the household financial hole deep, but people might not be able to dig themselves out of it as [...]
4 Concerns of Retirees Regarding Financial Security
US News and World Report reports that retirees and workers on the verge of retirement have many concerns about their continued financial security. They summarized 4 primary areas of concern: Financial shocks in the future. Retirement is full of uncertainties including how long you will live, how your investments will perform, whether your home will gain or lose value, and how long you will be able to work. Poverty in old age. No one knows how long they will live, [...]
Questions to Ask About Continuing Care Retirement Community Fees
1. Are there financial deposits for which I am responsible? If so, what is the refund policy if I decide not to move to the community? 2. What types of service contracts or agreements are available in this community? 3. How much is the current entrance fee? Are there plans to increase the amount of this fee in the future? 4. Is there a structure for refund or rebate of entrance fees? If so, what is the time period in [...]
The Flaws That Can Threaten Your Financial Well-Being for Elders
You don’t have to be a financial expert to achieve financial success, but you do need to avoid some key fatal flaws that can threaten your future financial well-being. According to Lois Vitt, Ph.D. and Karen Murrell, co-authors of the book You and Your Money: A No-Stress Guide to Becoming Financially Fit, there are common flaws that seem benign at first glance, but can significantly impact an individual’s ability to achieve long-term financial success. Take control of your personal finances [...]
How To Manage Your Estate
An executor is the person or corporate fiduciary (trust company) that is appointed under your will to manage your estate after you die. The executor will: offer your will to the court for probate; marshal your assets; file an inventory of your assets with the court; pay all debts, expenses of administration, and taxes; and sell any property that must be sold to put the estate in a position to be closed. The executor will petition the court to make [...]
How To Save Money on Long-Term Care
The tips below will help you save money wisely, but don’t rely on price alone. MOST IMPORTANT: Because you may not collect for decades to come, be sure to buy from a company that has been around for some time and is financially stable. You may want to look up, from an independent rating agency, the financial strength ratings of a company you’re considering. GENERAL GUIDELINE: Keep the premium for your long-term care insurance policy to seven percent of your [...]
How To Prepare Financially for Long-Term Care
1) Is long term care insurance an option for me? Long term care insurance is purchased by you, to cover medical and nursing services not covered by your current health plan or Medicare. Consider a long term care insurance policy before your health begins to fail and before you are in your 70′s and 80′s, as you will be in a better position of being eligible for a policy and premium costs will be lower. 2) What are the co-pays? [...]
How To Help Your Financial Executor
If you love your family, give one last parting gift. Tell them where to find your Will and Trust documents. Better yet, organize your documents! On several occasions, executors have walked into a decedent’s house with no idea of where to find bank statements, life insurance policies or settlement statements just to name a few. Instead, he/she has found a house packed with drawers and file cabinets full of papers. That means countless hours have to be spent searching. The [...]
Elder Law: A Shoulder to Lean On
Linda Loope’s hard working mother, Hilda, never wanted anyone to worry about her. Born in Montgomery County, Hilda grew up during the Depression, during which her family often changed locations. Throughout her husband’s 42 years with the Norfolk and Western Railroad, their family experienced setbacks with company layoffs and strikes, leading Hilda to work part time in retail customer service to help with finances. When her husband passed away in 1973, she worked even harder to support her two children. [...]
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