financial planing

How Much Do You Really Know About Long-Term Care?

How Much Do You Really Know About Long-Term Care?

How much does eldercare cost, and how do you arrange it when it is needed? The average person might have difficulty answering those two questions, for the answers are not widely known. For clarification, here are some facts to dispel some myths.

True or false: Medicare will pay for your mom or dad’s nursing home care.  

FALSE, because Medicare is not long-term care insurance.

Wealth Management and Memory Disorders

Wealth Management and Memory Disorders

Just how many older adults have memory disorders? Well, here are two recent estimates. The Chicago Health and Aging Project figures that nearly a third of Americans 85 and older have Alzheimer’s disease. The National Institute on Aging sponsored a study, which concluded that 14% of Americans age 71 and older have dementia to some degree.

Older women may be the most vulnerable to all this.A new Merrill Lynch and Age Wave study notes that after age 65, women have twice the projected risk of Alzheimer’s that men do.

Financial Elder Abuse: Perception vs. Reality

Financial Elder Abuse: Perception vs. Reality

What actions can be taken to try and shield your parents from such abuse? As a first step, you and your parents can meet with an estate planning attorney to put a signed financial power of attorney in place (if one is absent). Should your mom or dad lose the capacity to make financial decisions on their own, this document can authorize you (or another family member) to make worthy decisions on their behalf.

What Women Shouldn’t Retire Without

What Women Shouldn’t Retire Without

When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old female will live to age 86.6. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1,2

Are you prepared for a 20-year retirement? How about a 30- or 40-year retirement? Don’t laugh; it could happen. The SSA projects that about 25% of today’s 65-year-olds will live past 90, with approximately 10% living to be older than 95.2

How do you begin? How do you draw retirement income off what you’ve saved – how might you create other income streams to complement Social Security? How do you try and protect your retirement savings and other financial assets?

The Real Cost of College

How much will your family end up paying for college? Your household’s income may have less influence than you think – and some private colleges may be cheaper than you assume.

Private schools sometimes extend the best aid offers. Yes – it is true that the more money you earn and the more assets you have in a tax-advantaged college savings plan, the harder it becomes to qualify for financial aid. Merit aid is another matter, however; most private colleges and universities that boast major endowment funds that support healthy merit-based aid packages.

How to Become a Financially Savvy Young Adult

For many young adults gaining independence from their parents for the first time and getting a grip on how to be financially smart can have a steep learning curve. For someone who isn’t making a steady income yet, or doesn’t know about the potential pitfalls, how can you build a foundation for a healthy financial future? Here are some tips for young adults to establish good financial habits early

What to Do Financially When a Spouse Dies

When a spouse passes away, the emotion and magnitude of the loss can send our lives reeling. This profound change can also affect our finances. All at once, we have a to-do list before us, and the responsibility of it can make us feel pressured. With that in mind, this article is intended as a kind of checklist – a list of some of the key financial matters to address following the death of a spouse.