Medicare recently announced the expansion of its telemedicine program to benefit seniors while they stay at home during the Coronavirus pandemic. This expansion will allow millions of senior Medicare participants to adhere to the public health advisory to stay home during the coronavirus pandemic, and still, be able to connect with their doctors virtually to obtain care for their medical issues or new concerns they may have. In this way, a diabetic patient instead of making a follow-up doctor’s visit in person will be able to safely connect with his doctor via Skype. If a patient suspects he may have …

With yesterday’s 5% decline in the stock market, we are officially in a bear market.  Just a few short months ago, economists were saying that recession was no where in sight and that we’d see growth across global economies. However, the Covid-19 virus, which has resulted in the death of over 3,000 people globally, has sparked large-scale quarantines and lead to a drop in manufacturing and production, as well as the food, entertainment, tourism and travel-related industries. This will lead to a slow down in our economy, and may even lead to a recession. The virus, and fears of a …

When thinking about retirement, you should make sure to have a clear understanding of savings vs. income. When thinking about retirement, many think about a particular savings amount that they would like to reach. This type of thinking comes from how general purchases are made. If you want to buy a computer, you would save the amount of money that you would need to buy a computer. However, saving for retirement is not as easy.  The issue with retirement planning is that you do not know how exactly your investments will perform. You also do not know how long you …

With the passage of the SECURE Act in December 2019, current and future retirees can expect to see significant changes which are likely to impact their tax planning for retirement. Most notably, perhaps, is the increase in the Required Minimum Distribution (RMD) age from 70 ½ to 72. For affluent retirees – and soon-to-be retirees – affected by the new RMD age, both the increase in the RMD age and the proposed new life expectancy tables on which individual RMDs are based are a bit of a double-edged sword. Since annual RMDs are simply a calculation of the total amounts …

An increasing number of employers offer 401(k) plans for their employees. It’s estimated that the average employee will have 10 jobs before they hit 40 years old. This means that there are millions of 401(k) accounts that are essentially orphans. Most companies will allow old employees to leave the money alone, and 22% leave their money with their old employers. However, you might want to roll over your 401(k) to your new employer’s plan or an IRA.  Check Fees Fees and expenses are one of the most important issues you’ll want to consider before rolling your 401(k) over. If your …

The retirement age of 65 was chosen for Social Security at a time when average life expectancy was 67. Overall, life expectancy has trended up since then, so it should come as no surprise that 9 million Americans over age 65 now work either full time or part time. That’s nearly one in five people who theoretically should be retired. This trend towards working at least part time after age 65 is one of the realities of the new economy that gets relatively little press. This decision-making process looks different depending on where you are in life. If you are …

When it comes to retiring early, some of the benefits are obvious. You get to live your life without the constraints of work, and you are able to pursue your own interests. But there are other good reasons for retiring early, and there are some reasons why retiring early is not the greatest idea. Your Dedication is Gone One of the good reasons to retire early is that you are simply not dedicated to working anymore. When you are no longer emotionally interested in working, your performance deteriorates and your company suffers.  Working Took its Toll In some professions, such …

Millions of people in the U.S. are unable to care for themselves and need long-term care services. These people need assistance in performing one or more self-care activities of daily living such as eating, bathing, dressing, and executing basic movements like walking, sitting, or standing. Services can be provided in the patient’s home, a residential care community, nursing home, assisted living facility, adult day service center, or at a hospice. Housework, money management, shopping, organizing medication, and helping with communication are some of the other long-term care services that are provided. The need for long-term care services has grown as …