When you think of retirement, you probably think of a relaxing lifestyle free from the stresses of a 40-hour workweek. Life could instead get more stressful due to rising health care costs, which is one of the most expensive post-retirement costs seniors must endure. The current generation likely doesn’t have access to a union or employer-sponsored health insurance like the previous generation, significantly increasing the individual burden. The Retiree Health Care Cost Estimate, stated that couples age 65 or older need to have $280,000 saved for healthcare costs alone. It’s wise to start planning now, so that you can create a …

Sadly, unscrupulous people often prey on the most vulnerable among us, and too often that means our senior citizens are targeted. Even worse, in some instances these abuses can go unreported. Perhaps because of embarrassment or fear others will think it a sign of mental incompetence, the scammers go unpunished and can be free to find the next victim. Here are a few tips to help you avoid retirement planning scams. Insurance and Prescription Drug Scams Scammers can seek out those who are on Medicare or Medicaid in an attempt to induce the victim to reveal their personal information. Sometimes …

Recent market volatility has some investors thinking about their “uncle point”.  Yes, your uncle point, that moment when the market drops and you emotionally cannot stomach the loss.  Managing risk in retirement is important for many approaching or still navigating a successful retirement.  This level can vary wildly from one person to another. It is important in your planning that you know what your “uncle point” is. What Is The Appropriate Level For Me? Determining your own tolerance for investment volatility is the first step to take when thinking about investing. You need to know this in order to select …

Long-Term-Care is something that some Americans rarely discuss. This underdiscussed topic is something that could be life-changing for families, potentially saving them thousands in the long run. If you are in a position to have the conversation, the best time is to have it before it is necessary. What is long term care? Long-Term-Care is available encompasses all services that include personal care needs. Most long-term care isn’t covered under conventional policies. A long term care policy offers coverage for everyday activities and living support. Impact of long-term-care for families Long term care is utilized by 12 million Americans. According …

You’ve made it to the end, no more daily grind; you’re heading off in the sunset. Whatever metaphor you favor for beginning your golden years, it is an important milestone in your life. Your planning has focused on making certain your nest egg has grown sufficiently to outlast your life, and it’s just as important to be sure your tax obligation doesn’t foil your plans. Withdrawals from a Traditional IRA or 401(k) It was great to be able to stash money through these tax-advantaged plans while you were working, but now’s the time to pay the piper. Withdrawals are taxed …

Divorce rates are surging in the 50 and older age group.  Today, divorce for those 50 and older has more than doubled since the 90’s!  Divorce can be complicated at any age. However, older couples usually have more financial consequences. The financial consequences are particularly fraught when a couple has to divide their retirement funds. Traditionally, older couples have more assets. Retirement accounts can be the cause of many arguments. Older people may be unable to correct poor retirement planning decisions. Retirement divorce planning is very important. Retirement assets are not always equally divided in a divorce settlement. Give Your …