The unknown about spending in retirement is not just whether it will be higher or lower, but when during the course of retirement, you’ll be spending more or less. If you downsize, housing costs will decrease, but if you travel more, recreational spending will rise. According to a recent article…
Life before Medicare was a real struggle for seniors without healthcare coverage. Today’s program still works wonders, but it doesn’t cover everything. Once you turn 65, you are eligible to take part in the Medicare system of healthcare. It can be a little confusing to apply, and sometimes a little…
Nearly half of American households older than 55 have no retirement savings. The U.S. Government Accountability Office says that this number is actually better than in the past. According to the article from CNBC, “These people are on the verge of retiring—and they have nothing saved,” an analysis of the…
Boomers are more willing to plan their own funerals, than to prepare for an extended stay in a nursing home. Both are inevitable events for most of us. With more than 10,000 people celebrating their 65th birthday every day in America, and the startling statistic that 70% of us will…
To help plan for retirement, it helps to move from asking global questions, like “Can I afford to retire?” to more specific questions, like “What’s my monthly cost of living right now?” Sometimes retirement planning is so overwhelming that people just shrug their shoulders and hope that things work out.…
You don’t need to create a spreadsheet or write a book-length plan, but anyone in their 50s, who wants to have a successful retirement, is advised to start getting their thoughts organized. Research shows that people who have more specific ideas of how they want to spend this part of…
Ben Franklin said, “An ounce of prevention is worth a pound of cure.” That’s why Medicare provides free screenings and examinations focused on prevention. Yes, you still have to spend a lot of out-of-pocket money on healthcare, but a recent article in AARP ,“10 Free Services Medicare Provides,” reports that…
The cost of long-term care insurance may not be cheap, but the cost of long-term care is extremely expensive, and is only moving higher. Long-term care insurance is costly, but health care costs for seniors who need long-term care could easily undo decades of retirement planning. Here’s what you need…
A large percentage of Americans require assisted living care at some point during their senior years. Their understanding of how that gets paid for is way off base. It’s a hard lesson to learn. Approximately one-third of Americans (34%) thought that Medicare would cover their nursing home costs, as reported…
It is premature for anyone who depends upon either Medicaid or Obamacare to breathe a sigh of life. While recent attempts to repeal Obamacare have failed, both of these programs are being targeted. Medicaid is far more important to more Americans than most people know. It does provide healthcare for…