Life insurance is a financial tool that can be as powerful during retirement, as it is during your working life. In many cases, it can be a real lifesaver for a surviving spouse. Most of us think about life insurance as income replacement for a breadwinner’s salary. That is certainly…
Just because you can take Social Security at age 62, doesn’t mean you should. Taking it earlier means that your monthly benefits will be reduced. The longer you can wait, ideally until age 70, the better. Applying for Social Security benefits is a pretty simple process, according to Investopedia’s recent…
Social Security disability benefits are based on average lifetime earnings. How severe the disability is, or what the household income is, has nothing to do with the amount of money that will be paid. If you have your annual Social Security statement, you can see what you’ll probably get in…
It used to be unheard of, a divorce after fifty, sixty or even seventy years old. However, gray divorce is now becoming more common. There are pitfalls to be aware of, before taking this big step. According to the National Center for Health Statistics and the U.S. Census Bureau, younger…
Target date funds are growing in popularity, in part because they don’t require investors to do anything in the way of fund management. Are they right for you? That depends. Like any investment, there are pros and cons to using target date funds for retirement savings. The concept is easy…
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…
If you’ve got a fair amount of equity in your home and no other way to cover a healthcare cost or if the bills are coming in faster than your retirement accounts can manage, it might be time to consider a reverse mortgage. For retirees in a financial tight spot,…
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…
Balancing careers, children, college funds and aging parents present the same-old scenario, but this time to a new generation with a different value system. Members of Generation X, who straddle a fairly wide age range, from late 30s to early 50s, are feeling the crunch of being responsible for their…
There was a time when most people had three sources of income in retirement. One was their savings, the second was Social Security and the third was their pension from work. Today, very few workers enjoy the security of a pension, and retirement income is dependent on each person’s ability…