“Solo agers or Elder Orphans face unique challenges, as their needs begin to change.”
Did you know that a study from the Pew Research Center says about 20% of the 75 million baby boomers don’t have children—a figure that’s double what it was in the 1970s and one that’s expected to keep rising.
We mention this because these people need someone to count on to always be there, if they need help making decisions and managing their affairs as they get older.
Professionals who have had clients with family members suffering from dementia have a greater understanding of the challenges these families face. However, living through the experience personally is totally different.
When a loved one receives a diagnosis of dementia, as described in this deeply personal article from Financial Advisor, “The Limits of Financial and Estate Planning for Dementia,” the family has to begin immediately planning for the present and the future. It is a difficult journey. This story shares the family’s experience to help others.
The father was an extremely intelligent man, with a master’s degree in engineering and an MBA from a prestigious business school. When diagnosed with dementia, he and family members moved quickly to ensure that the correct documents were in place, working with a trusted estate planning attorney. The family’s plan worked well, as his father was able to be active for the early stages of the disease and never injured himself or anyone else.
It’s understood that everyone needs a will. However, many people put it off. Don’t be one of those people. Your family will remember, and it won’t be a happy memory!
Celebrities aren’t the only ones who fail to plan for their passing. The difference is, their failures can become instructive for the general public. If we don’t have a will, only our family will know how much time, expense and stress occurs because of a failure to plan.
Merrill Lynch and the consulting firm Age Wave found in their recent survey that about 50% of study participants age 50 and older didn’t have a will.
The big picture presented by the National Institute on Retirement Security is not a good one. Working Americans are completely unprepared for retirement.
The National Institute on Retirement Security is a non-profit research and educational organization that focuses on the development of public policies that help retirement security in America. A recent report using U.S. Census Bureau data looked at median retirement account balances for people ages 21 to 64.
Think Advisor’s recent article, “Most Americans Have $0 Saved for Retirement: NIRS” says that the report revealed that nearly 60% of all working-age individuals don’t have assets in a retirement account. That’s based on the Census Bureau’s Survey of Income and Program Participation data from the year 2014.
Everyone’s needs are different. For most people, one large policy is enough. However, what if your life is not like everyone else’s? How do you know how much coverage you need?
Most people never really think about adding more life insurance, once they buy a policy. They figure they have that policy and insurance through their job. However, what if you wanted to have more coverage? This recent article from Nerd Wallet, “Can You Have More Than One Life Insurance Policy?” explains some life insurance basics.
First, you can own several policies from different companies. However, when you apply, insurance companies will inquire about your existing coverage to make certain that the amount you want is reasonable.
If you’re living on your retirement savings, while waiting to start taking Social Security benefits to full retirement age or even age 70, you might be costing yourself thousands in taxes.
It’s annoying. There’s no way around it. You’ve worked your whole life, and paid taxes on those earnings. Now you have to pay taxes on your Social Security benefits. However, depending on your asset level, you may want to start getting those benefits earlier, says this article from Kiplinger, “Why Wealthy People May Want to Take Social Security at 62.”
There are many good reasons to wait and take Social Security at full retirement age to get the full benefit amount. In waiting longer to file, the benefit can grow 8% a year from full retirement age to age 70. However, this one-size-fits-all advice may not be appropriate for everyone, especially for the wealthy.
We’re not talking about what happens to your soul, or if you are headed to a peaceful place, or even what happens to your physical remains. Have you thought about what happens to the world you leave, your family and friends and your possessions, after you die?
Let’s say you don’t believe in anything in particular. Or you’re deeply spiritual and believe that death will be a wonderous journey. Either way, you should devote time and energy to what happens right here on earth after you die, says Forbes in the article, “What Will Really Happen After You Depart?”
No, not just because it’s the right thing to do and not just because you’re curious. It’s because you want your family to remember you for the awesome legacy you plan on leaving, not because of the horrible hot mess you left behind that they spent three years trying to figure it out, while trying to live their lives.
“H.4116 An Act Relative to Alzheimer’s And Related Dementias in The Commonwealth” is now law in Massachusetts, following an August 15 ceremony.
A ceremonial signing took place in Massachusetts Governor Baker’s office as community members, legislators and members of the administration gathered at the Alzheimer’s Association’s Waltham office, where the governor signed the new bill into law.
“Raising awareness about Alzheimer’s and dementia is key to supporting the Massachusetts families who are impacted by this horrible disease,” Governor Baker remarked in an article in the Framingham Source, “Governor Baker Signs Law Strengthening Alzheimer’s and Dementia Treatment in Massachusetts.”
The big buzz about Aretha Franklin is the gold-plated casket, the Christian Louboutin patent leather shoes and the fact that she died without a will.
The Queen of Soul’s four sons have filed a document that lists themselves as “interested parties” in her estate, according to an article from cbs.com titled “Report: Aretha Franklin left no will.”
A document that was said to have been filed with the Oakland County Probate Court in Michigan and signed by her son Kecalf and her estate attorney David Bennett noted the absence of a will.
Without the security of a spouse’s income, single parents must balance their children’s needs with their own retirement savings goals.
Single parents who have to say no to their children over and over again, struggle with wanting to say yes when money is tight and there’s no room in the budget for the latest fashions or games. However, the last thing a single parent wants to do is convey a lack of financial discipline. A financial plan can help a single parent stay on track.
CNBC’s recent article, “Five financial essentials for single parents,” says that when single parents try to satisfy their kids, it can lead to a severe unintended consequence: placing their children ahead of their own retirement needs.
