The secret, experts say, is to find a balance between keeping some comforting traditions and letting go of ones that obviously no longer fit.
How do you manage the holidays on a retiree budget? If you are a retiree or will be retiring in the coming year or years, then this article may be for you.
Experts say that the key is to find a balance between keeping some of the traditions and saying goodbye to those that no longer fit.
Sharron Epperson, who is CNBC’s senior personal finance correspondent, stressed the importance of retirement planning in the coming year — with two products in particular.
Need a financial resolution for 2015? Save as much money as you can in a Roth IRA. One of the best things you can do to set yourself up for financial success in the future is to be strategic with your savings.
According to a recent article at gobankingrates.com, titled “CNBC’s Sharon Epperson on Why You Need a Roth IRA in 2015,” in the event of an emergency make sure you're able to withdraw your contributions at any time without incurring penalties or fees. This is also a terrific way to save for retirement, because you might be in a higher or lower tax bracket when you’re in your 60s. Who knows?
“We’re not surprised by the fact that people don’t know a lot about retirement income planning,” says David Littell, program director at the American College. “I was surprised at how badly they did.”
Could you pass a retirement literacy test? Apparently, 80 percent of Americans surveyed did not.
These Americans were polled on 38 retirement literacy questions on basics like Social Security, life expectancy, IRAs, life insurance and investments, and the mechanics of bonds. Sadly, only 20 percent were given passing grades, the college said. This isn't the first survey to raise concerns about Americans’ retirement readiness. In an article titled “Americans fail in retirement literacy,“ The (Palm Springs, CA) Desert Sunnoted similar shortcomings in a 2011 report.
Although nobody can be forced to participate as a caregiver, there are ways to approach the situation that are more likely to have a positive result.
Families encounter many issues when planning care for a loved one. A common issue is the unwillingness of siblings to “step up to the plate” and make a contribution to the caregiving tasks.
The (Carlisle, PA) Sentinel’s recent article, titled "Elder Care: Keeping family conflict to minimum," explains that even though no one can be forced to participate as a caregiver, there are some ways to approach the situation that may yield more positive results.
Through a series of legal maneuvers and Iowa's then-blind eye toward financial elder abuse, his caregiver betrayed the World War II Navy veteran's trust and drained his savings over a number of years, according to friends and court documents.
According to an article reported in The Des Moines Register, titled "Caregiver's $700K theft shakes elder advocates," the cost of financial exploitation against seniors is more than $2.6 billion a year in our country, and one in 10 financial abuse victims turns to Medicaid as a result.
Cases like World War II VeteranJames Ruby's are, unfortunately, not uncommon. Seniors fall victim to financial abuse every day.
Recently, I attended the American Association Attorney-Certified Public Accountants (AAA-CPA) symposium at the United States Tax Court in Washington, D.C. I heard U.S. Tax Court Chief Judge Michael B. Thornton discuss court operations in the context of assisting taxpayers "get their day in court." Chief Judge Thornton stressed that the Tax Court is considered a "people's court" and the operations of the court strive to be user-friendly for taxpayers.
A few facts about the U.S. Tax Court:
1. A tax case can be filed in the U.S. Tax court without the taxpayer paying the contested tax PRIOR to the proposed Tax Court hearing.
This case has drawn plenty of attention due to its legal and financial implications. Essentially, the case has escalated to the point of a federal judge warning state regulators that she would consider issuing an order to drop Ohio from Medicaid enrollment altogether, leaving the Buckeye State without federal funds to provide medical care for its elderly residents.
The State of Ohio is penalizing seniors by refusing to grant them long-term care benefits because a spouse or close relative has purchased a Medicaid-compliant insurance annuity. Medicaid administrators in Ohio say that an elderly nursing home patient is not entitled to long-term care benefits as long as he or she has a relationship with an individual who has purchased an annuity.
Other cases have been filed in federal courts in Ohio, and one federal judge has warned Ohio officials that she may hold them in contempt if they don’t follow federal law. The latest lawsuits filed against Ohio’s Medicaid administrators were brought by three elderly women whose husbands used their retirement accounts to buy annuities, which State Medicaid investigators say is illegal.
Auto accidents are the second leading cause of injury-related mortality among people 65 and older. “It is everyone’s responsibility to identify and assist a mentally impaired driver,” she said.
Another birthday coming up for an elderly loved one? It may be time to evaluate their driving skills, especially in Houston.
A recent article in the Claims Journal, titled “Police, Doctors Receive Elder Driver Assessment Training,” describes an educational program called Training, Research and Education for Driving Safety (TREDS). The program is designed to reduce the number of fatalities involving older drivers and to extend the time seniors can drive safely.
The new programs will be working with those in the private sector and nonprofits to help law enforcement attune to impalpable signals that could indicate mistreatment of this vulnerable population.
Los Angeles is taking a stand against elder abuse with new training programs for the private sector and nonprofits.
“Our office is in the forefront of domestic violence,” the City Attorney commented to the Los Angeles Daily News, as reported in an article titled "L.A. gets $1.6 million to combat elder abuse."
Medical research confirms one of the first things people have trouble with in the very early stages of dementia is managing personal finances. This means people can make very expensive financial mistakes, often before anyone notices there is a problem. I have seen this happen, and it is heartbreaking.
You never know what the future holds, so early planning for late-in-life health issues is essential.
For instance, you may notice that a loved one seems more disorganized than usual. Bills may pile up. The loved one may have difficulty remembering names and fumble for the right words. See a doctor if there are concerns. Alzheimer's Disease and most forms of dementia are progressive. This means it will get worse over a few years.
Houston Estate Planning and Elder Law Attorney Blog