One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
There is no clearly defined age when you become a senior citizen. Some people might consider themselves seniors when they retire from the workplace, sign up for Social Security or begin to spend their retirement savings, but others aren’t ready to call themselves a senior citizen yet.
Medicare is designed to help pay for healthcare costs for seniors once they turn 65. While it covers a number of healthcare expenses, it doesn’t apply to costs associated with long-term care in a nursing home.
When an individual cannot make important decisions for himself or herself, a judge appoints someone called the conservator or guardian to make decisions. The conservator has the legal backing of the court in all decisions, including finances, medical and personal care.
The Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.
Retirement brings with it many changes. Your income may be reduced, and your lifestyle may evolve as well. The big house where you raised kids may no longer fit your needs or your budget.
Cindy, a widow in her early 60s, was undergoing physical therapy for an injury to her foot, making it difficult for her to get around. In addition, she was suffering depression brought on by the immobility and pain, resulting in her neglecting to pay bills and taking care of other financial affairs.
The availability of long-term care insurance policies is continuing to decline, even as the need for such care is growing, an interagency task force led by the Treasury Department has said.
Forty-one percent of participants in a new survey said they don’t trust assisted living communities and nursing homes to keep older adults safe amid the coronavirus pandemic.
Build your own medical emergency packet.
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