Individuals who spend some time in the service may be entitled to certain benefits that can be very useful later on in life. For one, if you serve for at least 20 years in the military, you become entitled to a retirement pension. This coupled with your Social Security benefit could go a long way toward providing you with the ongoing income stream that you need to enjoy your retirement in comfort. Another benefit that is often overlooked is the Veterans Aid & Attendance special pension. … [Read more...] about Veterans: Develop a Cogent Plan for Aging
Three Social Security & Medicare Myths
Retirement planning is something that many people ignore until it is too late. A belief in certain myths about Social Security and Medicare is at the root of some of the procrastination and cavalier behavior. We would like to look at three of these myths here. 1.) Social Security will provide me with a solid income during my retirement years. Unfortunately the above statement is patently untrue for most people. We are all aware of the cost-of-living here in the greater San Jose and Santa … [Read more...] about Three Social Security & Medicare Myths
Working Longer Comes With Rewards
Many people set a retirement date based on the age at which they become eligible to start receiving Social Security. Of course, there are those who can indeed retire as soon as they become eligible for Social Security benefits, but not everyone is in this category. Under currently existing laws, you can start receiving your benefit when you are as young as 62. If you do this, you must be willing to accept a reduced benefit. Your benefit would be 30% less than it would be if you waited until … [Read more...] about Working Longer Comes With Rewards
The Incredible Shrinking Inheritance
If you run into some type of unexpected difficulty that is out of your control, there may not be much you can do about it on one level. However, if you take steps to prepare for unpleasant contingencies, the impact can be much less severe. The above enters into the realm of retirement and estate planning. Many people are still feeling the impact of the financial upheaval that the country experienced in 2007 and 2008. Of course, some were more prepared to absorb the blow than others. If you … [Read more...] about The Incredible Shrinking Inheritance
Foresight Is the Key to a Secure Future
Statistics indicate that a significant percentage of baby boomers who are now nearing the typical retirement age are not ready from a financial perspective. Most people are not going to be able to make up for lost time when it comes to retirement preparations. It can take decades to accumulate the resources that you need to put a solid financial underpinning in place that enables a comfortable retirement. When should you begin preparing for the future? The answer is that you really can't start … [Read more...] about Foresight Is the Key to a Secure Future
Veterans Special Pension Can Help With Long-Term Care
If you are a veteran who served at least 90 days with even just one of these days taking place while the United States was involved in a war, you meet the length of service eligibility requirements for the Veterans Aid and Attendance special pension. Long-term care is very expensive in the United States as a whole, and in California it is even more expensive with a room in a nursing home typically costing more than $100,000 annually. Assisted living communities are expensive as well, and even … [Read more...] about Veterans Special Pension Can Help With Long-Term Care
Social Security Benefit Alone Won’t Finance Comfortable Retirement
Estate Planning and Elder Law attorneys try to raise awareness about the limitations of the Social Security program as a source of retirement income. When you look at the statistics, you see that a significant percentage of baby boomers are finding out that they are never going to be able to retire. Many of them got into this disadvantageous position because they were expecting too much from Social Security. The amount of your Social Security benefit is calculated based on the 35 years during … [Read more...] about Social Security Benefit Alone Won’t Finance Comfortable Retirement
More Older Americans Remaining in Workforce
Retirement planning experts are noticing a growing trend among the nation's older citizens. A higher percentage of people who are in their mid-50's and beyond are remaining in the workforce. According to the Sloan Center at Boston College, the number of individuals who are at least 55 years of age who are still on the job has increased by 10% over the last 20 years. The average retirement age has risen by two years over what it was in the mid-1990's. There are various different reasons why … [Read more...] about More Older Americans Remaining in Workforce
Longer Lives Require Bigger Budgets
Planning ahead for the future is very important because your ability to earn may not be what it once was when you reach your elder years. If you don't take advantage of your prime earning years to feather your nest for your retirement and the twilight years that will follow, you could find yourself in a difficult position toward the end of your life. People are living long lives these days, with the average lifespan for a 60-year-old woman being about 85 years. Perhaps surprisingly the 10 year … [Read more...] about Longer Lives Require Bigger Budgets
Self Employment Brings Rewards and Personal Responsibilities
More and more Americans are working for themselves, and this can be a very rewarding choice. You get to make your own decisions, and the sky is the limit with regard to your potential. In fact, many people are working as sole proprietors out of their homes, and this affords many advantages. Obviously you do not have to worry about a daily commute and this saves you money, saves you stress, and reduces your impact on the environment. Another advantage that goes along with working from home for … [Read more...] about Self Employment Brings Rewards and Personal Responsibilities