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Retirement can be a relaxing and satisfying stage of life, though it may come with some challenges. The greatest challenge many face, is planning for their financial futures. Health care can be one of the greatest expenses for retirees- and those costs are continuously growing.
Did you know that traditional retirement age is 65? Did you also know that at age 65 you become eligible for Medicare?
Turning 65 is no guarantee that you will be ready to retire. In fact, a rapidly growing number of older Americans are continuing to work past age 65. According to the U.S. Jobs report released in April 2018, 32% of Americans age 65 to 69 were employed last quarter. Even past age 70, a growing number of seniors are either declining or unable to retire. With the numbers increasing every year, this looks to be a continuing trend.
Married couples have more options when it comes to maximizing Social Security income payments and overall benefits than single people do. Those who are divorced may even have the option of collecting spousal benefits. However if you are single and have never been married it is important that you learn your social security filing options.
Working past traditional retirement age used to be uncommon. The Department of Labor Statistics estimated that about 15 percent of people over 65 still worked in 2006. Today, the number of people who wait to retire until between 66 and 74 years of age is expected to top one in four. At over the age of 74, almost 10 percent of the population may be still be at work. Medicare used to be only thought of as retirement health insurance, but many who qualify may not be retired at all.
Topics: Part B, Medicare, Medicare Part A, Medicare Part D, Part A, Medicare Part B, how medicare works, Part D, Retirement, medicare eligibility, COBRA, What is COBRA?, Employer Insurance, group coverage, Medicare Coverage, creditable coverage
One reason that people consider buying whole and universal life insurance policies is because they can take advantage of some possible ways to use these policies to reduce tax bills. This can include the tax bill of the people who might collect the proceeds from these policies later, and it can also include the tax bill of the policy owner while they are still alive.
Of all of the concerns that seniors express when asked about their situation, outliving their savings is one that comes up first and most commonly. A couple of factors make this concern more pressing than it was in previous generations. One is simply that people can expect to enjoy longer lives. The other is that the savings products that used to perform well just aren’t providing good returns these days. It is hard to plan for a retirement that could last for decades, but the earlier plans are made, the better they usually turn out.
Assisted living facilities are residential homes for elderly or disabled people who need help with activities of daily living but not full-time medical care. That’s a pretty loose definition, but there really isn’t a standard for assisted living facilities. Some are very large complexes that also have independent and nursing care in the same building, but others are located inside of small family homes. The right choice for a loved one really depends upon available facilities in the local area and the individual’s and family’s needs and preferences.
The good news is that social security payments are safe from the vast majority of creditors. According to MarketWatch, people who get behind on a credit card or car loan don’t have to worry about having social security income garnished. Creditors are not even allowed to take it out of a bank account for two months after receiving it, and this should give those people who rely upon that income to buy food and pay the light bill ample time to spend it