It is very important to be clear-eyed and practical about the future. Adopting a false sense of security because of the fact that you will be receiving Social Security benefits can be a big mistake. Social Security benefits are actually relatively modest so be careful not to overestimate the value of this program. The average monthly benefit in 2013 for a single person is $1261 according to a recent Forbes article. The average benefit for married couples is $2048. Clearly, the average payout … [Read more...] about Recognize Modest Nature of Social Security Payouts
Understand Costs Associated With Reverse Mortgages
You may hear about the possibility of taking out a reverse mortgage called a home equity conversion mortgage. These loans are potentially available to you once you turn 62 if you have significant equity in your home or own it outright. With a reverse mortgage you receive payments from the lender rather than paying the lender as you do with a conventional mortgage. But the lender acquires equity (or ownership) in your home in return for the payments. The loan must be paid back when you … [Read more...] about Understand Costs Associated With Reverse Mortgages
Those Who Served May Qualify for Special Pension
The Veterans Aid and Attendance special pension is potentially available to United States military veterans or their spouses who need assistance with their day-to-day needs. Many people are not aware of the existence of this benefit, but it can certainly be a great boost to veterans who need living assistance. Most people have heard of the military retirement pension. People who serve in the Armed Forces are entitled to a retirement pension for life after serving for a minimum of 20 years. … [Read more...] about Those Who Served May Qualify for Special Pension
Answers to Three Common Questions About Social Security
We have massive numbers of people applying for Social Security every day because of the maturing of the baby boomer generation. There are around 10,000 seniors applying daily, and this volume is expected to continue for perhaps 20 years. Because so many people are approaching retirement age these days, there are some basic questions circulating, and we would like to address three of the most common ones here. What Is the Application Process? Applying for Social Security is a lot easier and … [Read more...] about Answers to Three Common Questions About Social Security
Study: High Percentage of Americans Die With Nothing to Leave Behind
Estate planning is all about arranging for the distribution of your remaining financial resources after you pass away. Many people have quite specific ideas about what they would like to be able to do for their families and they take the appropriate action with the assistance of a good inheritance planning lawyer. However, recording your final wishes in writing is not going to do much good if you have nothing left to leave behind. Researchers are finding that a very significant percentage … [Read more...] about Study: High Percentage of Americans Die With Nothing to Leave Behind
Gain An Understanding Of Programs For Seniors
Certain unique challenges go along with entering different stages of life. Fortunately, there are resources available to help us address these matters. If you have worked throughout your life and contributed into the programs, you will be eligible for Social Security and Medicare. The age of eligibility for your full Social Security benefit is between 66 and 67 if you are not already receiving your benefit. The exact date of your eligibility will depend on the year of your birth. Medicare is a … [Read more...] about Gain An Understanding Of Programs For Seniors
Required Minimum Distributions and What they Mean to Retirement Plans
RMDs are an important concept when it comes not only to retirement planning but to estate planning as well. RMD stands for required minimum distribution -- the IRS requires you to take out a portion of your retirement account each year and pay tax on it. If you don’t take it out, you get hit with a penalty. When do you have to take an RMD? It depends on the retirement account and plan – many types of plans, such as a 401K, require that distributions begin April 1 following the year that you … [Read more...] about Required Minimum Distributions and What they Mean to Retirement Plans
