Government benefits for seniors are adjusted annually, and a new year is just around the corner. Some updated figures have been released, and we will share them in this post so you can stay a step ahead of the pack. Cost of Living Adjustment (COLA) The Social Security Administration uses the Department of Labor’s Consumer Price Index to consider cost-of-living increases. We are using the term “consider” because it is not a given; there were no increases for three of the last 11 years. In … [Read more...] about What Is the 2021 Social Security COLA?
The Social Security program is extremely important to a significant percentage of American senior citizens. However, you should certainly recognize the limitations because benefits are often quite modest. At the same time, the income will help. You may hear that you could start to collect a monthly Social Security benefit when you are 62 years of age. This is true, assuming you paid into the program sufficiently during your working career. The FICA or self-employment taxes that you pay go … [Read more...] about When Do You Qualify for Social Security?
They say that days seem to drag on forever, but years pass far too quickly. Without question, it can be kind of shocking to sit back and see how rapidly time flies. This applies especially to the approach of your senior years. The sooner you start to prepare yourself, the better. One step will be to educate yourself about the government retirement benefits that you can expect to receive. With this in mind, we will look at some key facts about Social Security and Medicare. To warn you in … [Read more...] about Understand Government Retirement Benefit Programs
If you find that your Social Security check is not going to be enough to fund your lifestyle as a senior citizen, what do you do? The logical course of action would be to continue working until you reach the point where it is simply not necessary anymore. One very common question that arises with regard to working and Social Security involves a potential reduction in Social Security benefits. The age of full Social Security eligibility varies depending on the year of your birth. For those … [Read more...] about Answering a Common Social Security Question
When Ashland KY elder law attorneys assist clients who are preparing for the costs of aging, they look in particular at potential long term care costs. If you have not done any research into the subject, you may be quite shocked to hear just how expensive this care has become in the United States. Genworth's Cost of Care Survey summarizes the long term care costs in America. If you had spent a single day in a private room in a nursing home in the United States in 2018, the national median … [Read more...] about Latest Long Term Care Costs Are In
You may take a look at your bills and come to the conclusion that you are going to have to make a certain amount of money during retirement to meet these expenses. While ensuring adequate income is important, reducing debt is something that could be a big piece when you are planning for retirement. For instance, you may want to consider taking consistent steps toward reducing your mortgage debt. Over the course of the loan, you pay a significant amount of interest which could eventually … [Read more...] about Reducing Debt Can Be A “Big Piece”
One of the reasons that so many people want to have their mortgage paid by the time that they retire is that trying to make mortgage payments when you are living on a retirement income can be very difficult. Though paying off your mortgage before you retire may be exactly the right thing for you to do, it may be better to invest that money in other ways. Before you decide if you should pay off your mortgage, there are a few things that you may want to consider, such as the return on your … [Read more...] about Mortgages Payments and Retirement
https://youtu.be/BWwoJ4tkZdQ Hello, my name is John Potter. I’m an estate planning and elder law attorney in Charlotte, NC. Today we’re going to talk about different types of property powers of attorney. For a variety of reasons, we have times when we need someone else to manage our affairs – whether we’re incapacitated due to illness or injury or just temporarily unable to handle certain decisions or actions. How Does a General Power of Attorney Work? With any power of attorney, you … [Read more...] about Video – Charlotte Estate Planning Attorney Discusses a General Power of Attorney
The Medicare program is not something that pays for all health care needs in full without the senior having to pay any out-of-pocket costs. The fact is that there are deductibles, co-payments, and premiums, and they consistently rise over the years. In addition, with all the talk about reducing the federal deficit it would not be surprising to see these out-of-pocket expenses go up at an even faster rate in the coming years. A very difficult situation is brewing. There are thousands upon … [Read more...] about Seniors Enrolled in Medicare Program Must Dig Deeper in 2013
If you plan ahead intelligently with the assistance of a good estate planning lawyer you will be aware of your options for transferring your assets to your loved ones. One of the options available in appropriate circumstances is the "stretch IRA" transfer technique. Individual retirement accounts come with tax deferral advantages built-in. This is intended to assist individuals who are planning ahead for their senior years. However, it is possible to take steps to allow a beneficiary to take … [Read more...] about A Look at the “Stretch IRA” Transfer Technique