While most people understand the importance of life insurance, many do not understand the importance of annuities. As life insurance protects your family from early death, annuities are a form of insurance that protects you from living too long.
Annuities are a criticized insurance product, but this is often due to a lack of understanding. If annuities are purchased by the wrong person for the wrong reasons, of course it is a bad deal; But, for many people, annuity insurance can be a great deal under the right circumstances.
Continue reading “Guaranteed Income Annuities”
You’ve been putting money away for years thinking retirement was a distant point that would never come. Now, it has arrived as promised, and you get to enjoy the benefits of your planning and saving. But the planning doesn’t stop here. If you don’t continue to plan the details of your retirement account you could lose some of your hard earned savings Required Minimum Distributions (RMDs) are just another of a long line of acronyms and jargon you’ll need to become familiar with in order to plan effectively.
Continue reading “IRA Planning and Required Minimum Distributions”
Considering all the details around end of life care can be daunting. People often put off planning because they are uncomfortable even thinking about it. Retirement is hard enough, but preparing for an extended period of incapacitation isn’t something many want to consider. Ignoring this highly likely possibility, though, not only could negatively impact you, but also your loved ones. Depending on the type of care, yearly costs are often somewhere between $50,000 and $80,000. Rather than be caught off guard, our four main solutions offer ways to be prepared financially. These solutions are not mutually exclusive; they can be mixed to provide the best coverage for your situation. Continue reading “Long Term Care Funding Help”
Some of the most important decisions you will make regarding your retirement surround Social Security. Despite this, many in our area, including Raleigh, Cary, and Durham, as well as nationwide, make quick decisions that end up costing them money they might not be able to afford losing. Here are a few general ideas to consider on Social Security that will help you maximize your benefits.
Continue reading “Social Security: What You Should Know”
If you are approaching 65, or have recently reached that milestone, it is time to celebrate your independence. You now have the opportunity to become even more independent when it comes to your health coverage.
Medicare Offers Choices
Many Americans pay into Medicare their whole career, but are not aware of all the options they have available to them once they reach the age of eligibility. Medicare is one of the great ways our country encourages independence. We love to have choices. So, when it comes to Medicare, what are they?
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1. The Difficult Discussion
Have this discussion before a crisis forces the family to make decisions at a time of stress.
The longer you put the discussion off, the more difficult it becomes. Aging parents do not want to lose their independence. Have discussions with your siblings, cousins, uncles and aunts, and others close to your parents about how they see mom and dad getting along. Dementia and Alzheimer’s are less obvious and come on more slowly than other conditions. Continue reading “Long-Term Care Planning Checklist: How to Help Your Aging Parents”
Every year, higher-income Medicare beneficiaries receive a letter from Social Security telling them how much Medicare will cost. This letter outlines their income-related Medicare adjustment amount (IRMAA), which occurs if enrolled in Medicare Parts B and D and if their modified adjusted gross income, taken from their tax return two years prior, was over $85,000 (single) or $170,000 (joint). This is important as IRMAA surcharges can increase the annual cost of Medicare over $6,000 per year for high-income retirees. This cost is in addition to Medicare supplemental insurance, deductibles, co-payments and long-term care costs. Since most retirees have Medicare premiums deducted right from their Social Security check they don’t even see the money going right back to the government. Continue reading “Avoid Paying More for Medicare by Planning Ahead”
1. Making Medicare decisions without a basic understanding of how Part A, Part B, Part C, and Part D of Medicare work. Medicare.gov, the booklet titled “Medicare and You,” and your state SHIIP (Senior Health Insurance Information Program) can help you learn the basics about Medicare.
Continue reading “7 Common Medicare Mistakes & How to Avoid Them”