Getting ready to collect your Social Security Benefits? If you spent part of your working life outside of the U.S., you may have more benefits than you think.
People often expect retirement to be about 20 years. But the average retirement may last much longer. Half of those currently aged 65 will live to be older than 83 years, according to the National Center for Health Statistics. In fact the latest U.S. Census found that the fastest-growing segment of our senior population (those at least 65 years old) is the 85 years and older group. What effect does this have on your retirement income?
If you’re living off traditional income from ‘safe’ income-based investments, such as GICs and T-bills, to preserve a legacy for your loved ones, consider an annuity/life combo policy to increase your income yet preserve your investment for a legacy.
If you’re living off traditional income from ‘safe’ income-based investments, such as GICs and T-bills, to preserve a legacy for your loved ones, consider an annuity/life combo policy to increase your income yet preserve your investment for a legacy.
Thinking about retiring before you start collecting Social Security? Doing so won’t reduce the benefit that you accrued before you stopped working—but it could produce a smaller benefit than your estimated benefits statement suggests.
If you think you’ll take your Social Security benefits early but still continue working, think again. It just doesn’t make good financial sense in some cases, depending on how much you earn. The Social Security Administration creates disincentives for taking Social Security before your full retirement age. And here’s how they work it.
As an incentive for people to take financial responsibility for their long term care, HIPPA provides for deductibility of qualified long term care (LTC) expenses and excludes from taxable income your qualified long term care benefits. Higher deduction limits for LTC premiums are geared to help out retirees make payments. Let’s see what the tax advantages are.
Genworth Financial has completed its 2012 survey on long term care service providers across the country. Let’s see the trends for Home Care Providers and Nursing Home Providers.
An elderly person needs long term care when he or she can’t handle normal daily activities such as bathing and eating. Someone must step in and help him or her from then on.
