retirement Archives

Want More Money and Benefits from Uncle Sam and Medicare

Marriage is made in heaven but lived on earth. Uncle Sam doesn’t make the latter any easier as you age. Social Security benefits began to be taxed in 1983. According to Kaplan, the taxation system is so bizarre that married couples with the same finances pay higher taxes than unmarried couples. There are two thresholds at which Social Security taxes kick in, with the applicable threshold being less than twice that of the threshold for an unmarried couple.
According to a new Washington University Law Review article, Federal Law punishes older couples who marry or stay married. If you encounter someone and fall in love during your golden years, you might be better off staying unmarried than getting married. Under current federal law, you and your long-term partner might be able to salvage your struggling finances by divorcing after 60 years of marriage.

Are You Taking Advantage of Catch-up Contributions on Your 401k?

The amount you can contribute to your 401(k) plan increases when you turn 50. With these catch-up contributions, you could save over $1,000 on your yearly tax bill. You can catch up on your 401(k) contributions by following these steps:

Reduce Out of Pocket Medicare Expenses with Medigap

Medigap policies are additional insurance policies you can purchase if you have Medicare. These plans are intended to cover some of the costs not covered by Medicare Part A and Medicare Part B. A co-founder of Boomer Benefits, an insurance agency in Fort Worth, Texas, Danielle K. Roberts, says Original Medicare does not cover deductibles, copays, or coinsurance. Medigap policies could potentially save you thousands of dollars on medical expenses.
Medigap insurance is an integral part of health insurance, and it is important to understand what it covers, how it works, and when you should enroll.

The Dark Side of Variable Annuities

During your early life, you probably rode the ebb and flow of the market, hoping to hit that investment “home run.” And why not? Even though you suffered losses from time to time, you were confident that you would bounce back, and you knew you had plenty of time to recover before retirement. As time passes, investing approaches change. Retirement is when most people think about protecting and preserving their assets, not making big market …

Estate Planning for Retirees

As you approach retirement, your estate plans may differ from those during other stages of your life. During retirement, a comprehensive estate plan must consider your financial needs, ensure they are met, and provide additional safeguards. The following are some ways to develop this type of plan. 1. Purchase Long-Term Care Insurance Having to reside in a nursing home or similar facility for an extended period of time can deplete your estate quite quickly. Keep …

Hammer-Wielding Elderly Man Arrested for Murder of Wife at Georgia Retirement Community

LAWRENCEVILLE, Ga. – An elderly man has been arrested and charged with the murder of his wife at the retirement community where they both resided. Richard Hayden, 81, allegedly struck his wife, Grace Hayden, multiple times in the head with a hammer, according to the criminal arrest warrant. The 71-year-old woman was found dead in her room at the Lindwood Estates Gracious Retirement Living in Lawrenceville. Hayden was charged with felony murder, malice murder, and …

Consider Downsizing in Small Steps

Sifting through a lifetime’s worth of possessions can be daunting if you’re downsizing in retirement or cleaning out a loved one’s house after they pass away. In most cases, people won’t buy anything except rare books, vintage vinyl records in excellent condition, or untouched Cabbage Patch Kids.

What You Need to Know About Asset Allocation

Asset allocation aims to diversify your retirement account across stocks, bonds, and cash. When managing your allocation, your age is a prime consideration because the older you are, the less investment risk you can afford. In retirement, your risk tolerance decreases dramatically, and you cannot afford wild market swings.

Follow these five best practices for managing asset allocation to increase wealth and achieve retirement goals.

What Age Will You Retire?

It is never too early to start thinking about retirement. However, as you get closer, you need to start considering when you want to retire. It is important to do this so that you can maximize your Social Security benefits.