Category Archives: Financial

6 steps to take to get ready for retirement

Retirement is one of the most important things you’ll ever do. Because many of the decisions you make for retirement will affect you for decades, it’s a good idea to approach it with checklist in hand.  Here is a list of things you should do before retiring. Check to make sure retiring is really what…

Not purchasing health coverage can cost you

The average silver level health care plan costs between $200 and $300. At $2,400 to $3,600 for annual premiums, those numbers far exceed the penalty portion of the Affordable Care Act.  So, many Americans chose not to purchase health insurance this year.  Under the Act, people who do not purchase insurance will be on the…

If you’re 50 or over, does it still make sense to invest in Roth IRAs?

The Wall Street Journal ran an article last week comparing Roth IRAs to traditional retirement accounts or 401(k) plans.  According to the author of the article, after age 50, the benefits of a Roth IRA may only be minor or in some cases may not exist at all.  With traditional IRAs, you get a tax…

Recognizing the out-of-pocket costs of caregiving

Are you prepared for caregiving costs? The cost of providing care for yourself can be quite staggering but what many people don’t include in their financial planning is the cost of providing care for family members other than a spouse.  A survey by Caring.com found that almost half of all caregivers shell out $5,000 a…

Extended care services can help cut long-term care costs for veterans

In 1999, Congress passed the Veterans Millennium Health Care and Benefits Act.  That act specifically requires that the VA provide an extended care benefits package that includes both institutional and non-institutional benefits.   The government tied many benefits at the VA to income but one that isn’t is Extended Care Services.  Extended care packages include adult…

VA programs provide little known long-term care solutions

The United States has had an all-volunteer military force since the early ‘70s.  In fact, we only had the draft for 35 of our country’s 238 years.  What this means is that while less than 1 percent of Americans now serve in the military, a much larger segment once served.  That segment of the population…

Student debt can take a bite out of your Social Security benefits check

Compounding interest is a magical term when your bank or retirement account benefits.  However, a growing number of older adults are being unexpectedly dinged by forgotten student debt.  According to the New York Federal Reserve Bank, over 16 percent of the $1.2 trillion in outstanding student loan debt is attributed to individuals over 50 years…

Getting a late start on retirement savings doesn’t mean you can’t win the race

Saving for retirement can be a daunting task.  There are student loans, the cost of raising children, the mortgage on your house, health emergencies…the list can seem to be endless.  Click here to see the long list of reasons we don’t save.  If you’re like most Americans, you don’t have enough retirement savings socked away…

Most Americans not saving enough, too many aren’t saving anything

A new survey shows that more than a third of all Americans (36 percent) have nothing saved for retirement.  What’s more bothersome is that 14 percent of people ages 65 and older have no retirement savings and a significant portion of those who are saving aren’t saving enough.  Not surprisingly, younger adults have significantly less…

Study find savers are healthier

Saving for retirement pays back with your health.  At least that’s what a study out of Washington University found.  Workers who save for retirement evidently feel they have a stake in staying alive to enjoy it.  The result, if you’re saving for retirement, you’re probably taking better care of your health.  Researchers found that if…