In the United States, a significant percentage of the workers count on the funds in a retirement account to live comfortably during their retirement years. The rules of most retirement accounts require the owner to take the funds out in disbursements over many years instead of just withdrawing one lump sum when they reach retirement age. Consequently, it is not unusual to have funds left in a … [Read more...] about What Happens to Your Retirement Account When You Die?
One of the most commonly used retirement tools is a 401(k) plan. Despite how frequently these plans are used by American workers, the average person knows very little about how they actually work. True, the rules and regulations relating to 401(k) plans are hidden in the fine print when you open the account; however, if we are all honest, most of us never read the fine print. Instead, we depend on … [Read more...] about Most Common 401(k) Questions and Answers
Sometimes a client who is thinking about the possibility of going to a nursing home will ask me if the nursing home will get half of their assets. The real answer is it depends on the situation and whether or not you have planned ahead. If you are a single person and need Medicaid help to pay for a nursing home you must spend down your assets until $2,000.00 remains. How one spends down to qualify … [Read more...] about Does the nursing home get half of my assets?
The baby boomer generation is easing into retirement age in droves. The first members of the boomer generation recently reached senior citizen status, and over the coming decades tens of millions of them will transition into retired life. But far too many boomers don’t realize exactly how much their lives will change when they retire. Here are some facts and figures you might want to … [Read more...] about Florida Boomers Need to Face Facts
For many baby boomers, retirement planning has long been about saving enough so that you can reach the age of 65 and comfortably leave your working life. Yet for many wealthy baby boomers, this view of retirement and old age is not something they share. According to a new survey from the Spectrum Group, a wealth research firm, a large number of wealthy Americans say they not only plan on working … [Read more...] about If You’re Wealthy, Your Retirement May Not Come at All
The growth in senior-friendly programs and products that has begun emerging as the baby boomer generation begins retiring is affecting not only seniors, but also their families. Many seniors, for example, are choosing to move in with their adult children and are creating a new wave of multigenerational households. Home builders, architects, and home product designers have taken note of this shift … [Read more...] about Single Family Home Design Changing as Population Ages
If you’ve decided to transition to a retirement home or elder care facility, you’ll now want to decide on what facility is good for you. To do this you want to develop a plan so that you can be prepared to get the best information possible. Here are a few tips. Create a list and schedule appointments. The first thing you want to do is visit each of the facilities that you’ve identified by … [Read more...] about How to Choose an Elder Care Facility: 3 Tips
As baby boomers reach retirement age they continue to have a profound effect on the face the workplace. Recent reports show that more and more baby boomers are choosing to continue to stay in the workforce as they approach retirement, making the workforce not only older, but also limiting the number of job opportunities open to younger workers. According to data from the Census Bureau about one … [Read more...] about Don’t Be Surprised if You See More Seniors at Work
Scientists who study aging and its effects on people's health have long known that regular activity is very beneficial for seniors. A new study shows that not only is volunteering a great way to keep yourself occupied, happy, and alert, but it may also allow people a very practical way to prevent or delay cognitive decline. In a study published earlier this year, researchers showed that a small … [Read more...] about Seniors who Volunteer are in Better Health
According to a new report released by Bank of America's private wealth management division, more and more American families are choosing to give their wealth to charitable organizations rather than their children. U.S. Trust recently released the results of a survey in which it found that about 32% of families with assets of $3 million or more do not plan on giving their children an inheritance. … [Read more...] about You May Not Be Able To Count on That Inheritance