Building enough wealth to sustain yourself in retirement is a monumental achievement. However, financial planning doesn’t end when you no longer rely on a paycheck.
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
Amid headlines of COVID-19 infiltrating nursing homes and large senior care facilities, it’s understandable that many Americans would prefer to avoid assisted living environments as they grow older. However, the trend to age in place predates the pandemic. Remaining at home was the first choice for 76% of Americans age 50 and older, according to a 2018 AARP survey.
Veterans receiving government benefits will see a cost-of-living boost in 2021, if Social Security officials approve one for their recipients later this year.
Retiring ahead of schedule may seem like a dream, but it is doable with the proper planning. Depending on when you were born, the normal retirement age is currently 66 or 67. If you’re planning to retire five, 10, or even 15 years early, one of the most important things to consider is how to make your savings last for the long haul.
Forty-one percent of participants in a new survey said they don’t trust assisted living communities and nursing homes to keep older adults safe amid the coronavirus pandemic.
The availability of long-term care insurance policies is continuing to decline, even as the need for such care is growing, an interagency task force led by the Treasury Department has said.