Veterans have some appealing opportunities when it comes to creating a long-term plan for the future. For one thing, individuals who serve for at least 20 years are eligible to receive a retirement pension. In general people who join the service do so when they are young adults. So to provide an example, if you were to join the military at 22 years of age, you could retire and start receiving a pension when you are just 42. At that point you would have a 20 year resume under your belt with … [Read more...] about Long-Term Planning For Veterans
We live in a culture where instant gratification has become the expectation in many circles, and long-term thinking has fallen by the wayside to some extent. This is certainly a problem when it comes to being prepared enough financially to be able to retire. Sometimes it is best to strip things down to their most rudimentary form to get a true picture, so let's get down to the basics. The average life expectancy in the United States is between 78 and 79 years right now. But, the "oldest old," … [Read more...] about Retirement Planning: Are Budget Woes A Factor?
Each year there is a study released by the MetLife Mature Market Institute that closely examines the costs associated with long-term care. The numbers for 2010 indicate that these costs are quite high and trending upward. The national average expense for 12 months residing in a private room in a nursing home last year exceeded $83,500, an increase of 4.6% over 2009 figures. People interested in living in an assisted living community could expect to pay nearly $40,000 per year in 2010. Once … [Read more...] about Remain Cognizant Of Medicaid “Look-Back” Period
A lot of people like to say that they attended "the school of hard knocks," and it is certainly true that we do learn valuable lessons through hard experience. In the majority of the cases we move forward having had these experiences as wiser individuals capable of making more informed choices. Unfortunately however, there are some mistakes that you can make over a prolonged period of time that are impossible to overcome. One of these would be a total lack of preparation for retirement. There … [Read more...] about Retirement Requires Preparation
The government program that provides income for senior citizens that just about everyone is well aware of is Social Security. Exactly when you qualify for your full benefit is going to vary depending on the year that you were born. For people who were born between 1943 and 1954, full retirement age is 66. It then rises by two months each year until 1960. Individuals who were born in 1960 and after reach full retirement age on their 67th birthdays. It should be noted that the above parameters … [Read more...] about A Look At Supplemental Security Income & Medicaid
To the pragmatic thinkers among us this could seem like an exercise in overstating the obvious, but retirement is not some type of Shangri-La that you step into when you have a particular birthday. It is just a word that describes the act of putting your working years behind you. Most people work because they need the income, so if you're going to retire you have to be able to finance your lifestyle without drawing a paycheck. If you are like most people, reaching this level of financial … [Read more...] about Retirement Planning For Armed Services Veterans
You may have seen a retired couple driving in front of you at some point in your life with a bumper sticker on the back of their car saying something to the effect of "We are busy spending our children's inheritances." This bumper sticker explains the ideology of some people when they are planning for the future. They may engage in retirement planning so that they feel confident that they have the financial resources that they need to stop working at some point and enjoy their spare time. But … [Read more...] about Estate Planning: Do You Have Goals?
There are those who hear the term "retirement planning" and see it as a concept without truly recognizing how relevant it is. Some think that they're having a difficult enough time meeting their responsibilities in the present so they stick their head in the sand with regard to the future. This may be understandable on some level, but if you want to be able to retire someday you have to realize that it is up to you to make it possible from a financial perspective. A poll that was conducted … [Read more...] about Retirement Planning & 401(k) Accounts
If you want to be properly prepared for the future you need to pay close attention to all relevant trends as the years pass, and right now there seems to be a good bit of momentum on Capitol Hill toward slashing programs that are important to senior citizens. The fact that we are faced with a huge national debt has been widely publicized, and it is true that Social Security, Medicare, and Medicaid spending consumes about a third of the federal budget. However, those who are poised to receive … [Read more...] about Poll Indicates Public Split On Medicaid Cuts
We would all like to think that we will be healthy throughout our retirement years, but the reality is that health care challenges do enter the lives of many people, and as we all know the costs associated with medical treatment are often times extreme. Most people have health care insurance through their jobs while they're working and they assume that when they retire they will simply be able to rely on Medicare to cover all of their health care expenses. However, when you're planning for the … [Read more...] about Health Care Expenses & Retirement Planning