Category «Senior Money and Legal Matters»

Assisted Living Options for Low Income Elders

Finding assisted living on a limited income can be challenging — but for many seniors, the definition of “low income” is itself perplexing. What determines whether someone qualifies? Defining income levels According to the U.S. Department of Housing and Urban Development (HUD), as of 2015 the low-income limit is “80 percent of the median income …

Senior Finance Tips: 16 Experts Share Tips On The Biggest Financial Mistakes Families Make When Planning For Elder Care

When it comes to making financial plans for elder care, the unfortunate truth is that the vast majority of families are extremely unprepared. Whether it’s because many families are too preoccupied with the emotional changes that come with preparing for elder care to then make sufficient financial plans, or because many families’ need for senior …

Medicaid: It’s Not Blanket Coverage!

  People tend to think of Medicare and Medicaid in a single breath, like peanut butter and jelly. But the two programs, while complementary, address distinct aspects of senior health care and finances. And neither of them offers blanket coverage for assisted living, despite this common misconception. Medicare, examined in detail in a previous post, …

Medicare: The Low-Down on a “Catchall” Solution

  People who have not yet attained “senior status” may mistakenly believe that once they turn 62, concerns about future long-term care expenses will vanish: “Medicare will cover it”! While Medicare is certainly a blessing for older adults, it’s not a cure-all or a catchall, and seniors must become aware of how eligibility will impact …

Silver Linings: Low Income Senior Housing

  While “low income senior housing” may sound unappealing to some people, the reality is that affordable housing can be a boon for seniors who find themselves spending the lion’s share of their retirement income on rent. And unless you are disabled or require long-term medical care in a nursing facility, neither Medicare nor Medicaid …

Seniors and Supplemental Security Income

  Supplemental Security Income (SSI) is a federal income program administered through the U.S. Social Security Administration. SSI is a needs-based program created to assist people aged 65 and over, as well as those who are blind or disabled, who are living on an extremely limited income. SSI is distinct from Social Security, which is …

What Seniors Need to Know About Life Settlements

  Life settlements offer seniors a way to turn their life insurance policy into income for their remaining years. In a life settlement, a senior who has exhausted his assets, is 65+ and not chronically or terminally ill, sells his life insurance policy to a third party for more than its cash surrender value (the …

“How Will I Manage?”

Most people anticipate retirement as a time of leisure, when they can take a trip, play golf, embrace a lifelong passion such as music or art, or spend more time in the garden and with the grandkids. But if they’re hurting for money, none of these dreams will be easily realized. A recent study by …

What’s the Best Age to Start Thinking about Retirement?

Retirement is an important topic, especially as people get older. It may seem like worrying about retirement is only for older people; however, this is a common misconception. While most people can’t retire until they are in their sixties or seventies, thinking about retiring should start as soon as you start working. The government benefits …

Getting Organized: Important Documents for Caregivers and Families

If you’ve ever had your wallet stolen, you know how convenient it is to have a photocopy of the important contents: your credit cards, driver’s license, insurance cards. You might know how inconvenient it is to NOT have those items copied. You’re suddenly sifting through old bills, files and paperwork to make the calls and …

How to Budget For Assisted Living Costs

As we grow old, the need for senior care approaches. While it is possible to stay home with family, relatives or close friends, most seniors and retirees choose to live by themselves either for independence or to avoid burdening their loved ones. However, what most people are not prepared for is the cost of senior …

Benefits for Veterans – Assisted Living Costs and Expenses for Veterans

According to the most recent census, there are approximately 21.8 million veterans in the United States, 9 million of which are over the age of 65. For elderly veterans, finding the resources to continue to live in their own home, or provide for veterans assisted living can be a challenge. It is important to realize …

Long Term Care Insurance Benefits and Advantages

The last thing anyone wants after years of saving for retirement is to see all that hard-earned money whittled away by medical costs for ongoing assistance, particular when personal help is required. Both nurses and medical assistant services are expensive, even if just part-time, and these costs can quickly eat away at bank accounts that …

What is a Revocable Living Trust?

A Revocable Living Trust is an estate planning tool, intended to avoid the time and expense of probate, and to ensure the property transfer wishes of the grantor are carried out as easily as possible. The trust also allows another individual to handle the financial affairs of the grantor in the event of incapacity. The trust …

Senior Life Settlement: Is it Right for You?

A difficult economy, growing unemployment and a volatile stock market have made the future even more uncertain for those who have retired or will retire soon. For those needing more money beyond pensions or other savings (especially seniors who may need to finance assisted living settings) life settlements can be an attractive option. Life settlements …

Reverse Mortgages for Seniors: Benefits of a Reverse Mortgage Loan

With the downturn in the economy and home sales at a halt, many seniors are having trouble surviving on their fixed income. Applications for reverse mortgages are on the rise because they offer seniors options that traditional home equity loans and lines of credit do not offer. To help defray the costs of living, many …