Following up on our recent blog post about nursing homes, assisted living facilities, and independent living centers and the differences between them, let’s take some time to look at the next step you should take when investigating eldercare facilities in your area. Once you’ve decided on the level of care you need and know what you can afford, you should then begin investigating potential facilities that meet your needs. Here is what you can do. Visit in Person You definitely want to visit … [Read more...] about Choosing an Elder Care Facility: The Next Step
While many baby boomers have chosen to stay in the workforce longer, often because they don’t have the money to retire yet, others are choosing to get out while the economy is doing reasonably well. This is especially true of baby boomers with small businesses. A new survey from Pepperdine University shows that retirement was the number one reason why the sale of businesses increased dramatically from 2012 to 2013. One study shows that there was a 56% rise in the sale of businesses during the … [Read more...] about Boomers Leaving, and Selling, Their Businesses
Despite the prevalence of commercials featuring frolicking senior couples enjoying their golden years together, either on a beach or at an assisted-living facility – which, in the commercials, appears as though it is a fantastic resort where the fun never stops – without a care in the world, the reality is much different. Many retirees are newly single, due to divorce or death, and many have never married, yet these people still needed to have a plan for retirement. With an average lifespan … [Read more...] about Estate Planning for Single Retirees
If you own a small business, you have plenty to think about on a daily basis. However, have you considered what would happen to the business upon your death. If the business has been successful, you also likely have a considerable financial interest in the business. Without careful planning, the value of your financial interest in the business can be subject to either gift or estate taxes upon your death. Although there are numerous options that may be used to help reduce estate or gift taxes, … [Read more...] about Small Business Owners: Don’t Forget to Plan
Retirement accounts play an important role in estate planning, one of the main benefits being that retirement accounts avoid probate, as they pass to a named beneficiary using a beneficiary form that you complete when you open your account. IRAs, Individual Retirement Accounts, are not only powerful estate planning tools, but they, of course, are great vehicles for saving for retirement with tax benefits. In fact, the income tax on an IRA is payable only when funds are withdrawn from the plan, … [Read more...] about IRA Beneficiary Designations and Children
Release of the income caps for the conversion of traditional IRA assets to Roth IRA assets has lead to a scurry of conversions. The catch is that if you took a tax deduction for your contributions to the IRA, you must now pay taxes on any monies you now transfer into a Roth IRA. The Roth is very popular and, generally, potentially a great deal because Roth IRA assets grow tax free and are distributed tax free. In addition, if you don’t need the money, you can keep the assets in the Roth for … [Read more...] about Should I Convert to a Roth IRA?
The Federal Social Security Administration is responsible for providing Social Security retirement and disability benefits to qualified applicants. For this blog discussion, we’ll cover Social Security retirement benefits. Almost all of us have a right to claim Social Security retirement benefits once we reach retirement age. For those born in 1929 or later years, you can claim Social Security retirement benefits if you’ve earned a sufficient number of work credits. Usually, you must have … [Read more...] about Understanding Social Security Retirement Benefits