A good long-term care insurance policy is simply part of the answer to the question: “How can I afford long term care?” Long term care insurance (like everything else related to long term care) is not cheap, and it’s not for everyone. And the difference between a good policy and a bad policy is hidden in the details.
Yes, we all know the rules about paying off a mortgage: if she had a low interest rate mortgage she could take the extra cash and earn more in the market. At the time she still received a tax break for having mortgage interest. She wouldn’t want to be house rich and cash poor, and a mortgage is a hedge against inflation.
When we talk with families, we usually see one spouse who is responsible for the family finances. Even in households where there is a relatively equal distribution of child-raising, chores, and other tasks, it’s very rare for me to see such an equal arrangement with the family finances. More often, I see that one spouse handles ALL of the finances, and the other spouse is pretty aloof.
At my first opportunity, I tried to research smart home technology and its impact on personal finance. I couldn’t find a single article out there. Smart home technology has been around for a little while, but while everyone is caught up in the functionality of it, it doesn’t appear that many people have considered its effects financially.
IRMAA stands for Income-Related Monthly Adjustment Amount, and it applies to Medicare Part B and Part D premiums. In layman’s terms, if your modified adjusted gross income is above a certain level, there is an additional surcharge to your Medicare Part B and Part D premiums. Unless you like paying more for Medicare, IRMAA is something you would want to avoid, if possible.
As we come to the end of the calendar year, people love to put together an end-of-year checklist for things that normally get overlooked throughout the rest of the year. Just as importantly, there are some opportunities that simply go away (at least for that calendar year) come December 31. If you’re looking to tidy up your finances going into the new year, here are ten places to start.