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.
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.
When you retire, things change. After all, you no longer have the stability that comes from having a steady job or owning your business. And the simple mindset of “spend less than what you earn” no longer applies. So, you might have more questions than answers as you enter this new phase of life.
An often-overlooked quality of a good financial advisor is the ability to do work that you might not have time for. After all, hiring someone to write a financial plan is completely useless if you aren’t able to (or don’t set aside time to) put the recommendations into action. Even when people feel they just need a checklist of action items to do on their own, life has a funny way of interrupting at the wrong time.
As ‘gray divorce’ has become more and more common for Baby Boomers, Social Security has become increasingly relevant. While Social Security can present a confusing array of choices for most retirees, the landscape becomes even more complex for divorcees. When it comes to divorce, some of the decisions you make today might impact your Social Security benefits down the road.