Random stuff I find interesting and you may not.
Distorting history and underestimating the severity of the problem only increases the chance of insolvency. The Social Security system’s persistent and growing deficits are scheduled to bring trust fund insolvency within nine years, which would force a 23 percent benefit cut. Yet most lawmakers refuse to discuss solvency reforms because voters (and many lawmakers themselves) … Read more
Experts predicted that baby boomers would be broke in their old age. Instead, they’re one of history’s richest generations. By now, many retired baby boomers should be pinching pennies, at best, or battling destitution, at worst. For decades, the media and the experts they quoted warned that boomers weren’t saving enough for a comfortable retirement. … Read more
Aid programs could erase a recent spike in the number of poor people, but complicated rules and the lack of promotion baffle potential applicants #1: $30 Billion in Unclaimed Benefits It almost sounds too far-fetched to be true. But according to research by the National Council on Aging (NCOA) millions of adults aged 65 and … Read more
My parents recently moved out of the house they’d lived in for 50 years. A half-century might sound like quite an accomplishment. But they stayed too long. Their home was a 1940s two-story gray stone house north of Pittsburgh, with a three-quarter acre yard. At the 40-year mark, when my parents were in their mid-to-late … Read more
Living to a ripe old age has its downsides. After entering their mid-60s and beyond, older people are at greater risk of experiencing various personal setbacks. Mobility limitations, chronic health problems, less physical energy, memory issues, and boredom are more likely. Spousal divorces and deaths result in higher numbers living alone and experiencing increased social … Read more
Medicare and Social Security are the two largest federal government programs that are also growing the fastest. They are fiscally unsustainable as currently structured. Medicare consists of four parts which provide inpatient care (Part A), outpatient care (Part B), prescription drug coverage (Part D), and subsidies for seniors to choose alternative health insurance providers through … Read more
The senior-citizen membership organization has taken some positions that aren’t good for senior citizens. Behind its never-ending feel-good marketing campaigns, AARP, formerly known as the American Association of Retired Persons, is a multi-billion-dollar organization that spends millions lobbying Congress and state legislatures — making the organization an influence-peddling powerhouse. Though the group boasts 38 million … Read more
As legislators refuse to act, benefits will be cut without any possibility of sheltering those seniors who are poor. President Joe Biden tweeted last week that he will be a “nightmare” for Republicans who dream of cutting Social Security and Medicare. With this statement, Biden showed that he’s either shockingly ignorant about these two programs … Read more
When nursing home care uses up a widow’s savings, the federal Medicaid program will kick in and cover her bills for care. But it’s more complicated for couples. If one spouse moves into a nursing home and the bills start piling up, the person who is still living in their home can face serious financial … Read more
Retirement often brings a slower pace of life. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. The end of your career also raises new questions about where and how to spend your days now that you’re no … Read more
It can be a beneficial arrangement for everyone — but it’s best to have clear discussions first Moving back in with Mom and Dad can help adult children lay down a healthy financial foundation, and even their parents could feel the perks — if the parties talk about it. Avoiding those conversations could otherwise be … Read more
In 2015, the housing authority in Bath, Maine, created the Comfortably Home program after seeing the maintenance challenges that older people and those with disabilities faced in the challenge of continuing to live at home. “We kept hearing that the housing wasn’t working for the residents, but they didn’t want to leave. They’d say ‘the … Read more
Is property owned in an LLC counted as an asset when applying for Medicaid? Yes. In order to receive Medicaid coverage of healthcare or nursing home care there may be limits on your assets and income. This can depend on the state in which you live, your age, and the type of coverage you’re seeking. … Read more
My confinement has led to boredom. My motivation to do much of anything has waned. I’m watching more TV than ever before. Did you know you can still watch Laurel and Hardy and Ozzie and Harriet? I’ve also learned how easy it is to shop online. I used to be amazed at the number of … Read more
I’ve been in love with index funds for a long time, especially for a reason that doesn’t get enough attention. Lots of financial writers correctly praise index funds for their low costs, low turnover, low drama, massive and easy diversification, and numerous other good attributes. But the No. 1 reason you should love index funds … Read more
Health care and what to do about it, particularly the high cost of prescription drugs, is a perennial debate in our country. But money expert Clark Howard has long said that you can’t control what Washington does about health care. All you can control is how you handle the expense of health care and prescriptions … Read more
Companies like Uber, Lyft and DoorDash avoid paying into Social Security for workers whom they don’t consider employees, as workers struggle to put away savings while making small amounts for delivery and other tasks Dean Rainer finds it hard to believe that anyone would think app-based gig workers can save for retirement. “I needed a … Read more
It’s important to anticipate our housing needs and develop a plan that accommodates future infirmities Preparing for infirmity is one of the most important—and least popular—parts of financial planning. A neighbor’s recent stroke provides a stark example of this challenge. He’s in his mid-80s and has some underlying health problems. Our neighbor lives in a … Read more
“WE ALL QUIT,” blared the letter-board sign at a Burger King in Lincoln, Nebraska, last summer. “SORRY FOR THE INCONVENIENCE.” Things have only gotten quittier since then. More than 4.5 million people quit their jobs in November, which is the highest month on record in the United States. It’s also a third higher than the … Read more
“Those who have been in Part B since 2013 have seen their premiums increase 62%. Overall inflation during the same time period is up only 13.5%.” In 2021, most individuals with Medicare Part B paid $148.50 per month. In 2022, their monthly premium jumps to $170.10 per month – an increase of $21.60 per month. … Read more
Medicare announced on November 12 that it would apply big rate hikes on Medicare premiums next year. The monthly Part B premium will rise by $21.60, or nearly 15 percent, to $170.10 from $148.50 this year. This increase is more than double the projected $10 boost included in the annual report from Medicare program trustees … Read more
PORTLAND, Maine (AP) — An 83-year-old from Alabama started walking when he retired more than a quarter-century ago — and never stopped. M.J. “Sunny” Eberhart strode into the record books Sunday as the oldest hiker to complete the Appalachian Trail. Eberhart, known by the trail name Nimblewill Nomad, acknowledged that despite having tens of thousands … Read more
AFTER THE DEATH of my father-in-law, I helped my mother-in-law organize and simplify their finances. One task I distinctly remember: taking her to the local bank, where she cashed in dozens of old savings bonds, some past their maturity date. It was a tedious process. It wasn’t just my late father-in-law who failed to stay … Read more
Two funds for retirees who don’t know a lot about investing Often over the past 20 years I have recommended Vanguard Wellesley Income Fund VWIAX, +0.25% and/or Vanguard Wellington Fund VWENX, +0.27%. For conservative retirees that I don’t know well, Wellesley has become what I regard as my best piece of advice. Wellesley has been … Read more
Simple, low-cost investments that won’t lead you astray If you’re retired or on the brink of retirement and you want a relatively simple low-cost investment that won’t lead you astray, your search should start with Vanguard mutual funds. Let me be clear: This article isn’t a sales pitch. I don’t work for Vanguard and I … Read more