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No matter when you ultimately decide to retire, Medicare eligibility begins at age 65. For most of those planning for retirement, it is assumed that Medicare will provide for all medical needs, and therefore you don’t need to worry about this aspect of your budget. The truth is somewhat less…
Here’s the funny thing about life insurance: While it’s your own life that you’ve insured, you’re not enrolling in this policy for yourself. We all consider, and ultimately select, a life insurance policy based on how well it benefits our loved ones after our passing. So what is the real…
When you’re planning for retirement, most people are typically looking at three forms of income. After all, we want you to be stable, so that you can really enjoy your retirement. Those forms of income are: Social Security. This, of course, is the federal program into which you have paid…
Although Social Security was never intended to fully fund retirement, and was designed as an income supplement only, many retirees do draw a significant portion of their monthly income from the program. In fact, 62 percent of today’s retirees rely on Social Security to provide for at least half of…
Pension plans are becoming less common these days, but you can still create your own guaranteed income for life. When you hear that phrase, “guaranteed income for life”, you might wonder what it actually means. Simply put, it means that you can create your own pension plan using your own…
We’re all counting on Social Security to be there when we need it. For most of us that time will be retirement, although some will need to claim Disability benefits sooner. But because Social Security is an enormous government program, with all the usual confusing rules and red tape that…
Life insurance comes with many more benefits than you might think. In fact, it’s also for those who are still living! You might be surprised to learn that life insurance benefits can even be used to fund your retirement. For example, I’m currently paying premiums each month, for a …
Most people can’t wait to retire, so it can be tempting to hand in your resignation as soon as you turn 65 (or 62, or some other target age that you determined years ago). But since retirement affects all areas of your life, make sure you’ve had the following conversations…
I understand the importance of long term care insurance all too well. Unfortunately, my own father was diagnosed with Alzheimer’s at age 59, and he had to stop working earlier than planned. Eventually, he needed more intensive nursing care than my mom, my siblings, and I could provide. And so,…
As you approach your 65th birthday, it’s time to enroll in Medicare. Once you begin the enrollment process, you might find yourself surprised at how many different insurance options are available to you! These options are also available to you each year thereafter, during Medicare’s annual open enrollment season (also…