How to Avoid Taxes on Social Security Benefits
Many people are surprised to learn that their Social Security benefits can be subject to federal taxation. Whether your benefits are taxed depends on what is known as your “provisional income.” This is your adjusted gross income (not counting Social Security benefits) plus nontaxable interest and half of your Social Security benefits. For people filing […]
Protecting Yourself Against the High Cost of Long-Term Care
Thanks to improvements in medical science and healthier lifestyles, Americans are living longer than ever before. Unfortunately, many of us will require long-term care at some point in our lives, and one in five of us will require long-term care for at least five years. According to Genworth Financial, the median cost of long-term […]
If You’re Thinking About Downsizing Your Home in Retirement, Avoid These Common Mistakes
Perhaps you have considered selling your current home, buying a smaller one, and using the difference to help fund your retirement. A recent article on Investopedia.com explores this approach and details the mistakes you must avoid. Here are some of the highlights. Overestimating Your Current Home’s Value Many people overestimate how much their current home […]
Do You Need a Revocable Living Trust?
One of the first questions many clients ask is whether they need a Revocable Living Trust? It’s a great question, but it leads to another: What do you want your plan to accomplish? Let’s begin with a brief discussion of what trusts are and how they work. Then we’ll explore their benefits, which should give […]
Reasons to Join a Free Estate Planning Online Workshop
Free online estate planning workshops are available now! Washington Elder Law makes it easier than ever to start estate planning for yourself or an elderly relative. Workshops are important and practical ways to receive free information. Our free workshops offer a great deal of advice for seniors and their families. Our online workshops […]
Taking Care of your Elderly During Quarantine
One of the most heartfelt problems Covid-19 has caused is separation from family members. Unfortunately, the elderly have felt the strain of being on quarantine more than anyone. Seniors, cut off from the care of family, friends, and daily resources, are dealing with extended isolation. The problem with leaving seniors alone is that they have […]
The SECURE Act Is Changing Retirement For Many–What You Need To Know
Kelli Click Contributor Investing I write about IRAs, alternative investments and retirement planning. Late last year, new legislation was signed into law that will usher in some of the most sweeping changes to retirement plans in decades. The Setting Every Community Up for Retirement (or SECURE) Act was originally passed by the House of Representatives last […]
From baby boomers to Gen X: America’s retirement crisis by the numbers Kailey Fralick, The Motley FoolPublished 7:00 a.m. ET July 19, 2019 | Updated 1:21 p.m. ET Aug. 9, 2019
Thousands of Americans are at risk of going broke in retirement, and it’s only going to get worse. These days, overwhelming student loan debt and the uncertain future of Social Security’s solvency garner most of the attention, but there’s another equally severe financial crisis looming on the horizon for millions of Americans. Thousands […]
The double whammy of long-term health care costs
Retirees have been hearing a steady drumbeat of warnings about the threat of high long-term health care expenses. Many articles about long-term care discuss strategies from the perspective of retirees who eventually might need care near the end of their lives. These articles encourage retirees to take responsible steps to pay and arrange for care, […]
