Billions in lost pension, retirement funds
For years, members of Congress have been trying to pass legislation that will allow the federal government to establish a centralized database to help retirees locate their pension and 401(k) plans. There are billions of dollars in retirement accounts that have been lost, for a variety of reasons. Sens. Steve Daines, R-Mont., and Elizabeth Warren, D-Mass., re-introduced the Retirement... READ MORE
How to decide if you can afford to retire
Many people looking to retire in the not-too-distant future question whether they can afford to retire. In the absence of a clear understanding of what their future retirement income will look like, most of those folks hoping to retire will simply choose to work longer out of fear of the unknown. In the same vein, some who are already retired live too frugally to enjoy their... READ MORE
How to replace lost/missing documents
Dear Savvy Senior, Can you tell me what I need to do to replace a variety of important documents? Our house burned down a few months ago, and we lost everything, including our home property deed, car titles, old tax returns, Social Security and Medicare cards, birth certificates, marriage license and passports. —Stressed Seniors Dear Stressed, I’m very sorry for your loss, but... READ MORE
We need a better credit reporting system
In some ways, the U.S. credit reporting system has improved. Credit freezes, which lock our credit information to deter identity theft, are now free and fast. We have free weekly access to our credit reports, courtesy of the credit bureaus Equifax, Experian and Trans-Union, until April 20, 2022. Free credit scores provided by banks, credit card issuers and other companies allow us to... READ MORE
Maximize spouse assets if on Medicaid
The bill for long-term care adds up fast. The annual median cost for a private room in a nursing home was $105,850 in 2020, according to Genworth. The government will up these costs if you qualify for Medicaid, but that’s easier said than done. “Medicaid is a welfare program,” said Neel Shah, estate-planning attorney and a certified financial planner at Shah & Associates in... READ MORE
Pros and cons of state interest-rate caps
Small-dollar, short-term lenders, unburdened by a federal maximum interest rate, can charge borrowers rates of 400% or more for their loans. But more states are bringing that number down by setting rate caps to curb high-interest lending. Currently, 18 states, including Maryland and Virginia, and Washington, D.C., have laws that limit short-term loan rates to 36% or lower, according to... READ MORE
The four phases of retirement planning
It is crucial to think about the long term when you are planning for your retirement. Having a plan — a specific road map to retirement — is absolutely essential. Effective retirement planning comes down to four phases: The accumulation phase The first phase is one of accumulating assets, usually from earned income. However, most individuals do not put away enough, or... READ MORE
The financial effects of losing a spouse
The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, though, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences. Some of them are fairly straightforward, while others can be tricky. That’s why Letha McDowell, president of the National Academy of Elder Law Attorneys, advises... READ MORE
Become a better long-distance caregiver
Long pandemic lockdowns forced many older adults to become comfortable with video calls to stay connected with family. That in turn meant that long-distance caregivers had a better way to see how their loved ones were faring. “You can’t tell on the phone that they’re wearing the same clothes every day, or they’re not bathing because they’re afraid they’ll fall in the... READ MORE
Use a trust to protect child’s inheritance
I recently met with a client to update her will, and her big question was whether she still needs a trust for her daughter. Her child has graduated college, is on her second well-paying job, got married and is now a new mom. Her daughter has been maturing into a responsible young adult. But there’s another factor that weighs heavily on my client’s mind: her son-in-law and the... READ MORE
