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

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

Five ideas can shape your retirement plan

Stashing away money for retirement is both smart and necessary to increase the odds that you will be financially secure once your working career comes to an end. But the act of saving money is not in itself a retirement plan. You also need to be intentional in establishing how much money you will need, when and how you will spend it, how taxes might affect you and a host of other... READ MORE

New Medicare con: ‘free’ genetic test kits

If you are on Medicare, watch out for a resurgence of this scam. Scammers are claiming to offer “free” genetic testing kits that allegedly screen for heart conditions or cancer. It’s really a ruse to steal your Medicare information for fraudulent billing and/or identity theft. How the scam works You get a call from someone claiming to be from Medicare or an official-sounding... READ MORE