Resources to help cover Medicare costs

Dear Savvy Senior, Are there any sources you know of that can help me save on my Medicare coverage? I’m 65 and live primarily on my Social Security, and I’m having a hard time paying my Medicare out-of-pocket costs. —Need Some Help Dear Need, There are several financial assistance programs that can help lower-income Medicare beneficiaries who are having a difficult time paying... READ MORE

Hospitals ordered to reveal costs up front

President Donald Trump signed an executive order last month that calls for upfront disclosure by hospitals of actual prices for common tests and procedures to help keep costs down. The idea is to give patients practical information that they can use to save money. For example, if a hospital charges your insurer $3,500 for a type of echocardiogram and the same test costs $550 in a... READ MORE

Consider a side hustle to earn extra cash

Can you make a decent living in the gig economy? The odds are against you if you rely on the best-known job platforms, such as Uber and DoorDash, which offer miserable net pay to drivers. A dozen other well-known sites — including HomeAdvisor, Mechanical Turk and TaskRabbit — treat workers equally poorly. Their specific sins vary from site to site, ranging from charging workers for... READ MORE

Economic abuse and fraud on the rise

Unfortunately, there is a great deal of financial abuse and fraud in our country, and much of it is aimed at individuals 50 and older. Attorney Michael Hackard, the founder of a California law firm that focuses on estate and trust litigation, has self-published an informative, comprehensive book, The Wolf at the Door, now in paperback. This book can be helpful to people with elderly ... READ MORE

Smart ways to handle an inheritance

We’ve all heard stories about individuals who passed away quietly after a life of frugality, leaving a fortune to their unsuspecting heirs or, occasionally, a beloved pet. The reality is a lot less riveting. Although two-thirds of baby boomers are expected to receive an inheritance — mostly from parents — longer life spans and the rising cost of healthcare can shrink the size of... READ MORE

Readers’ financial questions answered

Beware of these rewards cards gotchas

You drop a hundred bucks on groceries at Walmart, fill your tank at the store’s gas station and pay for both purchases with a credit card that claims to offer heightened rewards on grocery and gas spending. But when you check your statement later, you find that the transactions got a measly 1% cash back, instead of the 3% or more you were expecting. What gives? Purchases from... READ MORE

Share your financial plan with progeny

As my children grow older, I grapple with a mix of emotions — some sadness and nostalgia for when they were small enough to sit on my lap, but above all, excitement for them to learn and experience life on their own. Both of my sons are in college now, and a large part of the transition they are making to adulthood is related to how they engage with and take responsibility for their... READ MORE

Make each dollar you spend spark joy

Working longer makes a huge difference

Retirement experts frequently recommend working longer if you haven’t saved enough. But you may not realize just how powerful a little extra work can be. Researchers who compared the relative returns of working longer versus saving more last year reached some startling findings. Among them: — Working three to six months longer was the equivalent of saving an additional 1% for 30... READ MORE