It is possible to request the Social Security Administration to use your current income levels if you experienced a life-changing event that causes your income to drop substantially.
When you’re a senior, the talk is more likely to mean letting your family know your concerns and wishes for end-of-life care.
Assisted living is expensive, and there are alternatives to it like personal home care that may be less expensive. The point is that seniors need a long-term care plan.
For 6 in 10 (59 percent) employed retirees, the primary reasons they work are nonfinancial, including to stay mentally alert (18 percent), to remain physically active (15 percent) or to have a sense of purpose (14 percent).
Boomers with financially independent children are more than twice as likely to be retired than boomer parents still supporting adult kids.
The problem with self-insurance is that you don’t know when you’ll need the coverage. It’s not just for seniors; many people aren’t saving enough for retirement now.
In honor of Older Americans Month, think about how you’d make getting older better.
If used correctly, a 401(k) loan can be a game changer for people with limited options.
Many 401(k) accounts reflect extreme asset allocation, with 100 percent invested in stocks or no stocks at all. For younger or older investors, that is a problem.
The temptation to retire early has to be vetted with a thorough financial plan that considers the expected and unexpected retirement income needs of the retiree.