Retirement

As expected, the start of Medicare Open Enrollment Period revealed major changes in the availability of plans and pricing. The biggest changes are in Medicare Advantage plans and Part D prescription drug plans. We knew significant changes were on the way because of announcements from major insurers and policy changes from the Centers for Medicare

Introduction So, I joined a new gym and am working with a personal trainer. During any workout trainers and clients always shoot the breeze and somehow it came out that I was an estate planning attorney. So, Tom asked “Can I have a card my mom needs a simple will?” I replied that I doubt

“Evaluating your life through the lens of your death is raw, powerful, and perhaps a bit scary,” writes author and entrepreneur, Shane Parrish, in his excellent book, Clear Thinking. But despite our hesitation to consider our inevitable demise, he thinks it’s worth exploring because, “What matters most becomes clear.” Clarity around what matters most is

By Chris Farrell, Next Avenue Mention college and the conversation swiftly turns to student loans — with good reason. The current loan-based system to pay for postsecondary education is failing too many students, including a surprisingly large number of debtors nearing or in their retirement years. For one thing, $1.6 trillion worth of student loans

This year’s hurricane season brought a stark reminder that nobody is safe from the traumatic impacts of severe weather. Hurricane Helene brought devastating once-in -1000 years flooding to part of Appalachia considered relatively safe from those effects. In fact, Asheville, NC, was called a “climate haven” before the hurricane. Hurricane Milton quickly followed, wreaking havoc

With October in full swing many people are grabbing their favorite pumpkin-spiced drink and re-watching their favorite horror movies featuring ghouls, ghosts, and other creepy supernatural creatures. However, for many people, the spookiest and scariest things in life are closer to home. Recently, Paul Long of New Way Forward wrote an article titled “Retirement Isn’t

By Vanessa Infanzon, Next Avenue In 2001, a YMCA in Brooklyn hired a husband-and-wife team of television producers, Stephanie Walter and John Williams, to help 15 high school students pull together a film about retired seamen living at the YMCA’s residential facility. The class’s final project, a one-hour documentary called “Sea Story,” was so well

The Medicare Prescription Payment Plan, also known as MPPP, MP3 or M3P, is a brand-new program that will take effect on January 1, 2025, the same day as the $2,000 cap on Part D out-of-pocket drug costs. The MPPP is like an installment payment plan for those who have Part D prescription drug coverage. They’ll

Democratic presidential candidate Kamala Harris has backed an earth-shattering idea: For the first time, traditional Medicare would pay for personal assistance at home and related long-term care. Currently, only Medicaid and certain Medicare managed care programs provide long-term care benefits. Harris endorsed the idea in an appearance on the television show The View and her

By Lucy Lazarony, Next Avenue A generous inheritance. A booming investment. A big raise. What should you do with a large sum of unexpected money you discover coming your way? In particular, how should you handle such a windfall when you are aged 50 and up? Surprise! Some of it can be used for fun.

By Kerri Fivecoat-Campbell, Next Avenue A friend with whom I had previously worked with instant-messaged me on Facebook a couple of years ago and asked, “Hey, have you applied for your pension?” We had worked together 35 years ago in the credit department of a major bank. I replied, “Pension? We get a pension?” She

I was challenged recently by a quote that has been ringing in my head ever since. Perhaps it stuck with me because it first seemed to contradict my own conviction—that the missing ingredient in most financial plans is thoughtful intention, bringing a greater sense of purpose to our planning—but I now see the quote more

By Lucy Lazarony, Next Avenue Kathi Balasek was still grieving for her late husband when she decided to buy a new car. She soon learned why people discourage recently bereaved family members and friends from making big financial decisions like buying a car while still grappling with their loss. “I bought a car I didn’t

Attitudes about the obligation to provide care for an aging parent in failing health vary. In some families, there is an unspoken expectation that it is the daughter’s job to provide this care, despite the fact that there is no legal obligation for any particular person to do so. Rarely does the son or son-in-law

One of the goals of the Inflation Reduction Act is to lower drug costs for Medicare beneficiaries. The biggest step toward that goal will be the implementation of the $2,000 cap on Part D out-of-pocket costs starting in January 2025. Nearly 19 million Part D enrollees could save $400 and almost two million with the

The golden years are something to anticipate. Life is expected to become easier and less complicated with time for family, traveling, and hobbies becoming attainable. A comfortable retirement is part of the American dream; however, this dream has a price tag and the burden of saving for retirement luxuries has fallen to the individual. Each

The self-employed have the potential to earn more, and build wealth faster than a traditional employee, if their business allows. If not managed correctly, though, a solo owner can also find themselves well behind retirement unless they take proper steps to save. This reality was highlighted again with new research looking at the self-employed savings

This month, the U.S. Senate’s Special Committee On Aging held a hearing to address elder financial fraud. It is entitled Fighting Fraud: How Scammers are Stealing from Older Adults. Ranking member Senator Braun stated that Medicare fraud alone cost taxpayers $60B in 2023. The committee thoroughly explored the broad topic of financial elder abuse and

Surprisingly, many retirees return to work for reasons other than finances. According to T. Rowe Price’s recent, Retirement: Saving and Spending Study, 20% of retirees are working and 7% are actively seeking work. While many people work in retirement for financial reasons, the study found that 45% of recent retirees chose to work for social

Have you heard of Naval Ravikant? He’s a famed early-stage investor who’s become one of the most rabidly quoted for modern-day wisdom. I caught a video clip of his recently that, while only 52 seconds long, contains weeks’ worth of wisdom on the notion of true wealth. By the way, true wealth is distinguished from