The recently released MetLife long term care market research study shed a lot of light on how challenging it is to make long term financial plans. The average annual cost for a yearlong stay in a private room in a nursing home went up by 4.6% in 2010 over 2009, reaching a hefty $83,585. The charge for a year's residence in an assisted living facility in the United States rose 5.2% from $37,572 to $39,516 on average. Industry analysts expect this upward trending to continue, so if you are making … [Read more...] about VA Benefit Can Defray Long Term Care Costs
McClellan: Medicaid won’t pay bills for man whose widow had IRA
Upon reading the following article, I decided to write Bill McClellan. The message to Mr. McClellan appears below. http://www.stltoday.com/news/local/columns/bill-mcclellan/article_7be7b2e2-5a78-5b4b-a56e-1141414b6b3c.html Mr. McClellan: I read your article entitled, “McClellan: Medicaid won't pay bills for man whose widow had IRA”, and I wanted to pass on the following thoughts: I am an attorney for the St. Louis County law firm, Purcell & Amen, L.L.C. We focus our practice on … [Read more...] about McClellan: Medicaid won’t pay bills for man whose widow had IRA
High Profile Retirement Planning Lesson
Even if you are not a big fan of NFL football it would be hard not to be aware of the long-term retirement planning seminar that the great Minnesota Vikings quarterback Brett Favre has been putting on for the last several years. It should first be noted that Favre is statistically the greatest player at his position in the history of professional football, and he held this distinction when he first decided to retire after the 2007 season. His emotional retirement announcement on national … [Read more...] about High Profile Retirement Planning Lesson
Age Is A Just Number
People tend to get serious about the process of estate planning and preparing for the eventualities of aging as their retirement years start to come into focus, and this is understandable. Sometimes a picture is worth a thousand words, and when you are younger you are surrounding by the backdrop of youthful endeavors. As a parent of dependent children you can relate to the lives of your kids more than you can the experience of your parents and grandparents. After all, you can remember your own … [Read more...] about Age Is A Just Number
A Different Type Of Long-Term Planning
While you are still involved in your career as your primary focus you will invariably be working on your long-term financial plan in an effort to prepare for an active retirement and the twilight years that will follow. When you work together with an estate planning professional you are going to be looking at averages when you are projecting costs, and this is the only logical way to proceed. But if you want to use the right numbers you have to drill down a little bit further, look past pure … [Read more...] about A Different Type Of Long-Term Planning
Elder Law & Retirement Planning
The field of elder law is something that is growing at the present time largely due to the burgeoning elder population. The fact is that people are making healthier choices and enjoying access to ever-advancing medical technology, and that is prolonging the length and the quality of our lives. This is great news, but when you can logically anticipate a long retirement, you need to plan accordingly. Looking ahead is key, and it is important set your retirement goals and work toward achieving … [Read more...] about Elder Law & Retirement Planning
The Three Stages of Retirement
If you are going to retire or are already retired, you might be getting worried about your finances in the future. You can better tackle these worries if you understand your monetary requirements during your retirement. The Three Retirement Stages As financial planner Michael Stein covered in his book The Prosperous Retirement: Guide to the New Reality, there are three stages in the retirement phase of life. Your monetary requirements for each phase will differ: The go-go stage: This is the … [Read more...] about The Three Stages of Retirement
I’ve Retired… Now What?
You put in all those years of slaving away only to hit your retirement age and wonder what you'll do with all your free time. You can travel, of course, or maybe finally get to all those home projects that have been building up over the years. Or you could go back to work. Working after retiring has become more commonplace as seniors find themselves bored or unable to live on the money they receive from Social Security, pensions, investments, savings or IRAs. Working after retirement doesn't … [Read more...] about I’ve Retired… Now What?
Retirement Planning for Your Future
Retirement planning is a necessary component of our lives and one that you focus on as early as possible. The sooner you start investing in a retirement plan, the more money you can accumulate before you reach retirement age. Here is a basic rundown of two common retirement plans, the 401(k) and the IRA. 401(k) 401(k) plans are typically started by a business for their employees. Employees who buy into the 401(k) plan enjoy several benefits. These plans allow for tax deferred growth as well as … [Read more...] about Retirement Planning for Your Future
