The number of senior households with debt increased from about 44 percent in 1989 to just over 61 percent in 2013, according to the Federal Reserve Board's Survey of Consumer Finances. The median debt in households headed by people 60 or older rose from $9,038 in 1989 to $40,900 in … [Read more...] about Will your heirs have to pay your debts? Maybe
Whether permanently or temporarily, by choice or by circumstance, many of us are self-employed these days. We're in this gig economy, where so many of us are making our own livings with our own small businesses. That's great. Except for one thing: People who are self-employed have to provide their … [Read more...] about How to create a retirement plan when you’re self-employed
We've all heard the sad stories: A senior citizen was fleeced out of his home by an unscrupulous caregiver. A home repair worker turns out to be a thief who takes all the jewelry. A call announcing you've won a prize turns out to be a ploy to get you to empty your bank … [Read more...] about How to protect yourself (or your parents) from scams against seniors
The baby boom generation currently funneling through retirement is altering the traditional practice of sudden and complete withdrawal from the labor force. The new trend is towards “phased retirement.”According to the U.S. Bureau of Labor and statistics report on older workers, many people of … [Read more...] about 9 interesting, fun jobs for retirees
I recently saw an interview with the Acting Director of the Social Security Administration (SSA) discussing retirement preparedness in the US. The statistics she gave were startling: For 61 percent of elderly beneficiaries, Social Security provides the majority (more than 50 percent) of their … [Read more...] about How much will I get from Social Security?
Whether you're a twenty-something who has just gotten your first job or you've been out in the world of work for decades, here is how to start investing. First of all, good for you! The earlier you start saving, no matter how much it is, the more money you will have later. And if you're … [Read more...] about How to get started investing
Medicare open enrollment is a time each year during which people who are on Medicare can change their health plans or their prescription drug coverage for the following year. This year’s open enrollment period is from Oct. 15 through Dec. 7. Here are your benefit options: Original Medicare: … [Read more...] about Medicare open enrollment: How to pick a plan
We don't like to talk about the end of our lives, but it's something that is important to plan for, both for ourselves and for those we leave behind. These days, estate planning includes not only who will inherit our worldly goods when we die, but also what will happen to our digital … [Read more...] about What happens to your online life when you die?
As retirement gets closer, Americans know they need to save more. But what is the best approach for the over 50 crowd? As you near the end of your working life, are you better off putting money in a company 401(k), an individual retirement account or a health savings account? The self-employed, who … [Read more...] about Best savings options for people near retirement
For many, investing is scary. Memories of the financial crisis and stock market crash of 2008 and 2009 and the tech bubble burst in the early 2000s scare many consumers away. On top of that, the myth that you need a substantial amount of capital to start investing persists. With worries about stock … [Read more...] about How to find extra money to invest this year
Many Americans fear they’ll never be able to retire, but there are those who are able to retire early, saying goodbye to the rat race before they hit 60 and pursuing their true passion. For many, that passion includes continuing to work, but at their own pace and doing something they truly … [Read more...] about Early retirement: How 3 people did it
As the baby boomers get older, they face an important question: Who is going to take care of them when they can no longer care for themselves? About 13 percent of Americans try to answer this question by buying long-term care insurance, which is a fraction of those who will need help. Yet issues … [Read more...] about Should you buy longterm care insurance?