Fifty Plus Guide. Www.alz.org/downloads/facts_figures_2013.pdf. Social Security: Planning Tips by Age.
Social Media General. Alzheimers Hidden Costs. How to Pick a 2013 Medicare Part D Plan. Retirees get to choose a new 2013 Medicare prescription drug plan during the annual enrollment period from Oct. 15 to Dec. 7, 2012. Premiums, covered medications, and out-of-pocket costs change each year, so it's a good idea to shop around for a new plan even if you're happy with your current coverage. Here's how to pick a Medicare Part D plan that will best meet your prescription drug needs in 2013: Compare premiums. The Centers for Medicare and Medicaid Services expects the average 2013 monthly premium for basic prescription drug coverage to be $30 in 2013, which is essentially unchanged from 2012. However, some existing Part D plans will have significant premium increases. Average Part D premiums for current plans will increase by 6 percent in 2013, according to an analysis of Centers for Medicare and Medicaid Services data by Avalere Health, a healthcare consulting company.
Retirees will need to shop around for new plans to avoid sometimes significant premium hikes. Obamacare Aims to Close Medicare 'Doughnut Hole' Summary.pdf. Reducing the Stress of Pre-Retirement | Jacob Gold. The end of the year is often a stressful time, with holiday commitments, extra expenses and the pressure to finish up old projects and set new resolutions for the year ahead. These demands are not unlike those that hit pre-retirees, who may often find their own stress levels rising as they think about everything that must be in place before they can move into the next phase of their lives. Retirement is becoming real for pre-retirees, and many are concerned about whether they are really "retirement ready". No matter the source - holidays, retirement, work or family - stress can take a heavy toll on your health, mental state and wallet.
How you prepare for and deal with it can make a world of difference in how it impacts you. Interesting new research from ING U.S. shows a striking difference between pre-retirees and retirees in terms of their life stress. There are certain macro forces at work that are likely driving more stress for pre-retirees. Your Early Retirement Years - Wells Fargo Conversations. Budgeting for the first years of your retirement can be tricky since many people don't realize how much money it costs to be retired. Among the first rules to remember? You'll need to account for both leisure activities and expenses, like health insurance, that were once covered by an employer. Karen Brown Josephson, Vice President and Senior Wealth Planner for Wells Fargo Private Bank, recalls one client who envisioned spending $140,000 a year in retirement.
But each time Josephson and the client met, the client thought of items that made that number grow — $10,000 for an annual trip to Europe, $14,000 a year in gifts to her five grandchildren — to an annual total that eventually reached $220,000. Underestimating retirement expenses is a common issue. Get down to fundamentals To prepare for household costs in the first years of retirement, Josephson suggests borrowing a page from business financial management: writing a cash flow plan.
Samuel J. Photography by Thinkstock. Why Hire a Geriatric Care Manager? During one especially dicey period with my mother, then in an assisted living facility, my brother and I hired a geriatric care manager, first for a consultation and then for additional help at an hourly rate. It felt like such an extravagance, given that we weren’t rolling in money, but the care manager helped solve a series of complex problems that I doubt I’d have solved by myself, mostly involving brokering a compromise with the facility, whose management wouldn’t let me hire a private aide for my mom but could not provide what she needed.
Relations had soured to the point that all I could do was scream at them, which was making a bad situation worse, so having an advocate was a blessing. Also, the care manager, who visited regularly with my mother, often was privy to concerns she was keeping from me, and she was always there for me by telephone, which was a lifesaver. Many of you have asked questions about geriatric care management and how it is performed. What is day care? Long-Term Care Costs 101. MISSION, KS--(Marketwired - Nov 7, 2013) - (Family Features) There are important realities every American must know about long-term care.
Long-term care is more expensive than most people think. And, most importantly, the cost of care is usually paid for out of savings and income. About 70 percent of people turning 65 can expect to need some kind of long-term care as they age. A number of public programs, including Medicare and Medicaid, may help pay for some long-term care services under certain circumstances. However, each program has specific rules about what services are covered, how long you can receive benefits, whether or not you qualify for benefits, and how much you have to pay in out-of-pocket costs. To accurately plan for your long-term care needs, it is very important to know the facts about what may or may not be covered.
Medicare does not cover custodial long-term care services. Long-term care insurance is designed to cover long-term services and supports. Assessing the Costs of Caring for an Aging Relative. Estimating Long-Term Care Costs in 2013 and Beyond. Whether it's a short stay at an assisted living facility, around-the-clock care from an in-home nurse or even help from younger family members, roughly half of all Americans 65 and older will require long-term care. Improved medical technology is saving and prolonging lives, but accidents and degenerative diseases can diminish the independence of even the most seemingly-healthy seniors. Unfortunately, Medicare bears little to no responsibility for the costs of long-term care, and the recent Affordable Care Act has reduced government coverage even further. No matter when they plan to retire, Americans in their 60s, 50s and even 40s need to start planning and saving for these additional expenses.
Of course, it can be tough to determine just how much money will be necessary for long-term care. People who've already seen signs of dementia, arthritis or other chronic conditions can count on high costs, but strokes and falls can easily throw a wrench in the works. Health Care Costs - Budget Your Retirement Savings. Even if you face no other costs, paying for premiums and deductibles for the traditional Medicare choices of Parts A, B and D (rather than opting for the Medicare Advantage program known as Part C) can quickly eat up retirement savings.
Consider: Part A covers inpatient hospital costs, stays in skilled nursing facilities, home health care visits and hospice care. Most beneficiaries pay no premium for Part A, but there is a deductible of $1,184 this year for inpatient hospital stays. Part B, which covers doctor visits, outpatient services, preventive care and some home health visits, does charge a premium, and in 2013 the standard monthly premium is $104.90 — or $1,258.80 for the year.
The deductible is $147. Part D, the drug plan that had more than 32 million beneficiaries enrolled in 2012, charges an average monthly premium of about $40 — or $480 a year. Put it all together and you're looking at $3,069.80 a year for basic Medicare coverage, assuming you meet your hospital deductibles. Should You Purchase Long-Term-Care Insurance? Should You Purchase Long-Term-Care Insurance? Estimating Long-Term Care Costs in 2013 and Beyond. Long-term Care: Perceptions, Experiences, and Attitudes of Americans 40 or Older | NORC.org. Chicago, April 24, 2013—The Associated Press-NORC Center for Public Affairs Research announces the publication and availability of a major survey that provides a new baseline of understanding about what Americans 40 years or older believe about their need for long-term care services, what such care would cost, and how such issues fit into their concerns about growing older.
The survey reveals that while there is widespread concern among this population about the need for long-term care, little is being done to plan for it. Funding for the survey was provided by The SCAN Foundation. “It is estimated that 70 percent of Americans who reach the age of 65 will need some form of long-term care for an average of three years each,” said Trevor Tompson, director of the AP-NORC Center.
“The rapidly aging population brings with it important social and public policy questions about preparing for and providing quality long-term care. Statistics about the aging of America are compelling. Abuse of elderly is on the rise.
5 Steps to Consider Before Retiring - Wells Fargo Conversations. Vibrant, artsy and laid-back with near-perfect weather, San Diego is highly rated as a place to retire. Updated January 2014 — Whether you’re 30 or twice that age, it’s never too early to start planning for your retirement. That means thinking now about what age you want to retire, how you see your retirement, and the financial moves you need to make to help get there. Chris Considine, Senior Director of Planning at Wells Fargo Private Bank, and Pat Armstrong, Head of Family Dynamics for Abbot Downing, share some retirement planning steps to consider. 1. Try out that new location before you move. Many retirees take for granted that they’ll move to a new part of the country upon retiring, but make sure you think through the benefits and any drawbacks first, Armstrong advises. Are you up to the effort of making new friends or do you prefer the comfort of familiar faces?
"Before making a major move, spend some time there and make sure you like it," Armstrong says. 2. 3. 4. 5. When a Client Becomes Severely Ill. Obamacare, Medicare Maze: What Advisors Need to Know. This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the bottom of any article. October 24, 2013 Dr. Katy Votava of GoodCare offers practical steps to financial advisors to help their affected clients (there are more than you think) Since President Obama signed the ACA in 2010, financial advisors have had lots of questions.
(Photo: AP) The difficulties users of the federal health care website, HealthCare.gov, are experiencing is the subject of hearings on Capitol Hill and much gnashing of teeth among politicians and pundits, but what practical steps can financial advisors take to help affected clients? “I’d take the old-fashioned approach,” says Dr. “Every state,” Votava says in a phone interview with ThinkAdvisor, “has community organizations available to talk to people face to face.
(Check out Top 10 Cheapest States for Long-Term Care Costs on ThinkAdvisor.) Protecting Your Savings from the Cost of a Long-Term Care Illness | The Chicago Financial Planner. This is a guest post by Dagmar M. Pollex, J.D, an estate planning attorney based in Braintree, MA. The topic of protecting one’s savings from the cost of a long-term care situation is a key retirement planning issue for Baby Boomers approaching retirement and those already in retirement.
Additionally it is a major concern for those with aging parents as well. Today, the risk of losing your life savings to a long term care illness looms as the largest threat to your future security. That’s why one of the biggest questions and concerns many people have about their lifetime financial security is what would happen if they suffer a long term disabling illness, such as Parkinson’s disease or Alzheimer’s. The reason for this concern is clear. The cost of long term care varies according to where you live. Long-Term Care Insurance Medicare does not cover this cost so without long term care insurance, it wouldn’t take long for most families to lose all of their hard-earned life savings. Assessing the Costs of Caring for an Aging Relative. Health Care Costs - Budget Your Retirement Savings. Aging in Place, Universal Design Can Help People Age in Their Homes - AARP Bu...
An AARP national survey in November found that two-thirds of those age 45 and older want to remain in their homes as long as possible. The percentages tend to increase, up to 90 percent, as people age. Architects and designers have responded by creating ways to make homes safe and livable for all stages of life. Once an issue just for older people, universal design is now more broadly applied to all ages and all stages of life. "It's becoming increasingly more popular and available," said AARP spokeswoman Nancy Thompson. Jackson sees more people among his clients planning ahead, "even if they're able-bodied now. They want to age as much as possible in their own homes. " Aging boomers have pushed architects to focus more on multigenerational housing, said Grace Kim, cofounder of Schemata Workshop in Seattle.
Next: What's in a winning Universal Design home? When Your Client Has Alzheimer’s | Wealth Planning content from WealthManagement. If Alzheimer’s disease isn’t on your radar yet, it should be. As the baby boomer generation ages, the number of people with Alzheimer’s will climb: an estimated 16 million are expected to suffer from the disease by 2050, up from 5.4 million today, according to the Alzheimer’s Association. One early sign of the disease is trouble managing money, which puts financial advisors on the front lines.
What’s more, according to Fidelity Investments, Alzheimer’s can double the amount of money a couple will need in retirement. Advisors can offer a critical service by helping clients plan for both dementia and devastating costs. “Getting together your financial team is just as important as getting together your medical team,” said Angela Geiger, chief strategy officer for the Alzheimer’s Association. “One thing we’re looking at is talking to firms and professionals about how to start that conversation,” Gannon said. Making a plan well beforehand is key, Scrivner said. Seeing the Signs Protect Yourself. Poll: Half of Older Workers Delay Retirement Plans. CHICAGO (AP) -- There was a time when Tom Sadowski thought he'd stop working after turning 65 earlier this year. But he's put off retirement for at least five years — and now anticipates continuing to do some work afterward.
In an illuminating sign of changing times and revised visions of retirement, an Associated Press-NORC Center for Public Affairs Research poll released Monday finds older Americans like Sadowski not only are delaying their retirement plans, they're also embracing the fact that it won't necessarily mark a complete exit from the workforce. Some 82 percent of workers 50 and older say it is at least somewhat likely they will work for pay in retirement. And 47 percent of them now expect to retire later than they previously thought — on average nearly three years beyond their estimate when they were 40. "At this age, my dad had already been retired 10 years and moved to Florida," he said. "I'd love to be sleeping in," she said, "but I will probably never retire. " Protecting Your Savings from the Cost of a Long-Term Care Illness | The Chicago Financial Planner.
Should you use a financial advisor for healthcare? Health care planning for retirees Tuesday, 29 Oct 2013 | 1:46 PM ET Financial planners are also beginning to advise clients on changes in retiree health care programs, reports CNBC's Sharon Epperson. If it wasn't already difficult saving for retirement, uncertainty about the cost of health care has become a major concern. Would you turn to a financial advisor for guidance? Perhaps, but you'll need to do some vetting to figure out if your advisor is the right choice. The Affordable Care Act has resulted in many new developments for the delivery of health care, which is also making retirement planning even more challenging for advisors. Dr. (Read more: What you should be asking your financial advisor) "I find that most people are more comfortable talking about their health-care problems than they are about their financial issues because health problems aren't under your control," said McClanahan of Life Planning Partners in Jacksonville, Fla.
Medicare's 'Observation' Status Can Cost You Big. Americans Keep Pushing Off Retirement Plans. What Part B covers | Medicare.gov. Health insurance tips for seniors. John J. Bowen Jr.: Help Clients Protect Their Wealth. How much does Medicare Advantage cost? The Hidden Costs of Medicare. BitterPill.pdf. Nationwide Healthcare costs study 2012. Age-wave-Survey. Health Care Costs - Budget Your Retirement Savings. Planning for Care Costs | Caregiver Center. Www.caregiving.org/data/Evercare_NAC_CaregiverCostStudyFINAL20111907.pdf.
Connecting Health To Wealth. Is Your Firm Prepared for Alzheimer's? How to Communicate with Clients with Dementia. Who Gets the Beach House? A How-To for Advisors on Helping a Family Decide. Strategies for Serving Clients Online. Advisors Overwhelmed by Product Pitches: Study. Some Clients Overspend on 'Guys' The Importance of Prioritizing Family Financing. 201309_cfpb_elder-abuse-guidance. Banks can help spot elder financial exploitation and abuse. Elderly man scammed for thousands, kids’ lives threatened | The Lookout. Aging in Place: Senior Living and Universal Design.
Survive the Medicare Enrollment Maze. What to Make of The Affordable Care Act. A Guide to Affordable Dental Care. Q & A: Medicare and the Insurance Exchanges. AARP: Self-actualizers more confident about finances, retirement. Www.alz.org/downloads/facts_figures_2013.pdf. Long Distance Caregiving, Hiring a Caregiver, and Medicare. Long term care: Early planning pays off. A New Tool to Calculate Long-Term Care Needs. Five Ways to Get Families to Talk About Finances. Assessing the Healthcare Expenses in Retirement. What Advisors Need to Know about Health-Care Planning. Patients Mired in Costly Credit From Doctors.
Health Care Costs - Budget Your Retirement Savings. Top 10 Threats Facing Investors, Small Businesses.