My Senior Health PlanHow to Convert Your Life Insurance to an Annuity
If you want to convert your life insurance policy to an annuity—or are thinking about it—there are some key things to take into consideration. Imagine this scenario: Tom will retire in a few years. Decades ago, he opened a life insurance policy to provide security for his young family. His children are grown now and financially secure. He continues to pay the insurance premium but feels the policy is more than he needs. He’s considering transferring the policy to an annuity to provide a stream of income for his retirement. But he knows annuities can be complicated—mostly because there are
Continue readingFinal Expense Insurance: Is It Right for You?
Final expense insurance is an option you may consider as you organize your retirement details. In the event of your death, having a plan in place can help family members take care of your funeral and related expenses—without financial stress. But where do you start? There are many options to cover end-of-life costs. Additionally, talking to loved ones about death can be difficult. Here are some tips to get you started: What is final expense insurance? Final expense insurance is a policy that you purchase to cover any expenses related to your death. That includes medical fees and funeral costs
Continue reading
Carol MarakTips on Saving Money for Retirement
A great question to ask when buying something, especially big ticket items, "Is this the best you can do?" It doesn't hurt to ask. A recent article at Money features Sam Parr, founder of The Hustle, a media company that produces a popular business newsletter, has raised over $1.3 million in funding. Parr credits most of his success to the smart money habits. Save More If you're frugal and shop smart, you can put what you save into a retirement account, don't just leave that extra money sitting in the bank. Put it in a savings account. Aside from saving
Continue reading
Guest BloggerCan I Get Medicaid if I Transfer All of My Assets to My Spouse?
In the past, to avoid exceeding Medicaid’s income and asset limits, many individuals transferred their assets into the name of other relatives, particularly when nursing home care was immediately needed. Now, Medicaid takes into account all asset transfers made in the preceding five years prior to an application for Medicaid benefits (this period is called the “look-back” period). If such asset transfers were made, Medicaid may assess a penalty period, which will delay the commencement of Medicaid benefits. However, as discussed below, it is crucial to understand that not all assets are counted for Medicaid benefits determination and that some
Continue readingAnnuities and Qualifying for Public Benefits
Do you own an annuity? Annuities are a complicated subject and even more so when it comes to their effect on the Medicaid or VA Aid and Attendance application process. How can an annuity impact a person’s ability to qualify for Medicaid or VA benefits in the future? Before I answer the question, let’s start with some basics. Annuities are creditor protected insurance products that guarantee income. A qualified annuity is a financial product that accepts and grows funds. Premiums for qualified annuities are generally paid with pretax dollars, as are any investments purchased for use in a qualified retirement plan. “Qualified” is a descriptor given
Continue reading
Kylie JohnsonHow can identity thieves use your personal information?
If an identity thief gets ahold of your information, it can be used in many ways. Your Social Security number can be used to create new accounts, take out a loan or apply for a job. Your bank account can be drained and fraudulent purchases can be made. Someone can use your information to see a doctor or get prescription drugs. If you lose your driver’s license or your wallet is stolen, someone might use your ID to avoid a DUI or speeding ticket or might try to purchase controlled items. If you’re a parent, teach your kids safe online
Continue reading
Jeff DaileyUltimate Guide to Burial Insurance for Seniors
With about 40% of adults in the U.S. foregoing life insurance, it makes sense to discuss how this can affect family members and close friends. For those of you who have played a part in financing a funeral when an uninsured family member or friend has passed away, certainly, you are intimately familiar with the financial burden that can accompany the grief of losing a loved one or close friend. Ultimate Guide to Burial Insurance for Seniors When the market crashed in 2007, practically every working person in America felt the impact. Many seniors who were hoping to stop working postponed
Continue reading
Rod SpurgeonHow to avoid mistakes with online bill payments
Donny sat down at his desktop computer at the end of the month as usual and began the process of paying his bills. Time was not on his side this day as his favorite football team prepared to take the field in 20 minutes. Soon, his friends would arrive to watch the game with him on television, and he still had to prepare game time snacks. With his mind on the upcoming event, Donny quickly moved through the bill payment motions. He opened up a web browser and sent one payment after another, including electricity, gas, water, telephone, and then
Continue readingOur Term Life Insurance Is Expiring. Now What?
Your term life insurance is about to expire, you’re retiring, and the kids are gone. This is a good time to determine your insurance needs and weigh your options. Here’s how to choose the best course of action for your ending-soon term life policy. Start with these 3 questions: Do loved ones need your financial support? People often buy a term life policy when they get married, buy a house or have their first child. This type of cost-effective policy provides financial security for your family in the event of your passing. Now that your children are grown and independent,
Continue reading