Increasing Financial Confidence of Older Americans and Adult Children

Young female explaining her senior father how to fill in paper

Do These Things for Better Retirement Planning Retirement planning is at the forefront of a lot of Americans’ minds, considering a top concern is not having enough money. Magnifying this is stock market cycles surrounding COVID-19. Those who felt confident at the beginning of 2020 now have reason to question their preparedness. Moreover, adult children are getting increasingly involved, asking new questions related to economic concerns, healthcare costs and living arrangements. Are older Americans and their children/caregivers on the same page? We asked more than 1,300 American adults 65 and older to share their perspectives on personal finances, retirement decisions

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10 Job Roles For Aging Parents

Senior gardener selecting a tree.

Many people believe that they are now old and don't have to work anymore, but this isn't the case anymore. With growing age, you learn many lessons, and one of these is to work as long as you can and put your experience to good use. It is best if you never relied on others, not even your children. Moreover, working elders are more likely to stay fit and healthy for longer because their brains and bodies are active. According to a research report by the Bureau of Labor Statistics (BLS), more than 40% of old age people ranging at

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4 Questions to Ask Before Buying Long-Term Care Insurance

My wife, Gina, and I are in year five of owning and running a home care agency, and we've experienced firsthand the pain of families struggling to pay for it. After Gina and I helped managed care for my mother, Emily, as she transitioned into an assisted living facility near our home, we knew we couldn't afford NOT to have a LTC plan. There are so many options, riders, qualifications and all of this was completely overwhelming. Ultimately, the entire process took us about eighteen months, but we did finally choose a long-term care insurance policy that was right for

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How to Make Backdoor Roth IRA Contributions

How to Make Backdoor Roth IRA contributions

Many investors are enticed by the long term benefits of a Roth IRA. Unfortunately for those who do participate in an employer sponsored retirement account, such as a 401k, and earn a high annual income (over $116,000 for single filers and $183,000 if you are married, filing jointly), you are unable to make a Roth contribution. How to Make Backdoor Roth IRA contributions Fortunately, there are ways around this. There are steps outlined below that can be taken, which would allow a high income earner to move after tax funds into their Roth IRA. This is only possible because there are

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Can You Afford to Age in Place

As many Americans are living longer these days, many may be asking themselves, can I afford to get older? Can You Afford to Age in Place According to the Social Security Administration, the life expectancy of Americans is well into their 80's. We take a look at how elderly people are getting by and not breaking the bank as they age. It's inevitable that everyone will experience a sickness in their lifetime, but what would you do if the next time you fell ill it would bury you financially. Can You Afford to Age in Place For many people over the age

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10 Tips for Picking a Place to Retire

Once you retire, you're free to head to the beach or golf course. In some cases, you can even dramatically reduce your cost of living or improve your quality of life with a single move. But you want to make sure that a retirement spot will continue to meet your needs as you age. Here are 10 tips for finding your ideal retirement spot. 10 Tips for Picking a Place to Retire Seek lower costs. If you can sell your house in an expensive city and move to a place where housing costs significantly less, you can use that influx of

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Life Insurance 101

Comparing Life Insurance

Life insurance is one of the pillars of personal finance, deserving of consideration by every household. I’d even go so far as to say it’s vital for most. Yet, despite its nearly universal applicability, there remains a great deal of confusion, and even skepticism, regarding life insurance. Life Insurance 101 Perhaps this is due to life insurance’s complexity, the posture of those who sell it or merely our preference for avoiding the topic of our own demise. But armed with the proper information, you can simplify the decision-making process and arrive at the right choice for you and your family. To

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Dealing with the First Year of Retirement

Dealing with the First Year of Retirement

The first year of retirement can be the hardest part of this new way of life. Many people find themselves feeling alone. They feel like no one cares too because everyone around them thinks they are envious of their new life of not working and doing whatever they want. The truth is that it’s not all that’s its cracked up to be. Actually, many retirees will go back to work just because they can’t handle the change in their life. Is that the answer, though? Many times, it’s not. Going back to work just brings back the old life. There’s

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Retirement Lessons to Teach Your Children

Menopause and Perimenopause Tips

Retirement Lessons to Teach Your Children Many individuals are finding that they must postpone their retirement target dates or cancel retirement because they are not financially ready for it. If you find yourself in such a predicament, you may find solutions to this dilemma if you look carefully. If not, you've at least learned a valuable lesson - one that you can and should pass on to your children. Let's look at some of the sometimes-harsh lessons the current generation of retirees and pre-retirees has to teach. Retirement Lessons to Teach Your Children Lesson No.1: Don't Finance Your Children's Higher Education at

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