Retirement Planning: Understanding Social Security Benefits

Social secruityNavigating the issue of Social Security benefits (SSB) can be a difficult process for individuals nearing the age of retirement.

Generally it is advised to wait as long as possible before taking SSB, however it is sometimes necessary for an individual to begin collecting these payments early. If the individual is able to continue working while collecting social security benefits it may be possible to increase the overall profit.

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Things to consider before getting long term care insurance

As the population gets older, it seems that more companies are offering long term care insurance.  Yet, is it really necessary? There are many assumptions around long term care insurance, specifically that you or a loved one will one day become sick enough to need the kind of care, such as assisted living or nursing home, that long term care insurance provides.

Yet, many experts agree that unless you have substantial assets, long-term care insurance is a must.  After all, Medicare and health insurance do not cover the long term custodial care (i.e. assistance with activities of daily living) that most seniors need after a serious illness. According to an article on Forbes.com, there are things to consider before signing up for long-term care insurance, since not all companies offering long-term care insurance are created equal.

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