What you should know about drawing social security income

Social secruityMany people don’t know that you can start receiving Social Security retirement benefits as early as age 62 or as late as age 70. The monthly benefit amount you are eligible to receive will vary based on the age at which you start receiving it. In this post we will share some tips and information to help you plan for when to apply for your SS benefits.

If you choose to start receiving your SS benefits early, they will be reduced based on the number of months you receive them prior to reaching full retirement age. The amount of the reduction will depend on the year you were born.

If you have excess earnings, some of your SS benefits may be withheld until you reach full retirement age. At that time, the Social Security Administration will recalculate your benefit amount and give you credit for any months in which you didn’t receive SS benefits because of excess earnings.

If you wait until full retirement age to apply for benefits, your benefits will not be reduced. If you decide to delay your SS benefits until after full retirement age, your benefits will be increased based upon the number of months you didn’t receive benefits between full retirement age and age 70.

If you hold off until reaching full retirement age, be sure to apply within 6 months of attaining full retirement age. The Social Security Administration will only pay benefits for the previous 6 months. So don’t delay in applying!!

Once you reach age 70, there is no additional benefit increase, even if you decide to delay taking your SS benefits.

Be aware that the Social Security Administration pays SS benefits the month after they are due. So if you want your SS benefits to start beginning in January, you will receive your first check in February. Be sure to factor that one month “delay” into your calculations and planning.

If you have questions about social security or the timing of your retirement benefits please contact Newman Elder Law at 267-288-5765.

https://www.ssa.gov/planners/retire/applying1.html

Make Sure Your Wishes Are Carried Out

Cute 80 plus year old married couple posing for a portrait in their house. Love forever concept.The importance of making end of life preparations cannot be stressed enough. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them when it comes to making plans and getting their affairs in order for the end of life. However, most of these same people have wishes and thoughts about where and to whom their assets are distributed. Many of them also have ideas about what they do and do not wish to have happen when their life ends. Lack of preparation and planning means that these wishes likely will not be honored. In addition, it causes additional strain and stress on the people who are left to sort out the affairs. An example of this is the story of Frances.

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Senior Housing Trends in 2018 and Beyond

2018 TrendsMarkets driven by the consumerism of the baby boom generation are changing senior living, and there are more options available than ever before. Medical and technological advancements and a shift to a more customized, individual lifestyle preference are leading the way for seniors to age more securely and comfortably. Senior communities are looking less like institutions and more like homes. Infusing technology with medical support in assisting seniors is a giant step forward in reshaping the way people provide care and when necessary intervention.

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Identity Theft – How Seniors Can Protect Themselves

Protect personal identity concept of privacy theftWhile identity theft affects people of all different age groups, more and more senior citizens are becoming targets of this crime.

There are a few different reasons why older people fall prey to identity thieves:

  • After a lifetime of saving, they have more money than younger people
  • More people have access to their personal info, thanks to nursing homes and the health care system
  • Seniors tend to be more trusting and may not see the signs of identity theft
  • Older people are less likely to report identity theft out of fear of losing their independence

Fortunately, there are steps seniors and their caregivers can take to avoid falling victim to identity theft.

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Paying for Long-Term Care – A Creative Approach

Medicaid word cloudThe business of selling long term care insurance has changed dramatically over the last 20-30 years, which in turn has affected how senior citizens protect their assets.

What was once a busy marketplace of more than 100 insurers vying for long-term care dollars, has shrunk to a group of fewer than 20.

This was because many insurers drastically underestimated how long their policy holders would live, and how many claims they would file.

As the Wall Street Journal reported earlier this year, the insurance industry is in the midst of something of a panic trying to cover its losses, which means that many senior citizens who have long-term care policies are seeing significant rate hikes, some as high as 90 percent.

This leaves them with an almost impossible choice: pay this steep increase or walk away from coverage you’ve been paying into for years, if not decades.

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You Against the World? What it Means to “Solo Age”

Although Baby Boomers are living longer, healthier lives, they’re often doing so on their own.solo aging

It’s what’s known as “solo aging,” a term for what happens when a senior has no children or younger family members to help them as they get older.

There was a time when getting older meant going to live in a nursing facility or moving in with younger family members who could help tend to a senior’s needs.

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What to Consider in Retirement Planning

retirement money

Read up on retirement planning in America, and you come across some pretty startling statistics:

  • One in three Americans have no retirement savings. The same number of people say they expect to work in retirement to supplement their income
  • More than 40 percent of single seniors over 65 get at least 90 percent of their income from Social Security
  • Even healthy couples will pay close to $400,000 on health care in retirement

With all that in mind, it becomes painfully apparent how important it is to plan for retirement, yet it’s a process that many people aren’t even sure how to approach.

With that in mind, we’d like to suggest some questions you should ask to help start putting together your retirement plan.

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Choosing the Right Trustee

Choosing the Right Trustee

When planning for your loved ones’ future, you may consider creating a trust to protect assets set aside for them. If you create a trust, you will need a reliable and trustworthy person to name as the trustee who will manage the trust. Choosing the correct trustee is an important decision because he or she will be responsible for carrying out your wishes when managing the trust.

The trustee will be responsible for duties such as managing investments, paying bills, preparing tax returns, and managing other accounts within the trust.

Before choosing a trustee, consider the following points that will help you determine who will be best suited for the role.

1. A trustee must be over the age of eighteen and capable of managing his or her own affairs successfully.

2. The trustee should be completely trustworthy and committed to the beneficiary’s best interests.

3. The trustee should be able to make sound judgments and have a strong understanding of his or her duties as the trustee. While not required, legal or financial expertise is valuable.

4.  If a person is going to be the trustee of a special needs trust, knowledge of public benefits and how to avoid invalidating these benefits is beneficial.

5. The trustee should be someone who is healthy and will be able to continue managing your trust for many years to come.

6.  A trustee should have the time to devote to managing your trust effectively. If the person you are considering is very busy, you should consider other candidates before making your final choice.

7.  If you don’t know someone who would be a suitable trustee, consider hiring a professional trustee or institution to manage your trust. Professional trustees may include a trust company, accountant, lawyer, or investment manager or advisor. However, professional trustees or institutions do charge a fee or percentage to manage your trust.

8.  Consider co-trustees if you would like to have a trusted friend or family member and a professional trustee manage your trust together.

9.  Understand your family dynamics when selecting a trustee. If you are choosing a family member to be the trustee, try to avoid conflicts between family members and explain to other relatives why you have chosen a particular person to be the trustee.

10. If you make a relative or friend your trustee, decide who will be the successor in the event that the person is no longer able to manage your trust.

After you have chosen a trustee, it is advisable to reexamine your choice every few years to ensure that your trustee is still the best choice for your needs. If circumstances change, you may need to assign a different trustee who is better suited to the required responsibilities.

If you need assistance preparing a trust or choosing the right trustee, contact Newman Elder Law. If you want to learn more about our elder law services, click here.

Source:

http://www.elderlawanswers.com/how-to-choose-a-trustee-15384

5 Ways for Seniors to Alleviate Boredom

Ways for Seniors to Alleviate BoredomYou finally broke free from the 9 to 5 grind and now retirement isn’t what you thought it would be and you are bored, very bored.  Or maybe you are the son, daughter, spouse of a retiree and you see that person aimlessly watching television for hours at a time.  What can be done to alleviate this problem?  Here are some suggestions.

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Alternatives to assisted living facilities and nursing Homes

Portrait of a group of seniors

For many seniors, there will come a time where they cannot live at home by themselves anymore.  Some will be able to move in with adult children, others may move into an assisted living facility, personal care facility or nursing home.  While these options provide security and care, they also result in a loss of independence and choice. Granted, you can’t have everything that you want and as we age, we have to deal with health issues.  Still, if you are of sound mind and in good health, there may be other options available to you.

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