Categories
Retirement Planning

Long Term Care Insurance

Long term care insurance is a relatively new option that protects seniors in the event that they may need in-home or nursing home care. Medicare and Medicare supplemental insurance to not cover these costs. When you’re interested in being financially prepared and protecting your assets, LTC insurance is the right choice.

Chose in their 40s or 50’s who are in good health with no preexisting conditions are recommended for these programs. You can lock in low rates at a young age and save some serious cash. Companies may ask you other questions about any family health issues, what kind of coverage options you need, and if you have any other kinds of insurance.

Choosing the Best Long Term Care Insurance

Range of Options: The best LTC insurance policies cover a broad range of services for ongoing services. Don’t choose one that provides only for “in home care” for example. You must decide what kind of coverage you will need and if your policy will cover that and under what conditions.

Reputation and Health of Company: Never forget to check your company against rating agencies such as Moody’s, A.M. Best, or Weiss Ratings for example. This will help you choose a company that is least likely to go belly up when you need your money.

Don’t Overpay: Shop around. Choose the best rated companies and get quotes from all of them. Also, research and see if the company has a history of increasing premiums. While it is unlikely, it has been known to happen and leave people losing a lot of money.

Ask about Inflation Costs: Does your policy protect against the rising costs of long term care? The cost of a personal room of a nursing home is about $74,000 — if it goes up will your policy cover it? Or leave you to pay the balance. Be sure to ask about this protection and any relevant clauses.

Delay your Payout: Longer payout periods — when you can actually get your funds — result in lower premiums.

Long Term Insurance Quotes

Categories
Retirement Planning

Managing Finances for Elderly

If the security and well-being of your family is important to you, you are likely concerned about their finances as well. Aging parents and grandparents are not always aware of new ways of saving and investing that may help them. Trying to help out can be stressful but also very rewarding for everyone.

Many elders in the family may have a plan about retirement and post-retirement. However, some don’t have all the specifics and “what-ifs” worked out. It is important to communicate and offer advice to ensure they are making wise decisions. Whether it be building an investment portfolio or simply making some changes to retirement plans, it can make a major difference.

Tips on Managing Finances for Elderly:

Open the line of communication: Start the conversation sooner rather than later, don’t wait for them to bring it up down the road sometime. Offer suggestions, and explain your own financial strategy. Ask for input and answer all questions they may have about complex topics.

Ask for outside help: This may be impossible to do it all on your own. You may want to meet with a financial advisor before approaching elderly family members. You may also ask if they would like to get help from a professional or another family member as well.

Don’t force it: If they don’t want to make any changes just yet, be patient. Who knows in a few weeks, months, or years they may come around. Don’t attempt to rush into anything, either. It is, after all, their money you’re talking about.

Start with the basics: Begin doing your finances together slowly. Start doing basic monthly financial plans together before adding any complex matters. This may include balancing checkbooks, making monthly budgets, and looking over bills. This can make the process a whole lot easier and more natural.

Explain all risks and benefits clearly: Anything to do with the stock market may be a red flag in the eyes of our aging parents and grandparents. Offer a variety of options including ones that are most attractive for retirees. Some examples may be Municipal bonds, Treasury bonds, Fixed Annuities, or Money Market accounts.

Build a support system: Try to get the whole family involved in taking their finances into their own hands. That way, it becomes a group effort and takes some of the pressure off our retiring parents/grandparents.

Categories
Stuff

No, I Think You Had Two Fifties and Moved Right Into the Seventies

I have been sinking deeply into the emotions of May 4th and, perhaps as a lifeline to myself, I bring you:

Annie Kinsella: Terence Mann was a voice of reason during a time of great madness. Where others were chanting, “Burn, baby burn”, he was talking about love and peace and prosperity. He coined the phrase, “Make love, not war”. I cherished every one of his books, and I dearly wish he had written some more. And if you experienced even a little bit of the sixties, you would feel the same way, too.
Beulah: [indignantly] I *experienced* the sixties.
Annie Kinsella: No, I think you had two fifties and moved right into the seventies.

From Field of Dreams, quote found at IMDB.com

The comment is both comic and pointed.

“The Sixties” were a shared time but not a shared – commonly held – experience. Everyone brought their life experience to their experience of the events of the time. Some saw radicals and communists. Others saw profiteers and liars. My own father, a veteran of WWII, expressed thoughts about May 4th, 1970 that hit me like a bomb’s blast wave, the shockware of worlds – world views – colliding.

What I recall thinking “back then” was rooted in a sense of possibility: War was no longer a solution, a viable answer, so new approaches to solving old problems would have to emerge – of necessity – if for no better reason than to avoid “mutually assured destruction”. Equality, not oppression or discrimination, would make the world a better place IF we could get over our fear of “the other”. Earth was a place to leave better, not worse, for our time here. We weren’t earth’s master. We were its caretakers for future generations.

For me, it was a time of possibility – the sense without which the possible begins to escape us.

There’s still time and where there’s life there’s possibility.

Don’t plow under your field of dreams. Don’t sell it. Don’t let the “bank” take it. Don’t pave it over.

Hold onto it. Care for it. Don’t shy from acknowledging the dream. When you know that your heart is in the right place then you need to honor those values. Otherwise you will die the slow death of a 1000 cuts to your soul, your sense of who you really are or were meant to be, to live as.

Don’t lose faith in values that once moved you to believe in possibility.

“People will come, Ray. People will come.”

All you have to do is . . . answer for yourself.

Categories
Stuff

Welcome Babyboomers!

From our boomer defining birthdays” in the 1940s, 50s and 60s to now being in our 50’s, 60’s, or 70’s we are a generation defined by more than birth dates between 1946 and 1964.

Educated? Check. In many cases that’s what our parents wanted for us: for us to “go to college”. They wanted us to do better, whatever that might mean.

Married? Check. For many a boomer marriage happened at age 18, after high school, or sometime around 21-22 (after college) or as soon thereafter as love – or the right guy/gal – or the chance to own a home – came around.

Liberated? Check. Equally? Musculature still has its (increasingly small) role to play. My wife would not hesitate to delegate tasks based on . . umm . . mindless physical strength. 

Raised a family? Check, probably after being on the pill for a few years or more.

Career winding down, up or sideways? Check. We’re just not sure when we’ll stop working or if we want to keep working, not because we need to but because we remain interested in work. Then there’s that stock market thing and what it did to our retirement investments. Argh.

Kids . . (almost) out and on their own? Chec . . err . . umm. Grandkids? Hey, what’s not to like , especially when their parents are and act like adults, themselves, right?

We are boomers! Hear us roar!

We we’re not talking about starting to forget things.  😉