Budgeting for senior care can feel daunting. Caregivers may worry about supporting a senior loved one while also tending to the financial needs of their own families — never mind the endless challenges of saving for retirement and planning for the future. Seniors are often on limited budgets, trying to stretch modest savings and small Social Security checks as far as possible. No wonder so many families avoid discussing the realities of budgeting for senior care.
Retirement planning. It’s a phrase that sends many people into a panic, especially if they’re approaching retirement without enough savings. At cocktail parties, you might joke about working until you drop. That’s not a realistic option, and certainly not a good way to spend your retirement. You’ve worked hard your entire life. You’ve earned the right to retire in comfort. But how much do you need to do so? Many people approaching retirement can only answer with a vague number, or “a lot,” or “more than I have.”
Nearly 60 percent of Americans have no will. Although older Americans are more likely to have wills, sometimes those wills are old, outdated, or incomplete. Estate planning — the act of drafting a will and deciding what you want done with your assets when you are gone — can feel morbid. Perhaps you’ve avoided it because you don’t want to acknowledge the reality that awaits us all. Or maybe you're not sure where to begin.
Senior retirement planning can feel daunting, especially if you haven’t started saving, are worried you haven’t saved enough, or earn a small income that makes saving for retirement difficult. Seventy-eight percent of Americans say they are “extremely” or “somewhat” concerned about saving enough for retirement, and one in three has saved less than $5,000.
In the popular imagination, retirement marks the end of a person’s income generation. The reality is that many seniors continue to have a healthy income well beyond their last day of work. Understanding retirement income, how it works, how it’s taxed, and how to get more of it can help you plan for a brighter financial future.
Senior living communities in Texas aren’t what they used to be. Many seniors contemplating senior living envision quiet retirement homes filled with rocking chairs and not much else. Today’s senior living communities boast a robust variety of activities, community events, and outings. As the home to some of America’s most rapidly aging cities, including Dallas-Fort Worth and Austin, Texas has remained ahead of the senior living curve.
It’s that time again. Tax preparation commercials promise massive tax refunds. At intersections across the country, dancing characters try to lure motorists into the neighborhood accounting shop. Meanwhile, millions of people across the country scramble to get all of their paperwork together in time. Tax season can be a time of excitement, as a person eagerly awaits the refund they hope will fund a big purchase. Or it can be immensely stressful, producing a large bill and potentially a pile of debt. No matter where you fall on this continuum, a little knowledge can help you keep as much of your own money as possible.
Blaring radio commercials, endless internet ads, and the panicked social media posts of friends are here to remind us that it’s tax season. Retirement doesn’t end the obligation to pay taxes, even if your loved one no longer earns an income from work. If a senior in your life struggles with home management, dementia, or tasks of daily living, they might need help preparing and filing their taxes. Here are answers to the most common questions about tax season.
For decades, most older adults have said they wanted to age in place, remaining in their homes for as long as possible. One AARP survey found that about 90 percent of seniors hope to stay at home as they age. According to a new study published in The Gerontologist, that trend may be changing. Researchers found a roughly equal preference for assisted living and for various aging in place options. This may be due in part to changing perceptions of senior living.