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.
Questioning whether or not you’ll be able to afford the costs of senior care is completely natural. In fact, concerns about the costs of senior care are among the most common barriers to seniors receiving the care they need, when they need it, research shows.
If caring for a parent or relative alone becomes too difficult, you may have to consider placing them in an assisted living home. But the monthly costs for these arrangements can be up to 70% more than market rents. Unless you have planned ahead and have long-term care insurance, you'll have to get creative with how you finance your loved one's stay.
Roughly 70% of those over 65 will eventually choose or require assisted living care. Many seniors rely on government subsidies to fund their care. With prices in America averaging over $3000 per month, government subsidies are often not enough. This leaves many seniors and their children with growing concern over how to fund future care.
It is no secret that the cost of pharmaceutical drugs has been on the rise, or that many seniors are having trouble affording the medications their doctors prescribe. That is why Congress passed the law that created the Medicare Part D program in 2003.
Whether you are a senior citizen yourself or just caring for a senior in your life, you need to be aware of the problem of financial fraud and abuse. There are many estimates regarding the toll financial fraud takes on seniors, but most of the estimates put the damage in the billions.
Claiming over 37-million members, AARP commands a dominant position in the discount marketplace, so it's worth knowing what this nonprofit organization offers seniors looking for entertainment deals. Here are the current discounts within the entertainment industry available to AARP's membership:
Most Americans start receiving frequent mailers from the American Association of Retired Persons (AARP) at age 50, informing them of the benefits of membership. For soon-to-be retired individuals and those who are already retired, AARP claims to offer access to the most affordable life insurance plans available. At that stage in life many people are considering life insurance to protect their loved ones financially in the event of their death.