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Money Matters, Insurance & Investments Insurance - Investing - Retirement Wednesday, May 07, 2008 Retirement Planning - Click Here
• Long-Term Care (Information Collected by 1st. Gov. for Seniors) ● Guarding Your Wealth for Seniors by Jeffrey D. Voudrie - Click
Elder Care News Long-Term Care Costs Jump 25% Over 2004; Workforce Shortage Fuels Continued Climb Genworth Survey finds average annual cost for a week in adult day health care facility is $15,236 April 30, 2008 - Not only has the cost of long-term care in U.S. nursing homes, assisted living facilities and in the home increased for the fifth consecutive year, but the nation faces an impending shortage of direct-care workers, further driving up long term care costs. Those are two of the key conclusions drawn from cost of care research by Genworth Financial (NYSE:GNW). Read more... Money, Insurance & Investments for Seniors Senior Citizens Should Beware of Health Shock: It Can Drain Your Money The later in life serious illness occurs, the more damage to a person’s finances by Pam Frost Gorder, Ohio State University
Number of Senior Citizens in Workforce Rapidly Climbing, Says New Report Report by Taskforce on the Aging of the American Workforce
Feb. 15, 2008 – Senior citizens face a number of financial challenges in the years ahead – out of control healthcare costs, Social Security payments not keeping pace with their inflation, increasing charges by Medicare, and more - and this appears to be forcing more seniors back into the workforce. A new report says the number of seniors working is expected to grow by 74% by 2014, with 2004 as the base. Read more... Ten Reasons to Face Your Mortality and Create an Estate Plan Now Must include two important instruments: a durable power of attorney and will
Buying Life Settlements Reached Value of $6.1 Billion in 2006 Trading in life insurance policies driven by investor demand, seniors needing cash
Oct. 24, 2007 - From virtually no activity just 10 years ago, investment managers are today raising capital by the bushel and on a global scale to invest in the new asset of life settlements. The result is an increasing number and value of life insurance settlements being sold to meet growing capital demands, according to a new study by Conning Research and Consulting, Inc. Senior citizens in need of cash are hot targets for life settlement buyers. Read more... SEC Opens Senior Summit Today to Fight Fraud of Older Americans Agency also provides lots of helpful info on senior citizen Website Sept. 10, 2007 - The Securities and Exchange Commission kicked off its second annual Senior Summit today, which is aimed at learning more about how regulators, community organizations, and others can increasingly coordinate efforts to protect older Americans from abusive sales practices and investment fraud. Read more... States Urged to Adopt New Standards for Those Advising Senior Citizens on Investments Senate aging committee chair will develop the new standards Sept. 10, 2007 – Following last week’s hearing by the Senate’s Special Committee on Aging about the practices of financial investment advisers using questionable credentials to gain access to the retirement savings of senior citizens, Chairman Herb Kohl says he will develop legislation to provide uniform standards for accreditation as senior financial advisors. President of the Society of Certified Senior Advisors told the hearing that the title is being misused. Read more... Dubious Credentials May Scam Seniors Out of Retirement Savings: Aging Committee Senate aging committee looking at senior financial advisor titles
Do You Need Long-Term Care Insurance? Ten Tips and Six Considerations Nine million senior citizens will require long-term care at $74,806 a year July 19, 2007 - With health care costs rising and longer life expectancies, funding long-term care needs is an increasing concern for millions of people, especially senior citizens. According to the U.S. Department of Health and Human Services, about 9 million Americans, now 65 or older, will require long-term care. HHS expects that number to rise by 25 percent - to 12 million - by 2020. Read more... Senior Citizen Alerts Senior Citizen Investors Being Fooled by Titles Easily Obtained: New York Times
July 9, 2007 – Every senior citizen that has money invested, or is considering investment, needs to read an article in the New York Times online. The primary warning in this article is that seniors should not be fooled by fancy sounding titles, like “Certified Senior Adviser.” Many are easily obtained by people who want to take advantage of the elderly in America, who own $15 trillion in assets. Read more... Senior Citizen Alerts Many Senior Citizens May Not Know What Is NOT Covered by Homeowners Insurance Survey shows lack of awareness among consumers when it comes to their homeowners policies June 13, 2007 - A large percentage of U.S. homeowners mistakenly believe that standard homeowners insurance protects them from a wide array of perils, according to new research by the National Association of Insurance Commissioners (NAIC). In fact, typical property and liability policies don’t cover home damage from floods, earthquakes, water line breaks, termites, mold and several other perils, large and small. Read more... Estate Tax Exemption Fixed at $3.5 Million by Congress House and Senate to allow $7 million per couple, with top tax of 45%
Features for Senior Citizens Options to Broaden Role of Medicare in Long-Term Care Explored in Georgetown U. Study By Ellen O’Brien, Health Policy Institute, Georgetown University
Senior Citizens Not Worried about Money as Nation's Savings Drop to New Low Pew survey finds seniors have enough money and not worried
Senior Citizens Selling Their Life Insurance has Become Big Business for Investors New York Times starts series on investors profiting on seniors
Long-Term Care Planning Assisted by New Website from Health & Human Services Government's Clearinghouse for Long-Term Care Information online
State Efforts to Encourage Long-Term Care Insurance Purchases Falling Flat States far from goal of half over 50 with private LTC insurance
Seniors, as usual, lest optimistic about values increasing
Money Matters for Seniors Estate Planning: The Four Basic Documents of Your Legacy Estate planning can be difficult , confusing but 4 basic tools needed By Robert Valentine, TheMoneyAlert.com November 6, 2006 - If the controversy over Terri Schiavo showed us anything, it’s that estate planning is more important now than ever before. Regardless of personal opinions, in the end, it was Terri who really mattered. And it is your choices and beliefs that matter when it comes to your own decisions. A Gallup Survey released in June of 2005, showed that 60 percent of Americans don’t have living wills. Read more... Money, Insurance News for Seniors & Boomers Educating Boomers on Realty of Long-Term Care is Focus of Awareness Week Industry event urges proactive approach to planning for LTC November 4, 2006 – Educating baby boomers about the "reality of long-term care" and urging them to take a proactive approach to planning for these needs is the focus to Long-Term Care Awareness Week, an industry sponsored campaign that kicks off tomorrow. Read more... Money Matters for Seniors Estate Planning: Assuring Your Wishes are Honored Living will, medical power of attorney crucial estate planning steps By Robert Valentine, CSA, TheMoneyAlert.com October 29, 2006 - Theresa was only 26 years old when she went into cardiac arrest. She fell down in the hallway of her apartment and was rushed to the hospital. She quickly lapsed into a coma, and then spent 15 years of her life in what doctors diagnosed as an irreversible persistent vegetative state. Read more... Money Matters for Seniors Long-Term Care Insurance Offering More Choices As healthcare costs increase, LTC insurance offers more options. By Robert Valentine October 9, 2006 - It’s no surprise that the price of healthcare in America is rising, and quickly. Since 1995, the cost of medical care in the U.S. has risen 40% and is showing no sign of slowing down. That kind of sticker-shock can be difficult to comprehend, even for those with solid retirement plans. It’s a trend that some insurers are trying to abate. Read more... Money, Insurance & Investment for Seniors Law Allows Certain Long-Term Care Insurance Policyholders to Exceed Medicaid's Asset Limits When insurance is depleted, individuals may qualify for Medicaid and keep assets
Money Matters for Seniors Great Ideas for Senior Citizens on Preventing Identity Theft
Limiting exposure of personal information is the best way to protect yourself from fraud By Robert Valentine, Certified Senior Advisor October 5, 2006 - For the sixth consecutive year, identity theft surpassed construction, credit card and debt collection fraud as the most prevalent form of consumer fraud, according to the Federal Trade Commission, which received 255,000 identity theft complaints last year. Read more... Money Matters for Seniors Retirement Being Redefined by Current Retirees Who Continue to Work Baby boomers and younger workers have a thing or two to learn from current retirees By Robert Valentine, Certified Senior Advisor September 30, 2006 - Will most baby boomers truly retire? The old mainstays of golf, grandkids and travel haven’t been enough to satisfy many retirees from previous generations. With the great amounts of energy and success that exist within the baby boomer generation, retirement isn’t likely to sustain their attention much longer than it did their parents’. Read more... Money Management & Insurance for Seniors So You Have Decided To Sell Your Annuity or Did You Know You Could?
By Michael Vaughan September 22, 2006 - Your advisor or agent told you. Probably more than once. It was written all over the contract. You may have thought about it, but never thought it would be a problem. The ‘it’ we’re referring to is the fact that once you purchase your annuity, you cannot sell it. You are stuck with it for life. Read more... Long-Term Care Insurance Decision Should Be Made After Careful Study Attorney explains what you should look for in company, policy
Money Matters for Seniors Switching Gears: Reverse Mortgages Offer Unique Way to Retire with Extra Income Your home has given you a lot - with RM, it can give you even more By Robert Valentine, Certified Senior Advisor
Money Matters for Seniors Nursing Home Costs Continue to Rise and Congress Takes Notice As care costs sky-rocket, long-term care insurance is more attractive By Robert Valentine, Certified Senior Advisor September 5, 2006 - America’s elderly with special needs and their loved ones have always paid a high price for long-term medical care. The emotional and financial toll of an extended stay in a care facility or nursing home can be extremely costly. Read more... Money Matters for Seniors Estate Planning: Avoiding Probate Probate can be costly and time consuming. We’ll show you a few potential ways to save. By Robert Valentine, Certified Senior Advisor August 28, 2006 - When Elvis Presley died, his estate was worth over $10 million dollars. Then it went through probate. After appraisal costs, legal fees, executor’s fees, and estate taxes, “The King’s” estate was left with only $3 million. Because of improper estate planning, a whopping 73% of Elvis’ estate was wiped out. So what did all that money pay for? And how can you avoid some of the same mistakes? Let’s find out. Read more... Money Matters for Seniors Estate Planning: Ensuring your Legacy A will and financial power of attorney are crucial in estate planning, but there is more By Robert Valentine, Certified Senior Advisor August 11, 2006 - Deciding how you want to be remembered after you’re gone can be one of the most important decisions you make. Do you want your legacy to be judged by your entire life or by a bitter legal battle over your assets? Read more... Insurance, Money & Investments for Seniors What a Good Long-Term Care Policy Should Include ElderLawAnswers has advice on choosing LTC insurance
Money Matters for Seniors Leaving Behind the Wealth of Life Ethical wills have become a growing estate planning tool to ensure legacies for generations to come. By Robert Valentine, Certified Senior Advisor August 5, 2006 - Many Americans are beginning to realize there may be a gap in their estate plan. Sure, long-term care insurance, a living will, a regular will, and other important estate documents are essential to a comprehensive plan. But how do you make known your wishes for the financial legacy you leave behind? Read more... Money, Insurance & Investments for Seniors Estate Tax Reduction Dead for Now after Senate Rejects Bill GOP tried including it with minimum wage increase to tempt Democrats By ElderLawAnswers.com
Estate Tax Repeal Fails Again; GOP Scrambles for Other Options By ElderLawAnswers.com
How to Reduce Long-Term Care Insurance Costs By ElderLawAnswers.com
Women Bear Greater Share of Long Term Care Risks and Costs They have 60% greater chance than men of entering a nursing home
Americans Less Concerned About Long-Term Care than 10 Years Ago Yet, more believe LTC costs could significantly reduce retirement income
Insurance Information for Senior Citizens Provided on Website Insurance commissioners provide information by life stages June 21, 2006 – A Website is available to help senior citizens better understand the complicated subject of insurance. It is sponsored by the National Association of Insurance Commissioners (NAIC) and, they say, is designed to help consumers deal with "a maze of options and cost considerations." It is organized by "life state needs" and the "Empty Nesters" section is for senior citizens. Read more... Money Matters for Senior Citizens Senior Citizens Better Prepared for Financial Emergency than Younger Americans All leave money on the table by not taking advantage of interest rates
Money Management & Insurance New Website Designed to Protect Senior Citizens in Buying Annuities Annuity sales training says treat seniors like 'blind 12-year-olds' By ElderLawAnswers.com
Money Matters for Seniors How Senior Citizens Protect Their Legacy with Estate Planning Leaving a proper legacy has become a science, these basics get you started. By Robert Valentine, Certified Senior Advisor April 21, 2006 - A person’s legacy cannot be measured by one solitary event in his or her life. Rather, legacies, like lives themselves, must be measured as a whole. If you’ve ever taken a step back and examined your own life and legacy, what have you found? Read more... Money Matters for Seniors Senior Investors Should Understand Market Capitalization Small, mid and large cap stocks all have their individual benefits. By Robert Valentine, Certified Senior Advisor April 13, 2006 - One size usually doesn’t “fit-all” and especially not when it comes to the stock market. Choosing the right sized company or fund can be a tricky prospect for many senior citizens. “How are the different levels defined?” and “What are the pros and cons of each type?” are two major questions many people have. Read more... Money Matters for Seniors Senior Citizen Investors Can Help a Charity and Themselves Charitable trusts are a handy tax-saving tool and benefit a charity of your choice By Robert Valentine, Certified Senior Advisor April 10, 2006 - Last December, the White House Conference on Aging held its first meeting in 10 years. The conference addressed the growing number of baby boomers reaching retirement and highlighted how a large number of them are contemplating volunteering. Read more.. Annual Long-Term Care Costs Move Above $70,000 in 2006 Genworth Financial poll shows 65% have no long-term care plans March 27, 2006 - The average cost of long term care in nursing homes, assisted living facilities and in the home increased over the past year, with assisted living and in-home costs rising more sharply than nursing home care, according to Genworth Financial's annual "Cost of Care" survey. And, in the face of rising costs for all categories of long term care, Genworth found 65 percent of Americans surveyed in a new national poll admit to having made no long term care plans for themselves or a spouse. Read more... Senate Aging Chair Wants Tax Incentives for Long-Term Care Savings March 15, 2006 – At a hearing last week on the preparedness of Americans for long-term care financing, held by the Senate's Special Committee on Aging, Chairman Gordon H. Smith (R-Oregon) pledged to introduce legislation offering tax incentives for those who invest in long-term care savings. Read more... Money Matters for Seniors Don't Get Carried Away Investing 401(k) Funds in Company’s Stock Was it too much of a good thing for Enron employees? By Robert Valentine, Certified Senior Advisor March 10, 2006 - Horror stories of Enron’s collapse abound and anyone who’s aware of the rapid drop in Enron stock prices is also aware of how quickly most employees lost their financial security. All told, employees participating in Enron’s 401(k) plan lost massive amounts of money, and in the case of WorldCom employees, they lost over 1 billion dollars. One of the biggest reasons for such a collapse in 401(k) savings was due to the large amount of Enron and WorldCom stock employees held in their own plans. Read more... Senior Alert Investors Warned of 13 Most Likely Scams for 2006 Indiana official calls list the "Unlucky 13," warns Baby Boomers beware
Feds Push Senior Citizens to LTC Insurance But They Can't Afford It
March 2, 2006 - The Deficit Reduction Act of 2005 makes it much harder for individuals to qualify for Medicaid nursing home benefits. Supporters of the legislation contended that it would prompt many more seniors to purchase long-term care insurance, thus alleviating reliance on Medicaid and the resulting government cost. The problem is Long-Term Care Insurance is too expensive for most senior citizens who need it the most. Read more... Looming Crisis of Long-Term Care Highlighted in New Study March 1, 2006 – With Americans living longer, the risks of needing long-term care is increasing. A new study says senior citizens currently turning 65 face an average of three years of need for LTC some time before they die, with one in five expected to need five years of care or more. Much of the care will be provided by family members. Though half of today's retirees will incur no out-of-pocket expenses for LTC, 1 percent will need more than $250,000 of their own money set aside and invested at age 65 to pay for their future care. Read more... New Law Pushes Long-Term Care Insurance Coverage By Daniel C. Vock, Stateline.org Staff Writer Feb. 20, 2006 - Thanks to a new federal law, states will be able to reward senior citizens who buy long-term care insurance by letting them hang on to assets while Medicaid pays for their nursing home care. Read more... Money Matters for Seniors Managing Your Retirement Fund – Sit, Stay or Roll Over By Robert Valentine, Certified Senior Advisor Feb. 19, 2006 - With just some basic preparation you and your financial planner could have your retirement fund trained to overcome obstacles with the grace of a champion pedigree. Is it possible to train your retirement plan? We think so. Read more... Money Matters for Seniors Why Planning for Long-Term Care is Necessary in Today’s World By Robert Valentine, Certified Senior Advisor Feb. 11, 2006 - James and Irene Norris spent their lives surviving. The two owned and operated a small business together for over 60 years, surviving the stock market crash, the Great Depression, seventeen U.S. Presidencies, and two World-Wars. All while raising two sons. But there was one thing they didn’t plan on: long-term care. Read more... Long-Term CrisisOnly 1 in 4 U.S. Adults Think They Can Pay for Long-Term Care 41% Confident they do not have enough money, 33% Unsure Feb. 1, 2006 - Only a quarter (26%) of U.S. adults think they have or will have saved enough money to finance their own potential long-term care needs as they age. Fully 41 percent do not think they will have enough money to cover their expenses as they age and 33 percent are not sure. These findings are in a new Wall Street Journal Online/Harris Interactive Personal Finance Poll. Read more... Money Matters for Seniors Late Retirement Planning gets Lesson from Olympic Team 1980 U.S. Men’s Hockey Team teaches us about late-stage retirement planning By Robert Valentine, Certified Senior Advisor, Jan. 31, 2006 - It was February of 1980, at Madison Square Gardens during the height of the Cold War. It was there, that the U.S. Men’s Olympic Hockey team took on what experts considered the world’s best hockey team at the time: the U.S.S.R. It was an exhibition match meant to be a preview of the upcoming Olympics and the U.S. was trounced, 10-3. Read more... Seniors Helping Seniors Launches For-Profit Franchise System Franchises starting in Pennsylvania are available nationwide for $25,000, Jan. 27, 2006 – Seniors Helping Seniors in Home Services, which has been a non-profit helping senior citizens retain their independent living at home, has announced they are expanding from their Pennsylvania base and turning to a for-profit franchise system. Franchises, available nationwide, require a $25,000 fee. Read more... Money Matters for Seniors Estate Planning: The Gift that Keeps on Giving Gifting is one of the many estate planning tools available. By Robert Valentine, Columnist, Certified Senior Advisor, Jan. 23, 2006 - If you’re like most Americans, you like to give gifts nearly as much as you like to receive them. Luckily, if you’re serious about estate planning there’s a handy technique called gifting that can potentially save your family, friends and heirs a lot of money on estate taxes in the future. Read more... Money Matters for Seniors Social Security: Collect Later, Collect More Many Americans collect Social Security benefits early and face a penalty, but by waiting until their official retirement age, they would receive full benefits. By Robert Valentine, Columnist, Certified Senior Advisor, Jan. 19, 2006 - John Post works hard. Born during World War II, just before the Baby Boom began, he’s 62 years old and has spent his entire career in education. As a high school administrator, most of his work days start at 7 a.m., and many don’t end until 10 or 11 p.m. after a school-related event. He works six days a week and rarely takes a vacation. While he’s in decent health, it’s been a year since triple-bypass surgery and he does his best to eat right and exercise. Read more... IRS Issues Long-Term Care Premium Deductibility Limits for 2006 Nov. 8, 2005- The Internal Revenue Service has announced the 2006 limitations on the deductibility of long-term care insurance premiums from taxes. Read more... Guarding Your Wealth for Seniors Oversight Needed On Equity-Indexed Annuities By Jeffrey D. Voudrie, CFP Oct. 24, 2005 - The sales of Equity-Indexed Annuities has increased 45% the first 6 months of this year. I’m concerned that the vast majority of those sales are unsuitable for the investors buying them. Oversight by the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers (NASD) is desperately needed to protect retirees from being taken to the cleaners by agents hungry for the large commission. Read on to find out how this oversight will benefit you. Read more... Guarding Your Wealth for Seniors Clearing Up Estate Document Confusion Living Will, Living Trust, Powers of Attorney... By Jeffrey D. Voudrie, CFP Oct. 14, 2005 - Few topics confuse investors more than figuring out what estate-related documents they need. Living Wills, Living Trusts, and Powers of Attorney are just a few of the terms that most find hard to define, let alone understand. But being comfortable with these terms and what each one can do for you is important, and can make the difference between your wishes being followed or creating a nightmare. Read more... Guarding Your Wealth for Seniors The Real Reason For Long-Term Care Insurance By Jeffrey D. Voudrie, CFP Oct. 10, 2005 - My mother-in-law recently passed away after a long and courageous battle with cancer. Throughout her battle, our family had to deal with many emotional and legal issues. Read more... Guarding Your Wealth for Seniors To Trust or Not to Trust? That is the Question for Seniors Is a Living Trust right for you and how to go about getting one if needed By Jeffrey D. Voudrie, CFP Oct. 4, 2005 - Living Trusts have become very popular and are being heavily promoted to seniors. Should you Trust or not Trust? That is the question. Read on to learn some simple guidelines that will help you know whether a Living Trust may be right for you and how to go about getting one if needed. Read more... Boomer, Senior Women Treated for Breast Cancer Get Life Insurance at Regular Rate Hartford Financial lowers rate in recognition of improved prognosis for early stage breast cancer Oct. 4, 2005 - The Hartford Financial Services Group, Inc. has become the first life insurer in the nation to offer life insurance to certain women age 40 and older, who have been treated for early stages of breast cancer, at the same prices as other healthy women their age. Previously, women treated for this disease would have to pay more for coverage or would be denied coverage but Hartford is making the change due to the improved prognosis. Read more... Guarding Your Wealth for Seniors Beyond the Living Will: Seniors Have More to Consider There are other important documents seniors need in place By Jeffrey D. Voudrie, CFP Oct. 3, 2005 - Living wills have received a great deal of attention due to the Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn’t ensure you have all your bases covered. There are other equally important documents you must have in place. Read more... Guarding Your Wealth for Seniors Seniors Not Getting The Whole Story on Mortgages
By Jeffrey D. Voudrie, CFP Variable Annuity Purchases by Seniors Grow Despite Controversy Researches say shift taking place in where senior citizens get annuities - brokers up, insurance companies down Aug. 17, 2005 - Despite a series of state and federal investigations in recent years into inappropriate variable annuity sales to senior citizens, the percentage of annuities purchased through brokers or other investment professionals jumped from 52 percent in 2003 to 57 percent in 2004, according to the Market Audit. Read more... What Senior Citizens Need to Know When Considering an Annuity Ten questions seniors should ask themselves before the purchase Aug. 15, 2005 – Senior citizens are besieged by sales efforts pushing annuities, which often make them leery, but many financial experts do suggest an annuity as a beneficial option for many older Americans. The National Association for Variable Annuities (NAVA) has released a list of ten questions senior citizens should ask themselves if they are considering purchasing an annuity as a retirement vehicle. “An annuity,” they say, “is a flexible financial retirement vehicle combining guaranteed lifetime income payments, other insurance benefits and tax-deferred savings.” Read more... Ambiguous Estate Planning Can Create Family Turmoil July 24, 2005 - Roy Ayers and his wife, Lorayne, wanted to protect their money from nursing home costs, but instead of consulting an elder law professional, they decided to take matters into their own hands. They ended up causing bigger problems for themselves and their family. Read more... New Gov Website Says Households Can Reduce Energy Bill Up To 30 Percent Senior citizens, many in older homes, may find information to save a few pennies for healthcare July 11, 2005 - Three government agencies have combined forces to create a new Website aimed at making American homes more energy efficient and reducing energy bills for consumers. Senior citizens, millions financially strapped, will no doubt welcome any reduction in household costs they can be achieved. The site sponsors say many households could save “20 to 30 percent on their household energy bill.” Read more... Senior Citizens Confident Assets Will Carry Them in Retirement to Age 85 Leaving an inheritance is not a priority for the Silent Generation June 21, 2005 – The vast majority of senior citizens between the ages of 59 and 71 are confident that have enough money to live comfortably until at least age 85. This study released today refers to this group as the “Silent Generation” and gauges their income and spending patterns in retirement. Read more... As Many Seniors Know: Money doesn't buy happiness - - except when disability strikes Study finds financial 'buffer' appears to help preserve well-being after health setbacks April 6, 2005 – As many senior citizens have learned, the old saying that ‘money doesn't buy happiness' may hold true most of the time, but when a serious health problem comes along, financial resources may really cushion the blow to a person's psyche. Read more... Older Workers More Willing Than Young to Accept Change, Says New Study March 11, 2005 - Older workers are more inclined and interested in making changes to benefit the organization than younger workers, says a researcher at Louisiana State University. Read more... Special Tax Help for Seniors Provided by Aging Committee Feb. 9, 2005 - The Senate Special Committee on Aging has issued tax information especially for senior citizens for tax year 2004. The Committee has included a checklist for itemized deductions such as medical and dental expenses; a standard deduction table; and information about how to ask the IRS for help when filing your tax returns. Please click here to download the report [pdf (194 kb)] Older Americans Can Protect Credit By Understanding Scams Credit card companies offer advice for seniors on avoiding scams, ID theft Nov. 8, 2004 – Americans 55 and older control 70 percent of the personal wealth in the U.S., have excellent credit ratings and are the fastest growing group of Internet users. They also account for 80 percent of the fraud complaints logged with the Federal Trade Commission. More... 11/08/04* What is Life Settlement? Life Insurance Finding Value in a New Marketplace - Life Settlement Oct. 6, 2004 - A growing industry is in the business of purchasing life insurance from insured senior citizens for more than the surrender value and less than the final death benefit. The following article was written for SeniorJournal.com by a broker in this business. More... 10/06/04* Greenspan Again Pushing for Higher Retirement Age Aug. 27, 2004 – Federal Reserve Chief Alan Greenspan was back on the speaking circuit today pushing for Americans to increase the retirement age to meet the pressure that will be applied to the federal budget as it struggles to meet the demands from the boom in the senior citizen population. More... 8/27/04* Tips for Getting Out of Debt Financial Crunch Driving Senior Citizens to Use Credit Cards Carelessly Aug. 18, 2004 - Increasingly, older Americans, those 55 or older, are caught in a financial crunch that is forcing them to rely on credit cards for survival. A new study says these seniors use the cards more often and with less care than adults aged 18 to 34. More... 8/18/04* Legislation on Long-Term Care Insurance Topic for Web Video Aug. 2, 2004 – A video featuring a discussion of current legislation about long-term care insurance is available on the Web. It is one of the weekly series of videos produced by the U.S. Senate Special Committee on Aging as part of their “Washington Report.” More... 8/02/04* 2000 Study Senior Citizens Pay More Out-of-Pocket for Dental Care Than Younger Americans May 7, 2004 – The current focus on the economic problems of the American elderl | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April
10, 2008 - A new study underscores the need for seniors to maintain their
health -- in order to maintain their wealth. Building on a 2003 study that
found that healthy seniors are more likely to retain their savings, Ohio
State University researchers have now discovered that the later in life a
serious illness occurs, the more damage it does to a person’s finances.
Aug. 31, 2007 – There seems to be reasonable doubt
that some of the titles being used by people to show they are qualified
to help senior citizens with their financial decisions are of little
value. The chairman of the Senate’s aging committee will conduct a
hearing on Wednesday, September 5, to examine some of the “questionable
practices used by so-called financial investment specialists.”
May 20, 2007 – ElderLawAnswers.com reports today
that the House and Senate have approved a $2.9 trillion budget
resolution that would keep the estate tax at where it will be in 2009
under the current law. This means that the per-person estate tax
exemption would be $3.5 million ($7 million for a married couple) and
the top tax rate would be 45 percent.
December 21, 2006 – For
several years there have been advertisers on SeniorJournal.com offering
to purchase life insurance policies from senior citizens, but, this
industry has now reached new heights, according to a recent article in the
New York Times. Today, investors are funding some older Americans to buy life
insurance and then helping them find other investors willing to buy them
at big profits for the original investors and the senior whose life has
been insured. This transaction is also referred to as a "Life
Settlement." 
December 15, 2006 – A new Website aimed at making
it easier for consumers to get the information they need to plan for
long-term care was announced today by Josefina G. Carbonell, Assistant
Secretary for Aging in Health and Human Services. The National
Clearinghouse for Long-Term Care Information site provides comprehensive
information about long-term care planning, services and financing
options, along with tools to help people begin the planning process.
You can sell your
annuity thanks to emergence of secondary market
September
15, 2006 - When the first Long-Term Care policies were offered thirty
years ago, they were primarily for nursing home use and designed to kick
in when Medicare ran out. These were not the feature rich, comprehensive
benefit policies we see today, aimed at aging baby boomers, says Frank
N. Darras, who claims to be the nation’s leading disability and long-term care insurance lawyer.
September
8, 2006 - Dorothy, the main character of the movie, The Wizard of Oz,
once exclaimed, “There’s no place like home!” Even in a world much
different than the one that existed when The Wizard of Oz was filmed,
that old adage still holds true.
July 18, 2006 – A study by Genworth Financial has
found women were 60 percent more likely than men to enter a nursing home
at some point in their lives and may experience large financial
sacrifices in their roles as America's predominant unpaid care
providers. 
Two studies indicate Medicaid changes won't change
much for those in need