How to leave a Medicare Advantage plan
About half of Medicare Advantage members left their plans by the end of five years, according to a 2023 study from Brown University School of Public Health. Most switched to another Medicare Advantage plan, but not necessarily because they liked Medicare Advantage. Returning to Original Medicare can be tricky after you first sign up for Medicare Advantage because you may not be able to... READ MORE
Spending retirement savings confidently
It can be difficult for financially conservative people to spend retirement savings after a lifetime of cautious saving. Finance personality Dave Ramsey stirred controversy recently by advocating for an 8% retirement withdrawal rate, double the traditional 4% rule. Although some of the criticism was warranted, it did highlight an interesting issue: While many people aren’t saving... READ MORE
It’s not your parents’ retirement anymore
Now that retirement spans more years than ever, you might need to rethink how you envision that stage of your life. Although Americans are retiring a little later than they did 30 years ago, they’re also living longer. Retirement isn’t a blip on the life radar — it’s a significant chunk of time. While your parents may have retired and never worked another day in their lives,... READ MORE
The biggest regrets financial planners see
The old adage is to live with no regrets. It is a great mantra, to be honest, and we regret the things we don’t do much more than the things we do. Thinking back on my life, I have two large regrets. First, I regret not doing study abroad in college over winter break, as I sat home and missed out on the experience of a lifetime. Second, I definitely regret not having those... READ MORE
Five steps to take before marrying after 50
Getting married when you’re an older adult comes with complications: You and your spouse may have assets from years of working, and you may have children from previous relationships. Tying the knot could affect your Social Security benefits if you’re widowed or divorced. You will need to update estate documents and beneficiary designations and may even want to consider a prenuptial... READ MORE
Four questions to ask your financial planner
Only one-third of men correctly estimated how long a 60-year-old man in the U.S. could expect to live, according to a 2022 TIAA Institute survey. And fewer than half of women got it right for a 60-year-old woman. Advisers call this longevity literacy — understanding how long you’ll live in your retirement years. It’s a crucial part of your retirement strategy, and it’s important... READ MORE
What to do if you have debt in retirement
A growing number of older adults are in debt in retirement, according to the 2022 Survey of Consumer Finances from the Federal Reserve. Among people ages 65 to 74, the share with debt rose to 65% in 2022, up from 50% in 1989 (the first time this question was asked). For people 75 and over, 53% report holding debt in 2022 versus 21% in 1989. This is a big challenge, since people’s... READ MORE
Estate and inheritance taxes vary by state
Federal estate taxes apply equally to all, no matter where in the United States they live. But state estate taxes and inheritance taxes vary significantly among states. Estate taxes are paid by the estate based on its size at the time of the estate owner’s death. Both federal and state estate taxes have exemptions. Taxes, if any, are based on the size of the estate above the exemption... READ MORE
What do you think of Medicare Advantage?
The Centers for Medicare & Medicaid Services (CMS) is asking for your help as it seeks to increase the transparency of the privately managed Medicare Advantage (MA) plans and to strengthen the program’s data capabilities. While traditional Medicare — Parts A and B — covers a large portion of medical expenses after you turn 65, there are things Medicare doesn’t cover [Ed.... READ MORE
Five potential uses for medical cannabis
Cannabis is an herb often referred to as marijuana. Most people think of it for recreational use, but it has medical benefits just like other herbs. In 1839, Irish physician Dr. William O’Shaughnessy introduced cannabis to Western medicine. After that, it was used as one of our primary go-to medicines for more than 200 years. Its use has been controversial for decades. Unlike the... READ MORE
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