It is becoming more common for people to be parents at an older age, partly because of changing cultural mores and advances in fertility treatment. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel, 70, welcomed his third daughter in 2017. Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations.
Social Security survivor's benefits provide a safety net to widows and widowers. But to get the most out of the benefit, you need to know the right time to claim.
The new tax law may make it harder for some taxpayers to claim a tax deduction for charitable contributions. However, there are a couple of options for you to consider if you want to make the most of your charitable donations under the new tax law.
Many seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. However, an attorney can help you save money in the long run and make sure you're getting the best care for your loved one.
The Department of Veterans Affairs (VA) put in place new rules that make it more difficult to qualify for long-term care benefits. The rules, similar to those already in force for Medicaid, establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for pension benefits that require a showing of financial need.
As the population ages, elder financial abuse is a mounting problem, and vulnerable seniors can become victims of scammers who convince them to empty their investment accounts. For that reason, Financial Industry Regulatory Authority (FINRA), the organization that regulates sales of securities, issued new rules effective in 2018 to protect seniors with brokerage accounts from financial scams.
The tax law signed in 2017 doubled the federal estate tax exemption, meaning the vast majority of estates won't have to pay federal estate tax. But that doesn't mean you should ignore its impact on your estate plan.
Along with many other things, your insurance needs may change when you retire. It is a good idea to reevaluate your insurance options to figure out what is best for you and consider ways you might be able to achieve some savings.
More and more parents are moving in with their adult children. As nursing home costs continue to rise, some children and their parents find that living together may have certain financial and emotional benefits.
If your Medicare drug (Part D) plan denies coverage for a drug you need, you can appeal the decision.