Your Money
Some Thoughts about Reverse Mortgages
QUESTION: What are the pros and cons of reverse mortgages? “Needs to know.” AFL’S ROSEMARIE BOYD ANSWERS: Dear “Needs To Know:” Before I give my opinion on this, I would like to start with a word of caution! This decision is one which should not be made without expert advice! Because much of the decision is a planni...Read More
When Aging Parents Lack Health Insurance
A hospital waiting room is a lousy place to discover that Mom and Dad are broke. Unfortunately, a parent’s health crisis often provides the first warning sign that the folks have made a major financial blunder by dropping or downgrading their Medicare supplement health insurance to save money. “In a lot of cases, this comes up at the la...Read More
Baby Boomers Breaking Retirement Traditions
Retirement from a 20-year teaching career lasted five months for Joan Breen. She didn’t return to the classroom, however. Since last year, Breen, 56, has worked as a teller for a credit union. “It’s just a fun job and I really wasn’t ready to quit working,” she said. “A lot of my friends were still working and so...Read More
The Grandma Check: How Big (or small!) do you make it?
The grandma check, filled out in careful handwriting and mailed well in advance to ensure timely delivery, is a treasured part of many Americans’ birthday or holiday traditions. But while the concept is simple, the art of grandma check-giving can be pretty complicated. Send too much, and you risk setting a precedent that will drain your bank ...Read More
Fraud Happens. To US. Here’s What to Watch For…
Seniors lose $36.4 billion each year to financial abuse — $16.8 billion of which comes from deceptive investing tactics designed specifically to take advantage of older Americans.¹ Also known as “financial exploitation,” this type of investment fraud is defined by the use of misleading language to obtain account information and permission to access...Read More
Reduce Your Health Care Costs: 6 Great Tips!
Key Points Medical costs typically go up as you age and can account for a large portion of your overall expenses in retirement. There are many health-care related expenses that are not covered by Medicare or Medicaid. Your health and wealth can be closely tied – especially when it comes to planning for retirement. The actions you take...Read More
Prevent Tax ID Theft – Here’s Your Checklist!
Key Points The IRS estimates that it paid $3.1 billion in fraudulent identity theft refunds in a recent year. Identity thieves can use your information to file fraudulent returns in your name while they pocket the return. Get your personal identification number (PIN) early and keep your paperwork secure to help prevent your personal financial infor...Read More
Get Your Dream Job At 55
For the new crop of 50- and 60-somethings, retirement doesn’t mean they’re ready to stop working. It simply means changing gears. Fred and Pat R. were more than ready for retirement. At 56, Fred had spent most of his professional life managing high-pressure fuels and gases at NASA’s Space Center in Florida, while Pat had managed a...Read More
Long-Term Care Insurance: Pros, Cons and Why It Matters
Key Points Long-term care insurance costs can be managed by adjusting your daily benefit levels. Costs vary by location, so it’s best to get local estimates and determine what benefits you may need. New hybrid insurance products can help you or your family benefit from the policy regardless of whether you use the long-term care coverage or not. Lon...Read More
Single, female, retired and barely hanging on
Female baby boomers shattered glass ceilings and enrolled in colleges that shut out their mothers. They took pills to control how many babies they would bear. Others chose to forgo motherhood and stay single; some married and stayed home to tend to their families. And all this unprecedented freedom of choice got many single female baby boomers to a...Read More
5 Money Myths That Are Financial Nonsense
The following are 100 percent true statements: A penny saved is a penny earned. A home is a great investment. Money doesn’t grow on trees. Are you nodding in agreement? Gotcha! According to money experts, there are plenty of money myths like these that get us into trouble and lead to false ideas about money, saving and investing. Even benign ...Read More
Talking Money with Siblings: Beyond Rivalry
Key Points Nearly two-thirds of siblings talk about money with each other While financial conflicts are rare, they usually involve issues regarding parents Uniting to deal with money issues can help protect family assets Talking about money with immediate family members is not always an easy conversation to initiate. Why? For starters, the conversa...Read More