February 28, 2020

Five Benefits of a Life Insurance Policy During Retirement

Entering into your retirement years is a time that many (if not all) people reassess their assets and financial plans in order to ensure our golden years are secure. All too often, during that review a life insurance policy starts to look more like a liability given the typical life changes (the family is grown, the mortgage is on track or even paid off) at this stage in life. This is especially true when the likelihood of increasing life insurance premiums and healthcare costs looming on the horizon are considered. But here are five compelling reasons to keep that life policy in-force, when possible:

February 15, 2020

Elder Abuse in America – The Numbers Are In

New data from the Department of Health and Human Services shows that in 2018 there were over 282,000 cases of elder abuse reported. Among the types of abuse reported were neglect (37,677 cases), financial exploitation (33,685 cases), emotional abuse (25,321 cases), physical abuse (20,406 cases), and “other” (17,606); but the largest category unfortunately was self-neglect which eclipsed the preceding five categories combined at 144,296 cases reported. This startling figure has been on the rise in recent years, and these were only the cases which were reported.

February 1, 2020

New US Data Shows Increases in Life Expectancy, Reversing a Troubling Trend

BuzzFeed News reports that data from the National Center for Health Statistics shows an increase in life expectancy to age 78.7 last year, the first increase in US life expectancy since 2014. Federal health officials believe the increase in life expectancy is a result of lower heart disease and cancer death rates, and a 4% decrease in drug overdose deaths. The latter is notable as it was the first time drug overdose deaths decreased in 28 years.

January 6, 2020

Senior Health Care In 2019: The Numbers Are In

With 2019 behind us, we have some new data at hand regarding health care for US retirees. While it isn’t all great, we did see one trend that will be good news to seniors.

Fidelity Investments’ report Health Care Price Check found that in 2019, a 65 year-old couple entering retirement can expect to cover $285,000 ($150,000 for women and $135,000 for men) in out of pocket medical expenses throughout their retirement years. The good news is that while it is an increase over the previous year (up 3.6%), it was a much smaller increase than that of 2015-2017 (up 12.2%).

December 21, 2019

2 Costs That Can Upend Retirement Planning

Even the best retirement plans can be overturned by unexpected out of pocket costs during our golden years. Two of the biggest problems that can arise are an unplanned long term care need of the retiree, and providing for the unplanned care needs of a loved one. Recent studies shine some light on these challenging areas, and the results are startling.

December 9, 2019

Debt Levels On The Rise For Many Retirees

A remarkable survey completed by the National Council on Aging (NCOA) shows a troubling trend for retirees’ finances. According to their study, there has been a nearly 45% increase from 1992 to 2016 in the number of households in debt which are headed by an adult age 65 and older. In 1992, the percentage was 41.5% and jumped to 60% in 2016.

November 25, 2019

Reverse Mortgages: 4 Reasons Another Option May Be Better

If you plan on someday moving closer to family or to a more desirable climate to enjoy your golden years, taking out a reverse mortgage on your current home may not be a great option. A reverse mortgage loan becomes due once the borrower moves or passes away, so taking out a loan when you may be in need of cash only to have the loan due as soon as you go to move could be a serious issue.

November 9, 2019

Why So Many American Seniors Are Putting Off Retirement

A new survey by Provision Living delves into why many of America’s seniors are working well into their retirement. With over 20% of the US population over age 65 still working (a record!), the survey provides some insight into this development.

October 25, 2019

Are You Wondering Who To Reach Out To For A Life Settlement?

As more people learn about the value life settlements, there is often confusion about who to reach out to in order to begin a life settlement evaluation. In the life settlement industry, there are two main types of life settlement companies: brokers and providers. A life settlement transaction is regulated at the state level, and most states require that a life settlement transaction goes through a licensed life settlement provider. In some cases (especially cases which involve larger life insurance policies), the policy holder may choose to involve a licensed life settlement broker as well. But what is the difference between the two, and which should you choose to work with?

October 12, 2019

Do You Know That You Can Sell Your Term Life Insurance Policy For Cash?

Term life insurance is by far the most common form of life insurance in the United States, and many term policy holders wonder if a term policy could be eligible for a life settlement. In fact, many people assume that because there is no cash value in a term policy that it automatically would be disqualified for a life settlement consideration. Term policies actually are eligible for a life settlement, and in fact can be better than a permanent form of life insurance!