You may have seen the Medicare tax listed on your paycheck stubs or on your income tax return filings and wondered what it is. To learn more about what it is and what it pays for, continue reading.
What Is Medicare Tax?Medicare is a...
Planning for Cognitive Impairment and Preventing Elder Abuse
As we age, it is not uncommon to experience some level of cognitive decline. Cognitive decline can range from mild impairment to more severe conditions such as dementia, including Alzheimer’s disease....
How Do I Know If I Need a Trust?
The world of Trusts can be a confusing topic. You may have heard a friend talk about their Trust at a dinner party and wondered to yourself if you should have a Trust as well. Perhaps your parents had a Trust, and you are wondering if you should be following in their...
Understanding IRMAA and Its Financial Implications
Medicare is a valuable health insurance program for many Americans, especially those aged 65 and older. However, many might not be aware of an additional cost that can arise under certain circumstances: IRMAA (Income-Related Monthly Adjustment Amount). IRMAA is an extra charge added to Medicare Part B and Part D premiums for...
When Does Someone Need Financial Conservatorship?
When individuals cannot manage their finances, courts can appoint guardians and conservators. Financial conservatorship is for those who need help handling money.
In Massachusetts, this type of guardianship is referred to as a conservatorship and an individual can have both a guardian and a conservator appointed for them depending...
The Consequences of Not Paying Your Property Taxes
When Geraldine Tyler, age 94, relocated to a senior community, she stopped paying property taxes on her home.
After the property was foreclosed on, the county where Tyler’s home was located sold the property for $40,000 to recover about $15,000 in unpaid property taxes. Tyler received none of the remaining...
Avoid Foreclosure With Repayment Plan for Reverse Mortgages
Using reverse mortgages, adults 62 and older may draw upon home equity to support their needs and remain in their homes.
Many older adults with reverse mortgages have a Home Equity Conversion Mortgage (HECM). The Federal Housing Administration insures HECMs, and the U.S. Department of Housing and Urban Development (HUD)...
What to Do When Social Security Overpays
According to the Social Security Administration (SSA), 69.1 million people benefit from Social Security programs, such as Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI).
Of the $1.1 trillion Social Security payments the SSA made in retirement, survivors, and disability benefits in 2021, about $1.8 billion, or 0.17...
Making a Will Can Protect Your Child With Special Needs
For the one in five families who care for children with special needs, estate planning is crucial.
Parents of a child with a disability face numerous challenges and concerns. One 2022 study found that among these parents’ biggest worries was what would happen to their children if they got sick. They...
Selling Your Life Insurance Policy to Help Cover Expenses
The National Council on Aging reports that more than 16.5 million adults 65 and older experience economic insecurity, with incomes below 200 percent of the federal poverty level. Rising housing and health care bills can burden seniors on fixed, limited incomes.
Life insurance is an asset that many older adults...