Long-Term Care: Better to be Safe Than Sorry

As you enter your “golden years,” perhaps you imagine yourself traveling, visiting grandchildren, or pursuing a favorite hobby. Unfortunately, none of us can predict what the future may bring. But, according to the U.S. Department of Health and Human Services, more than 70% of individuals over the age of 65 will ultimately require some form of long-term care (LTC). LTC refers to a wide range of medical, rehabilitation, personal care, and social services, whether in a nursing home, assisted living facility, or at home, for those who need assistance due to an illness or disability. If you should need LTC at some point, your world could change significantly, affecting not only your quality of life, but your finances, as well. For example, the national average cost of a semi-private room in a nursing home is more than $200 per day, which may be higher or lower in certain parts of …

CONTINUE READING

Retirement Readiness Shows Signs of Waning

While the retirement systems in the United States, the United Kingdom, and Australia differ in important ways, all are falling short to varying degrees in ensuring that workers in those countries are adequately preparing for retirement, according to an article published by human resources consultancy Findley Davies in its November/December 2017 newsletter. Retirement Readiness The article, “Retirement Readiness—How Do We Compare?” was written by Ken Hohman, an actuary and management consultant. Hohman presented a comparison of the retirement systems in these three countries based on his involvement on behalf of the American Academy of Actuaries with a project in collaboration with the Actuaries Institute in Australia and the Institute and Faculty of Actuaries in the UK. Hohman observed that Australia, the UK, and the U.S. have similar but significantly different retirement systems. Specifically, he explained, each country has a national social security system that is weighted in favor of lower-income …

CONTINUE READING

Dollar Cost Averaging Creating Good Money Behavior

The increase in volatility to start 2018, coupled with the almost 9-year bull market run has caused many sophisticated investors to question when to buy and when to sell. So, it’s important to remember that there is a very simple investment strategy that doesn’t require you to stare at trading screens all day – Dollar-Cost-Averaging. It isn’t new and exciting, but many a successful investor has proven its worth. The principal behind it is this: You put the same amount of money into the same investment on the same day each month. Those months when the investment’s price goes up, your set amount does not buy as many shares. But when the investment‘s price dips, you get to buy more shares at a cheaper price. Guess what? When the price goes back up, all those shares you bought cheaply make you some money. Those shares you bought when the price …

CONTINUE READING

10 Timeless Financial Tips

Advice on how to save, manage, invest and spend money from Knight Kiplinger, the editor in chief of Kiplinger’s Personal Finance.

FINRA Rules Take Effect to Protect Seniors & Vulnerable Adults from Exploitation

Financial abuse of seniors is devastating to those who should be enjoying their golden years. A 2015 report by True Link Financial says seniors lose more than $36 billion a year to financial abuse, and the financial industry has been looking for ways to address the privacy and safety concerns of older investors. The Financial Industry Regulatory Authority, a self-governing private body, issued a rule to help that went into effect in early February. “The bottom line for this new rule is to install safeguards to either prevent potential financial exploitation or stop ongoing exploitation of impaired seniors,” says Clifford Caplan, a certified financial planner at Neponset Valley Financial Partners. With widespread reports of huge amounts of funds being siphoned off from unsuspecting investors’ accounts, FINRA has finally stepped in establish a mechanism and procedure to stop this abuse, he says. Here’s what you need to know about the new …

CONTINUE READING