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*when major life event occurs (death of parents, spouse or selling family house) you will be
more vulnerable to be victim of fraud.
policies)
Investment & saving
Retirement Planning
Estate Planning (including wills, trusts & power of attorney).
Social Security :
& Medicare.
Must be at least 62 years old to be qualified.
Amount receive depend on earning, which paid Social Security taxes up to
certain limit and the age begin receiving payments.
Am I still working?
Do I have serious health problem?
Do I concern Social Security will run out of money?
Income probably decrease, pension & others retirement income may not have
law.
Likely need to leave off the income you generate or even draw down asset.
More provisions for catastrophic illness or emergency.
May be less able to manage your money because of failing health or cognitive
decline.
surplus.
Need base program such Supplemental Nutrition Assistance Program
(SNAP), Supplemental Security Income (SSI) & Meals on Wheels.
Financial planner will suggest, the reasonable amount to withdraw from saving
4% of total annually.
4% is reasonable but doesnt take the inflation rate on own expenses.
When figure out budget for later years, approximate your need by taking about
date.
It can be overcome if not financially healthy. (raise, cost of living increase,
overtime second job, etc)
Financial advisers may counsel older client to keep some money in equities
Many people bulk of their net worth tied up in their home, according to the Center
home permanently.
Loan balance will grown & equity may be very small.
Non-recourse loan, you or your heirs will never owe more than the home is worth.
The loan must be repaid when it becomes due, so you or your heir must pay off
reverse mortgage, sell the home or turn the home over the lender.
Some optional retirement accounts offer opportunity to borrow against the value
of the account.
Loans limit generally 80% of the value.
Proceed within a few weeks
Easy application and requires no proof of ability to pay back (own money).
Use when emergencies arise.
Taking all out will affect balance in the later years.
physician.
Pay out may be considered a capital gain.
Check with Department of Social Services, to make sure this pay out wont affect
eligibility for assistance, if you are receiving public assistance.
charged.
Use this to accumulate free flights, hotel stays, merchandise or cash back.
4) Senior Discounts:
- Many organizations offer reduced rates for seniors.
5) Converting IRAs to Roth IRAs:
- Investment in traditional IRAs, income tax deferred until withdraw the fund.
- Roth IRAs, no tax paid when withdraw fund because already paid taxes on
-
deposit.
When convert to Roth IRAs, you liable for the income tax.
Conclusion:
-
assistance.
Thereat of outliving money is real.
To anticipate problems and prepare for them.
Through your budget & expenses.
Preparation for your future.
Avoid becoming a victim of fraud.