Reverse mortgages are being promoted on television by Henry Winkler, (The Fonz), the star of “Happy Days” and Fred Thompson, a politician and the Manhattan District Attorney in “Law and Order”. We have all seen their tv commercials. So What is a Reverse Mortgage? A reverse mortgage is a home loan for older homeowners that…
Life Insurance: How Much Should You Pay?
When it comes to buying life insurance, here’s one big thing we often wonder about: how the heck is this type of insurance priced? And how much should we really pay for it? An actuary should be able to help. An actuary is an individual who uses statistical analysis to calculate the cost of future…
Medicare Part B and D: Timely Enrollment Saves Money
If you are newly eligible for Medicare you can sign up for Medicare Part B during your Initial Enrollment Period. For example, if you’re eligible when you turn 65, you can sign up during the 7-month period that begins 3 months before the month you turn 65, includes the month you turn 65, and ends…
Affordable Care Act (ACA) for Baby Boomers
The Patient Protection and Affordable Care Act’s (aka ObamaCare) purpose is to ensure every American has access to affordable, quality health care and to reduce the growth in health care spending. The Affordable Care Act (ACA) has been controversial since it was initially proposed. It continues to be controversial after being: passed into law (March…
Medicare: Fast Facts for Retirees
What is Medicare, and when did Medicare begin? Medicare is a national social insurance program, administered by the U.S. Federal Government since 1965. It guarantees access to health insurance for Americans ages 65 and older. Younger people with disabilities, as well as people with end-stage renal disease are also eligible. The program helps with the…
Qualified Tuition Plans (529 Plans)
Why are Qualified Tuition Plans Important? The cost of a college education continues to skyrocket. Between 2001 and 2011, prices for undergraduate tuition, room, and board at public institutions rose 42 percent, and prices at private not-for-profit institutions rose 31 percent, after adjusting for inflation. However, the economic benefits of a college degree are significant….
Long-Term Care Insurance: A Primer for Retirees
What’s long-term care insurance? Long-term care insurance is an insurance policy designed to reimburse you for expenses that could result when you reach an age when you are unable to take care of yourself. This is usually considered the point when you are incapable of performing day-to-day tasks such as washing, eating and getting dressed…
Financial Planner: Do You Need One?
The world of finance has become quite complex. As if investing is not difficult enough, it’s only part of what goes into your financial planning. With so many components, financial planning can be daunting and overwhelming — and that’s where your planner comes in. What’s financial planning? Financial planning includes budgeting and saving your money,…
Do You Have the Right Personality to be a Successful Entrepreneur?
You have two smart people: one turns out extremely successful in business and the other is an ultimate failure. So what’s the difference between the two? And what are the qualities of a successful entrepreneur? A Wanna-be-Entrepreneur I remember a wanna-be entrepreneur I met years ago. His name was Sam. Sam believed he had a…
Everything You Need to Know About Social Security
When did Social Security begin? The Social Security Administration (SSA) began in 1935 when the legislation forming the entity was signed by President Franklin Roosevelt. The SSA began as an independent agency, over the years has been a sub-cabinet agency and in 1995 once again became an independent agency. Today the SSA is led by…
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