By Steve Weisman
Social defense is altering. Medicare is altering. Medicaid is altering. Retirement making plans is altering. it really is valuable that allows you to live on financially to appreciate those complicated adjustments and cause them to paintings on your virtue. those matters really have an effect on child boomers taking good care of getting older mom and dad or making plans their very own retirement and fiscal destiny. This e-book indicates you what to anticipate, what those alterations suggest and the way to make those alterations paintings on your advantage.Consumer finance specialist and nationally syndicated radio host Steve Weisman starts with an entire consultant on your retirement funding offerings, from IRAs and 401Ks to the most recent assurance products... even new recommendations, equivalent to opposite mortgages. Drawing on his extraordinary services as a monetary planner and lawyer focusing on elder care matters, Weisman provides insights you cannot locate somewhere else: easily, painlessly, and with welcome humor.
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Additional resources for Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care
Not very comforting, is it? How Long Will You Live? Another important factor in determining how much money you will need for retirement is estimating how long you expect to live in retirement. Obviously, the longer you live, the more money you will need. com, the Northwestern Mutual Financial Network has an interactive program it calls “The Longevity Game” that analyzes your particular medical and lifestyle influences on your longevity. When I took the exam, it told me I could expect to live to the age of 93.
The earnings on the 529 Plan are tax-free at withdrawal. In some states, you can even get a tax deduction for contributing to a 529 Plan (a list of those states can be found in my book A Guide to Elder Planning). 28 BOOMER OR BUST One major advantage of a 529 Plan is that the parent or grandparent setting up the 529 Plan always controls the money and can get it back at any time (although there are income tax consequences for so doing). Funds spent on education expenses are tax-free. And therein lies the loophole.
Temptation: bad when it causes you to take your money out of your 401(k) when you go to a new job, thereby turning an advantage of the 401(k) into a disadvantage. The law permits people to take a 401(k) account with them from one employer to another throughout their working careers. The law also allows three other choices. The first option, which is less of a choice than just failure to make a decision (which, thereafter, becomes a decision), is merely leaving your 401(k) account with your former employer’s plan.
Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care by Steve Weisman