RetirementRevised

Retirement health care expense outlook brightens

Mark Miller — Thu, 16 May 2013 15:17:08 +0000

Healthcare costs put a big squeeze on retiree pocketbooks, but the grip may be relaxing a bit. A 65-year-old couple retiring this year will need $220,000 to pay for healthcare for the rest of their lives, an amount that is eight percent less than a year ago, according to a Fidelity Investments report issued Wednesday. [...]

Buying Tips for Long-Term Care Insurance

Mark Miller — Sun, 12 May 2013 13:00:19 +0000

The cost of health care is a key wild card in any retirement plan. Out-of-pocket spending can vary widely, depending on longevity, health status, and income–even where you live makes a difference. But most estimates on retirement health-care costs don’t factor in an even bigger challenge: paying for long-term care. Experts estimate that 70% of [...]

Growing threat to retirement security: Helping the kids

Mark Miller — Fri, 10 May 2013 14:42:02 +0000

A growing number of families are supporting both adult children and aging parents. As if there weren’t enough variables to consider when planning for retirement, throw this into the mix: Fifty-two percent of parents over age 45 expect to financially support their adult children, and 35 percent expect to do the same for grandchildren, according [...]

Divorced? It pays to know Social Security’s spousal benefit rules

Mark Miller — Fri, 10 May 2013 02:46:30 +0000

Robin Brewton, who advises clients on Social Security benefit strategies, has boosted retirees’ financial security with a single question: Are you divorced? It is a little-known fact: If you’re divorced, it’s possible to claim Social Security spousal and survivor benefits from your ex. It is a strategy that can dramatically boost your benefits – and [...]

Long-term care life insurance hybrid policies gaining ground

Mark Miller — Thu, 09 May 2013 12:32:50 +0000

“What if I never need long-term care?” That’s one of the biggest buyer objections to purchasing long-term care insurance (LTCI), and it was a big topic of conversation among Morningstar readers after my last column on buying tips for long-term care insurance. It’s an understandable concern because LTCI is costly. Now, an alternative approach is [...]

When aging is a business opportunity

Mark Miller — Tue, 07 May 2013 18:20:31 +0000

Gary Bates was an airline pilot for 37 years. Flying in the post 9-11 skies, he noticed that air travel had become much tougher for older travelers who struggled with more rigorous airport security and chaotic airport conditions. “People sometimes don’t know what they can bring through security. And even something as simple as a [...]

Five questions for Dick Stroud on aging market entrepreneurship

Mark Miller — Tue, 07 May 2013 18:19:25 +0000

The baby boomer age wave often is characterized as a demographic and societal challenge, but it’s also a huge entrepreneurial business opportunity. The aging of the population is creating market demand for new products and services at an unprecedented pace. I spoke recently about age wave opportunities with Dick Stroud, co-author with Kim Walker of [...]

Retirees and debt: How to avoid the worst traps

Mark Miller — Wed, 01 May 2013 21:46:34 +0000

If you’re strapped for cash or have a poor credit rating, the offer would sound tempting: upfront cash in return for your future pension payments. But it’s a debt trap, according to a recent expose by The New York Times — a “pension advance” loan charging sky-high interest rates. A Times analysis of these deals [...]

Gambling with your retirement: PBS gets in on the action

Mark Miller — Fri, 26 Apr 2013 17:23:30 +0000

PBS Frontline is shocked – shocked! – to find that investors hold retirement accounts that cost too much and eat into long-term returns, even though financial experts have been hammering away on these issues for years The public affairs show turned its investigative eye to the financial services industry this week with The Retirement Gamble. [...]

Entrepreneurs use loophole to tap 401(k)s for start-ups

Mark Miller — Wed, 24 Apr 2013 16:11:35 +0000

Mark Schottland’s 401(k) took a beating in the market crash of 2008, and its value plunged 35 percent, to $65,000. But rather than go into a mattress fund, the Nashville resident decided to invest in himself. Schottland used what was left of his nest egg at the end of that year to buy the Nashville [...]