Retirement Watch Weekly
What You Need to Know About the Prescription Coverage Gap
Medicare beneficiaries need to under-stand the prescription drug coverage gap, also known as the “doughnut hole” or “donut hole.”The coverage gap was part of the original Part D prescription drug program, but it has been changed several times since its inception in the 2000s. There were additional changes that took effect in 2019, and it […]
Stop Spending Too Much on Prescription Drugs
Prescription drugs are a major spending item for many retirees, and the cost of prescription drugs is expected to increase faster than other categories of spending, including medical expenses in general.Older Americans tend to spend more on prescriptions, and the annual cost increases each year. Though some of the spending is due to price increases […]
The Widow’s Penalty Tax and How to Avoid It
The widow’s penalty tax is one of the least known yet most onerous of the retirement Stealth Taxes.Since few people are aware of it, few retirement plans defend against the widow’s penalty. I frequently warn people about the solo years. Those are the years after one spouse has passed away. The surviving spouse must maintain […]
IRS Sets New Rules on IRAs, QCDs and More
Significant changes were made in individual retirement account (IRA) rules during the last few years. The IRS recently issued new guidance on some of those changes and how they interact with other rules.The Setting Every Community Up For Retirement Enhancement (SE-CURE) Act repealed the age limit on contributions to traditional IRAs. Previously, contributions couldn’t be […]
How to Transfer Assets Out of Your Estate Yet Retain Access to the Money
You can take advantage of today’s big estate and gift tax opportunities and still retain some access to your wealth.Estate planning strategies are never going to be as effective as they are now because of the high exemption amounts, low estate and gift tax rate and low interest rates. See our July 2020 issue for […]
How to Make a Will Without a Lawyer, Part II
In last week’s Retirement Watch Weekly, I presented Part 1 of How To Make a Will Without a Lawyer. Here’s Part 2: Name Guardians for Your Children When a testator has minor children, the will should designate one or more individuals who will serve as guardians for the children if both parents are deceased. It […]
Alternatives to Buying Traditional Long-Term Care Insurance
Long-term care (LTC) is expensive, but the cost of traditional long-term care insurance (LTCI) has increased at an even faster rate in the last few decades. Traditional LTCI became less attractive following the financial crisis. Insurers found they were paying more in claims than they had estimated and were receiving less income on […]
What is a Long-Term Care Facility?
A long-term care facility is any place long-term care (LTC) is provided, and LTC can be provided in a number of different locations depending on the extent of care that is needed. Long-term care consists of a range of services and systems that help meet medical and personal needs of people who have […]
