Retirement Watch Weekly
Warnings on Reverse Mortgages
We have to wave a yellow flag on reverse mortgages. While good ways for some seniors to tap their home equity, they also are a new and fertile ground for fraud, and new rules make them less attractive. Reverse mortgages are available to people age 62 and older. You receive cash, a stream of payments, […]
Understanding Medicare Supplement Plans
You’ve been inundated with advertising for the array of Medicare-related programs, for it is annual enrollment time. In recent months we reviewed Medicare Advantage plans, original Medicare, and Part D prescription drug coverage. In this visit, we review Medicare Supplemental coverage (or Medigap) policies. Many people who are covered by original Medicare also select a […]
Preparing for the New Tax Forms
Be prepared for a more complicated tax return for 2009, even if you have an uncomplicated tax situation. New forms, triggered by new tax breaks and rules, mean few people will have simple, straightforward returns. One major change is a new Schedule L, which in its draft form had 21 steps. Schedule L will be […]
Windfall for Retirees on the Move
Congress created a financial windfall for retirees and those near retirement. When it extended the first-time home buyer’s credit in November it also greatly expanded the credit. The $8,000 credit for first-time buyers (and those who haven’t owned a home for at least three years before the closing) was extended, and a new $6,500 credit […]
How to Climb the Estate Planning Ladder – An Estate Planning Checklist
Estate Planning overwhelms many people. Planners use their own language. As estate owner you have to choose from many strategies. The complications lead to procrastination and unfinished plans. One way to break the procrastination and creates a plan is to use an estate planning ladder. The ladder starts with a basic estate plan. You move […]
Examining Part D Prescription Drug Plans
Open enrollment for Medicare’s Part D prescription drug pro-gram is almost here. Marketing has begun, and you can sign up from Nov. 15 – Dec. 31. Only entering its fourth year, enrollment grows each year, and surveys show satisfaction among enrollees. One constant about Part D so far is change. Premiums, other costs, and coverage […]
Updating Medicare Advantage
Earlier this year we told you to expect changes in Medicare Advantage plans, because Congress was reducing reimbursements to insurers and making other changes. The plan offerings for 2010 are in, and you do indeed face changes in Advantage plans. Almost all Medicare beneficiaries have an Advantage plan available to them. But about 7% of […]
More Lowdown on Roth IRA Conversions
The Roth IRA conversion opportunity is getting closer. Last month we discussed the basics of the opportunity and who should consider taking advantage of it. We continue the discussion in this visit with more details about the rules and ways you can enhance the benefits. To review from last month, next year the income limit […]
