As a spouse, you have the option of claiming a Social Security retirement benefit based on your own earnings record or collecting a spousal benefit equal to half of your spouse's Social Security benefit.
In late March 2024, U.S. Sen. Bob Casey (D-PA) introduced the Boosting Benefits and COLAs for Seniors Act. The Act centers on changing the formula that the SSA uses to calculate Social Security benefits for older adults.
When a loved one passes away, it's important to get a death certificate. This document is necessary to handle the financial and legal affairs of the deceased person.
As of late 2023, the median monthly cost of a semi-private room in a nursing home in the U.S. was close to $9,000. The vast majority of people cannot afford to pay these prices out of pocket over the long term.
Wills and trusts are foundational estate planning tools. While each is used to distribute your hard-earned assets to your loved ones, they do so in different ways. Each also has its own distinct uses and advantages.
Seniors seeking information on assisted living options may find recent data from the Seniorly Resource Center useful. Its new 2024 report sheds light on the costs of assisted living - from the most to the least expensive - across the U.S.
Today, an increasing number of people are planning their own funerals or memorial services. They may also designate their funeral preferences in detail and sometimes even pay for a funeral ceremony in advance.
While joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can expose you to their creditors and affect Medicaid planning.
To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to "spend down" your extra assets to meet the $2,000 limit.
Many executors don't understand the probate process and leave the tasks to the lawyer. While the executor has a fiduciary duty to protect the heirs' interests, does the lawyer? It depends on your state.