The Social Security Administration has released some updated figures for 2021, and we will take a look at them in this post. Medicare should be releasing their changes in the near future, and we will pass along that information as soon as it becomes available. Cost Of Living Adjustment (COLA) Prices tend to go up year after year, and the Social Security Administration (SSA) acknowledges this fact of life. The Department of Labor maintains the Consumer Price Index to keep a finger on the pulse … [Read more...] about SSA: Beneficiaries Will Get COLA in 2021
Retirement Planning
When Can I Apply for Social Security?
The Social Security program is very important for the majority of people who are planning ahead for their retirement years. This having been stated, you would do well to take personal responsibility for your retirement to avoid being overly reliant on this entitlement. If you plan ahead properly you can accumulate a financial underpinning on your own while you look forward to the boost that your Social Security income will provide when you start to draw a benefit. When can you apply for … [Read more...] about When Can I Apply for Social Security?
Study Sheds Light On In-Home Caregivers
Elder law attorneys are becoming increasingly concerned about the high cost of long-term care. If you wanted to spend a year in a private room in a nursing home in Connecticut it would set you back over $100,000 on average. And of course, people sometimes stay longer than a year. Assisted living communities are also extraordinarily expensive. The average cost for a year-long stay in an assisted living facility in Connecticut is well in excess of $40,000. As high as these numbers are, it is … [Read more...] about Study Sheds Light On In-Home Caregivers
Connecticut Elder Law Resources
The elder law community focuses on legal issues that are of interest to people who have reached an advanced age. Without question, the best way to prepare for the eventualities of aging is to sit down and discuss everything with a licensed Connecticut elder law attorney. You are entering uncharted waters when you start to get older and ultimately reach different stages of life. There are certain things that you must take into consideration, and you may not know exactly how to proceed. It … [Read more...] about Connecticut Elder Law Resources
Where Is My Social Security Statement?
You have to be apprised of your anticipated future income if you want to plan ahead for retirement intelligently. Different people have different capabilities, but the fact is that Social Security is going to be very important to the majority of individuals who are making retirement plans. And even if you are not going to be particularly dependent on Social Security you are certainly going to be interested in knowing how much you will be qualified for when you do become eligible. The Social … [Read more...] about Where Is My Social Security Statement?
Where Should You Retire?
People are living long lives these days with the average life expectancy in the United States standing at 78.2 years at the present moment. Of course this is in fact an average and your life expectancy rises as you get older. Many people are surprised to hear that the segment of the population that is 85 years of age and older is the fastest-growing group among us. The reason why we are mentioning this longevity is to underscore the fact that you have to plan for the long haul when you are … [Read more...] about Where Should You Retire?
Long Term Planning Aided By Military Benefits
Individuals who make the sacrifices necessary to serve their country in the armed forces are entitled to certain benefits for their service. When you are creating a comprehensive long-term plan for the future these military benefits can be of great assistance, and we would like to take look at a couple of them here. There is a particular benefit that a lot of people are not aware of that can help to defray the cost of long-term care should you need such assistance at some point in time. The … [Read more...] about Long Term Planning Aided By Military Benefits
How Expensive Will Long-Term Care Become in the Future?
Connecticut elder law experts are growing increasingly concerned about the cost of living assistance for elder Americans. Right now the expenses that seniors face when they need living assistance could be accurately described as exorbitant. But if you are planning ahead for the possibility of needing long-term care in perhaps 30 years the potential costs are mind-boggling. The MetLife Mature Market Institute puts out an annual survey that is very well researched and detailed. Last year the cost … [Read more...] about How Expensive Will Long-Term Care Become in the Future?
Surveys: More Elder Couples Living Together Without Marrying
The United States Census Bureau conducts surveys that can be very useful to those who are interested in the field of elder law. Their American Community Surveys for 2005-2007 and 2008-2010 revealed an interesting trend. Apparently more and more senior citizens who are in committed live-in relationships are choosing to remain unmarried. Between the two time periods the number of people who are at least 60 years old who are living with someone increased by 14% to 1,206,661. One reason why many … [Read more...] about Surveys: More Elder Couples Living Together Without Marrying
Inheritance Assumptions May Not Be Wise
Of course nobody wants to see their parents or grandparents pass away, and when this takes place it can be emotionally devastating. That being stated, everyone does pass away. As a result it would be disingenuous to suggest that people do not anticipate receiving inheritances. There are those who may not take retirement planning all that seriously because they do in fact expect to inherit money when they become senior citizens. However, these assumptions may not be wise given the statistical … [Read more...] about Inheritance Assumptions May Not Be Wise
