Elder law attorneys pay close attention when lawmakers talk about making changes that impact senior citizens. Medicare is an extremely important piece of the retirement planning puzzle, and any movement with regard to the guidelines is going to be big news. We are hearing a lot of chatter about a reduction in the Medicare eligibility age, and we will take a look at the details here. Expansion of Coverage When you work and pay FICA or self-employment taxes, you get something in return of … [Read more...] about Medicare Eligibility Age Reduction Is Possible
President Biden has a number of legislative priorities that he will push for during the next two years, and Social Security reform is one of them. People on one side of the spectrum will look at the proposed changes favorably, but those at the top may not share their opinion. Minimum Benefit Increase Your Social Security benefit is based on the 35 years during which you earned the most amount of money. There is a maximum amount that can be taxed for Social Security purposes, and in 2021, the … [Read more...] about Biden Administration Eyes Social Security Reform
As elder law attorneys, we keep a finger on the pulse of matters that are important to senior citizens. Clearly, Medicare is an important piece to the puzzle, and when you are planning for retirement, you should be fully cognizant of the out-of-pocket costs. Each year, there are updates to the relevant figures. The changes for 2021 are now available, and will share them in this post. Retirement Credits to Qualify for Medicare Some people assume that you automatically qualify for Medicare … [Read more...] about Medicare Costs Updated for 2021
If you are going into business for yourself, you have to make some choices. Asset protection should be taken into consideration, and from a retirement and estate planning perspective, you should have a succession plan. Let’s look at the most commonly used asset protection structures, and we will then move on to the second part of the equation. Small Business Asset Protection The limited liability company (LLC) can be the right choice for a wide range of small business people. When you … [Read more...] about Asset Protection and Business Succession Planning
You should fully understand the Social Security parameters when you are looking ahead toward your retirement years, because you will have decisions to make. We were going to provide some important details in this post, but first, we will take a quick look at the way that you qualify. When you work and pay those annoying FICA or self-employment taxes, you get something back for your contributions eventually. You earn retirement credits when you pay these taxes, and in 2020, you get one credit … [Read more...] about Can I Work and Collect Social Security?
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
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?
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
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
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?