Learn About Social Security's Online Tools
With the aging population becoming increasingly tech savvy, the Social Security Administration (SSA) has moved a lot of services online. From applying for Social Security benefits to replacing a card, the SSA has online tools to help.
To access most of the online services, you need to create a my Social Security account. This account allows you to receive personalized estimates of future benefits based on your real earnings, see your latest statement, [...]
Don't Make the Mistake of Not Signing up for Medicare Supplemental Coverage
You are turning 65 and enrolling in Medicare, but as a healthy senior do you really need to also sign up for Medicare's supplemental coverage? Not signing up initially can be very costly down the road.
Medicare pays for only about half of all medical costs. To augment Medicare's coverage, you can purchase a supplemental or "Medigap" insurance policy from a private insurer. There are 10 Medigap plans that each offers a [...]
What Happens If You Die Without a Will?
We all know we are supposed to do estate planning, but not all of us get around to it. So what happens if you don't have a Will when you die? Your estate will be distributed according to state laws, which may or may not be the way you want it to be distributed.
Dying without a Will is called dying "intestate." Each state has laws that determine what will happen to your estate if you don't have a Will. If you are married, most states award one-third to [...]
Be Careful About Putting Only One Spouse's Name on a Reverse Mortgage
A recent case involving basketball star Caldwell Jones demonstrates the danger in having only one spouse's name on a reverse mortgage. A federal appeals court has ruled that an insurance company may foreclose on a reverse mortgage after the death of the borrower, Mr. Jones, even though Mr. Jones’ widow is still living in the house. While there are protections in place for non-borrowing spouses, many spouses are still [...]
Reverse Mortgages Can Pose Problems for Heirs
Reverse mortgages can be a big help to seniors needing extra cash, but they can become a nightmare for their heirs. Heirs who don't know their rights may be faced with large bills or threats of losing the house. Fortunately, there are some protections for heirs.
Reverse mortgages allow homeowners who are at least 62 years of age to borrow money on their house. The homeowner receives a sum of money from the lender, based largely on the value of the [...]