In retirement, health care costs are significant, and prescription drugs are often at the top of the list. According to a report published by the U.S. Department of Health and Human Services in 2022 says that about 5.8 million Medicare recipients had trouble paying for essential prescription drugs in 2019.
Parents of college students who may have taken out loans in order to help their children pay for college stand to benefit from President Joe Biden’s proposal to erase some student debt, a potential bonanza for the retirement savings of older Americans who qualify.
The proposal includes Parent PLUS loans, which are federal loans taken out by parents to assist their children in paying for college. In families where the student and the parent took out qualified loans independently, both would be entitled to relief. Private loans and loans taken out after June 30, 2022, do not eligible for forgiveness.
Did You have Parent Plus Loan?
Retirees need to have a reliable source of income. Retirees who have depleted their retirement funds must obtain income from other sources or, if possible, return to work. However, you can protect your retirement savings from spending them down too quickly by calculating a safe withdrawal rate correctly.
Medicare becomes available to most people around the time of their 65th birthday. You can be charged a late enrollment penalty for as long as you have Medicare if you don’t enroll during the initial enrollment
A scam alert has recently been issued by the Better Business Bureau for those who sell their products on Facebook Marketplace. Facebook Marketplace users should beware of Zelle scams where fraudulent buyers attempt to purchase big-ticket items using Zelle, the popular peer-to-peer lending app.
In most cases, you are already familiar with traditional IRAs and Roth IRAs, but you are not sure exactly how they differ and how they are the same. Here’s a quick breakdown of Roth vs. traditional IRAs.
As a result of the reconciliation bill, at least some Medicare beneficiaries will see lower prescription costs in Part D, Medicare’s prescription drug program, and in Part B, Medicare’s office-based prescription drug plan, as follows:
How ready are you to retire? Have you done a test run? Can you cut your expenses? Read on for some helpful ideas.
Most people had group health coverage through their employers before Medicare, and two or three options were available during the annual enrollment period. Apart from covering your prescription medications, you probably didn’t place much importance on drug coverage in your decision. As soon as you joined Medicare, all of that changed. With so many options … Read more
You’ve made it! You’re out of the labor force and enter into your retirement. You’re gathering Social Security and attempting to offset your new way of life with your funds. A pandemic is still playing out, high inflation, a bear market, dangers of a downturn, and high inflation. Retirees seem to have an endless list … Read more