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Tag: Elder Issues

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Getting the Most out of Social Security

Piggy Bank

 

Social Security benefits are of critical importance to most retired Americans. The benefits often account for 50% of the income retired people have, if not more.

It means that getting the most out of those benefits is extremely important.

Everyone knows that the amount of benefits they will receive depends on when they start taking the benefits. Many people choose to figure out for themselves how to maximize their benefits.

Many do so to their own detriment, according to CNBC in “Bungling this retirement decision could cost you $300,000.”

It has been estimated that every year, Americans receive $10 billion less in Social Security benefits than if they maximized their benefits. Some people leave as much as $300,000 in lifetime benefits on the table, without even knowing it.

This is the result of people not choosing to retire at the right time and also not thinking about things like spousal benefits that might be a good option for them.

It is not a good idea to make Social Security decisions on your own or to rely on government employees to tell you how to get your maximum benefit.

You need to talk to experts when making these decisions.

An elder law attorney in your area can help you decide how to get the most out of Social Security. Visit with one before you make any decisions that you cannot change later.

Reference: CNBC (Nov. 14, 2017) “Bungling this retirement decision could cost you $300,000.”

 

 

Posted on

Getting the Most out of Social Security

Piggy Bank

 

Social Security benefits are of critical importance to most retired Americans. The benefits often account for 50% of the income retired people have, if not more.

It means that getting the most out of those benefits is extremely important.

Everyone knows that the amount of benefits they will receive depends on when they start taking the benefits. Many people choose to figure out for themselves how to maximize their benefits.

Many do so to their own detriment, according to CNBC in “Bungling this retirement decision could cost you $300,000.”

It has been estimated that every year, Americans receive $10 billion less in Social Security benefits than if they maximized their benefits. Some people leave as much as $300,000 in lifetime benefits on the table, without even knowing it.

This is the result of people not choosing to retire at the right time and also not thinking about things like spousal benefits that might be a good option for them.

It is not a good idea to make Social Security decisions on your own or to rely on government employees to tell you how to get your maximum benefit.

You need to talk to experts when making these decisions.

An elder law attorney in your area can help you decide how to get the most out of Social Security. Visit with one before you make any decisions that you cannot change later.

Reference: CNBC (Nov. 14, 2017) “Bungling this retirement decision could cost you $300,000.”

 

 

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Prove You are Alive

4fjHtYHdRlSemICxjjBu_IMG_8424There is a master government list that has your name and other identifying information on it. When you pass away, that will be recorded and your death will be noted on another master list.

These lists are maintained so the government and private businesses can know when you are eligible for services and when your eligibility ends. For example, the government uses the lists to know when you can receive Social Security and when to stop sending benefits to you.

Human error sometimes causes problems with the list.

People who are still alive are accidentally put on the master list of the deceased.

That can cause some problems, but usually not as bad as what one Spanish woman is going through as
Fox News reported in “Spanish woman wants to open up grave to prove she’s alive.”

Juana Escudero has been deceased for seven years. Well, not really, she’s actually still alive.

The Spanish government just thinks she’s dead, because seven years ago someone with her exact same
name and place of birth was recorded as deceased.

As a result, Escudero has not been eligible to receive government services, including going to a doctor,
for the last seven years. Her efforts to convince the government that she is alive, have so far been
fruitless.

She’s asking the government to open the grave of the person they declared dead, so she can prove it is
not her.

In the U.S., it is easier to fix these clerical errors, but it still is not always easy.



If it happens to you, then it is a good idea to get an attorney to help you.

Reference: Fox News (Sep. 27, 2017) “Spanish woman wants to open up grave to prove she’s alive.”

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Troubled Public Pensions

MP900404926Public employees in the U.S. count on their pensions to provide for them in retirement.

While most private companies have moved to 401Ks, public employees still have the old pension system.

Because of these pensions, they are often not eligible for Social Security.

However, for decades, these pensions have been underfunded, since governments have preferred to spend money elsewhere.

The problem is severe and not isolated to just a few public pension programs, as the Economist reports in “American public pensions suffer from a gaping hole.”

The biggest source of the problem appears to be that administrators have preferred to use projection methods that are unrealistic. More realistic projections would require governments to make greater contributions.

There are no popular options to fix this problem.

Taxpayers do not want to pay more, so governments can meet their pension obligations.

Public employees do not want to contribute more of their paychecks to the pensions.

Current and future pension beneficiaries also do not want to see their benefits cut.

Something will have to give to address the public pension problem adequately.

If employees cannot rely on their pensions, then they might not be able to retire as planned, unless the
federal government intervenes and covers the pension shortfalls.

People who are no longer able to work, could find themselves forced to retire and also unable to meet
their expenses.

Reference: Economist (Oct. 5, 2017) “American public pensions suffer from a gaping hole.”

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Going on a Last Ride

Motorcycle riders in Lubbock, Texas now have the opportunity to incorporate going on a final ride into their funeral services.

The basic design of hearses has not changed very much over the years. They are somber looking vehicles, usually black, that most closely resemble a limousine.

At least, that is what almost everyone would imagine, when they hear the word "hearse."

However, Derek Dunn of Lubbock, Texas had a different idea.

Dunn created a hearse that resembles a motorcycle and painted it red.

MP900442276[1]The hearse pulls a platform behind it that carries the casket, which is in the open air. Different graphics can be displayed on the platform for groups, such as firefighters and police.

Dunn even created the hearse to appeal to motorcycle enthusiasts who want to go on one last ride.

Everything Lubbock reported this story in "A Unique 'Last Ride'."

This is a continuation of the larger trend to personalize funerals and memorials. More and more people are choosing to have more personal touches in their funerals, instead of sticking with just the traditional ceremony.

If the trend continues, more stories like the motorcycle hearse can be expected.

Elderly people should be aware of this trend for two reasons. First, if they want to have a non-traditional personalized funeral service, then they should make pre-arranged plans. There are many options available.

Second, and just as important, elderly people who do not want a traditional service, need to let that be known, in case their families might decide to do it on their own.

Reference: Everything Lubbock (June 27, 2017) "A Unique 'Last Ride'."

 

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The Elderly Could Benefit From Autonomous Cars

Experts predict that in a few years, the technology will be good enough that vehicles will not need human assistance to operate. One of the groups that could benefit the most from this is the elderly.

One of the most dreaded conversations for children with elderly parents, is telling their parents that it is time to give up driving. For the elderly, the loss of the ability to drive is symbolic of a loss of self-reliance, since it makes it much more difficult to get around.

Elderly people who have always been able to get in their vehicles and drive themselves anywhere they want, naturally resent not being able to do so. They also often fear that if they call someone to help them, then they are being a burden.

Nevertheless, at some point people do lose the ability to drive safely.  Therefore, children must have the conversation with their elderly parents no matter how much everyone involved dreads the prospect.

Soon, however, it may no longer be necessary according to The New York Times in “Self-Driving Cars Could Be Boon for Aged, After Initial Hurdles.”

Automakers and technology companies are in a race to develop cars that can drive themselves. These autonomous vehicles would be able to take passengers where they want to go more safely than human drivers, according to advocates.

If the elderly were to use self-driving cars, then they would no longer need to lose their mobility when they are no longer able to drive. Some believe that these vehicles could be available in as little as five years.

There are still legal issues that need to be considered for elder law advocates. Lawmakers currently appear reluctant to allow autonomous vehicles that are not overseen by a human capable of taking control safely.

Reference: The New York Times (March 23, 2017) “Self-Driving Cars Could Be Boon for Aged, After Initial Hurdles.”

 

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Assisted Living Facilities

senior couple standing together outdoorsSenior citizens who no longer feel safe or comfortable at home alone, have options other than going to a nursing home. Moving to an assisted living facility is one of them.

If you ask any elderly person who is not currently living in a nursing home what they think about moving to one, you are likely to get a negative response. People do not want to move into nursing homes. Most only do so, when they have no other options.

Nevertheless, there are many elderly people living at home who are not able to handle their own day to day needs. They need help which can be hard to come by due to a lack of good caretaker options or because it is not practical to move in with younger family members.

These senior citizens do have an option available, short of prematurely going into a nursing home, as Yorktown News points out in “What Is an Assisted Living Facility and Is It the Right Place for You?”

An assisted living facility is just what it says it is.

It is a facility that assists an elderly person with daily functions, but not  to the extent that a nursing home does. In an assisted living facility, residents will get help with laundry, cleaning, transportation, medication management etc.. Facilities also usually offer community meals for residents.

While an assisted living facility is not right for all seniors, it is a great option for some. Most will find such an arrangement more enjoyable than a nursing home.

Reference: Yorktown News (March 2, 2017) “What Is an Assisted Living Facility and Is It the Right Place for You?“