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Baby Boomers: Four questions to ask your aging parents
It turns out that the parents of baby boomers – the silent generation – may still be living up to their name. Recent research reveals that only 28 percent of boomers’ parents say they regularly discuss money and finances with their family, and 41 percent feel they haven’t discussed their financial situation adequately with their children.1 So the responsibility may fall on boomers to approach their aging parents about money-related issues. Whether your parents are only a few years into retirement or more elderly these four questions are a good starting point for important financial conversations.
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New Year’s Resolutions for Every Stage of Your Financial Life
It’s time for that annual rite of passage into the New Year: making your resolutions. In addition to vowing to lose 10 pounds or organize your photo drawer, perhaps 2012 should be the year to focus on your finances. Regardless of your age or financial status, the following ideas might help make 2012 more financially beneficial.
Twenty-Somethings.
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A reverse mortgage can do different things for various people. For some people it might be a fairly easy technique to pay bills . For some individuals it may well be a cushion within their wallet or even more money designed for an unexpected emergency. It may even be that remarkable family vacation you’ve been fantasizing about, or perhaps the remodeling of your home that you’ve been putting off for a long time. What exactly a reverse mortgage is not , nevertheless, is no cost currency that by no means will have to be paid back. There are several of the reverse mortgage rules that are regularly misconstrued.
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Why It's Important to Understand the Four Stages of Retirement
By: Mark Singer, CFP
One of the biggest mistakes I find that people make is misunderstanding what retirement is. Many think it is the end goal - in other words, they look at the act of retiring as being the finish line. The reality is that there are distinct phases of retirement and as planners we need to understand them and know how to adjust our planning for them accordingly.
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Click Below to Hear Mark Singer on The Elder Insider Radio Show!
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Five Steps for a Smart Financial Start in 2012
If you pay attention to the news, you’ve seen governments around the world struggling to balance their budget and stay afloat. Ironically, the basics of balancing the income and expenses of a country are not that different from what you do with your own finances — and it can be just as much of a challenge. But a well-planned budget is an invaluable tool if you want to improve your financial position. Here are five things you can do now to make setting and reaching your 2012 financial goals a lot easier.
Step One: Organize your bills
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With the New Year comes new rules, and after two years with no inflation adjustments for Social Security, changes are afoot for 2012. Most notably, those who receive Social Security and Supplemental Security Income benefits will see their monthly checks increase by 3.6 percent.
Though this is good news for those on the receiving end, these inflation adjustments also have an impact on those who are still contributing a portion of their wages through Social Security taxes and those who choose to begin receiving benefits early. The changes may not be drastic, but it’s important to consider them as you’re looking at your 2012 financial picture whether you’re still in the workforce, retired or planning to retire.
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Six Important Tips for Grandparents about Giving
If you enjoy supporting your grandchildren financially – or if this is one of your goals – you’re not alone. Eighty-four percent of seniors say that creating a financially secure life for themselves and their family is an important goal.1
Yet, deciding how to best help your grandchildren can be a struggle, especially if you share some of the same financial concerns as your peers. For example, you may be among the 27 percent of seniors who say changes to Social Security are most likely to jeopardize your retirement plans or the 23 percent who identify healthcare costs as the biggest threat.
When evaluating how much financial support to provide, consider the following:
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