Posted on June 17, 2011 by Erin
Have you ever played one of those games that guarantee to increase or improve your memory? There are a lot of products that promise to give your brain a workout, but do they really work? One new exercise is actually receiving praise from the National Science Foundation and the Office of Naval Research as a brain workout that truly delivers results.
The exercise, known as n-backing, is like muscle training for the brain. It needs to be done for a few minutes every day over an extended period of time. Research on n-back tasks have shown that the more people do these exercises, the better they are able to maintain and process information. What do you think? What kinds of brain and memory exercises have you used? Do you think they even work?
Try it out for yourself! Visit dual-n-back.com or brainworks to train your brain.
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Posted on June 16, 2011 by Erin
Imagine you are diagnosed with cancer and your doctor has prescribed you a drug that you need to prevent the disease from spreading. Now imagine standing at the pharmacy and the pharmacist tells you the drug will cost you more money than you make in a month. This scenario isn’t as unlikely as most would hope – it has been reported that one in six Medicare beneficiaries do not fill their prescriptions.
Why is this? Why are the drugs that are sometimes the only option for a patient, so expensive that many could never afford them? Private insurance companies blame the drug makers for making the medicine too expensive. Drug makers blame the private insurance companies for creating high co payments on their drugs. In an article posted by the Associated Press, one senior who had to find alternative measures when she could not afford her medications described the situation as this, “After you’ve worked all your life, you get something catastrophic and you run into news like your drugs are going to cost $2,400.” Have you or anyone you know run into problems with the cost of medication on Medicare? What, if anything, were you able to do to get these drugs?
Read the full article, Seniors Face Medicare Cost Barrier For Cancer Meds,” here.
Have a question about Medicare Supplemental Insurance? Ask here.
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Posted on June 15, 2011 by Erin
In a recent study, it was found that the percentage of adults taking care of their elderly parents has tripled in the past 17 years. For these caregivers, it means poorer health and lower wages than their counterparts who are not caring for an elderly parent. On average, a caretaker that is 50 or older loses around $308,880 in lost wages, pensions and Social Security benefits over their lifetime. 50 and over also happens to be the time when workers are making the most money they’ve ever earned and it will be very hard for the to play catch up to lost wages.
It was also found that caregivers are more prone to health problems and they are more likely to partake in harmful activities such as drinking heavily, smoking and skipping health screenings. Are you or someone you know having to take care of an elderly parent? How are you dealing with it?
Read the full article, “Toll of Caring for Elderly Increases,” here.
Want to protect yourself or a loved one with Long Term Care Insurance? Find the best policy here.
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Posted on June 14, 2011 by Erin
When it comes to funding Medicare, who has the answers? It’s been estimated that the typical 56 year old couple pays approximately $140,000 into Medicare over their lifetime, but receives $430,000 back in benefits. You don’t have to be a mathematician to know that with these numbers, Medicare is on track to run out of money (some think it will disappear in a decade if action isn’t taken now).
So how would you help fix the problem? Some favor a competition-based plan. Some favor a plan that is set up like a menu where seniors would be able to pick and choose their insurance plans. No matter what side of the political spectrum you’re on, you have to admit – Medicare needs fixing.
Read more on the subject, here.
Need help understanding Medicare? Read an overview, here.
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Posted on June 10, 2011 by Erin
Think that providing financial support for your kid ends when they turn 18? Think again! In an new survey conducted by the National Endowment for Financial Education (NEFE), it was found that 59% of boomer parents have given their adult children financial assistance. This includes help with big expenses like housing and insurance costs, down to putting gas in the car or shelling out some dough for spending money.
Helping your kids is a great thing – especially when you do it out of the kindness of your own heart. But is your generosity destroying your retirement? The same study found that 26% of parents had gone into debt because of their support for their adult children and 7% of parents were forced into delayed retirement. When is enough, enough? Know the goals that you have to meet to have an on-time and comfortable retirement. THEN you can start helping your children. The old saying rings true – you can’t help any one else if you can’t help yourself.
See the entire survey here.
Would you be able to help out your children? See where you stand by using our retirement calculator.
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Posted on June 9, 2011 by Erin
Have you lost faith in the stock market? If so, you’re not alone. In a study put out by Prudential Financial, it was found that almost 6 out of 10 investors have lost faith in stocks. Not really a surprise when you consider what we’ve all been through with the market these past few years.
But what’s the alternative? We know that low risk investments such as CDs are safer, but they also don’t yield the big payments that aggressive, well performing stocks can produce. If you plan on dumping your stocks and sticking with low risk and low earning alternatives, you need to be realistic about your financial future. Will you be able to save enough for retirement by cutting out risk? Or are you one of those 6 out of 10 investors that simply don’t care and are done with stocks?
Read the full article, “Survey: Nearly Half of Americans Plan to Never Invest More in Stocks,” here.
Do you know where you stand regarding your retirement planning? Use our free Retirement Calculator.
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Posted on June 8, 2011 by Erin
Would you prefer to stay in your home for as long as you can? If so, you are in the approximately 80% of American’s, ages 45 and older, that want to age in place. Unfortunately, many people are finding that the homes they bought previously are just not accessible for them as they get older.
That’s where a style of design called universal design comes in – a type remodel that allows for barrier-free access for homeowners of all types. In the past, it was easy to spot a home that had been outfitted for someone who needed a little help because most of the time, it resembled a hospital. Now, this type of design is getting called “cutting edge” because of rooms that involve rock-rivers, cascading waterfalls and even glow in the dark stability grab bars! And due to many boomers beginning to plan out where they want to age, this type of business is booming.
Read the full article, “Remodeling Now to Avoid Accessibility Problems Later,” here.
Have home equity? Use a Reverse Mortgage to help fund your remodel!
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Posted on June 7, 2011 by Erin
Target-date mutual funds seem simple enough – a group of diversified investments that adjust over time with the end goal of having a good balance of risk and reward. Sounds great, right? It can be, as long as you don’t allow yourself to keep your investment out of sight and out of mind. This is difficult because target-date mutual funds appeal to people who are more hands off investors.
So what can you do to make these funds work for you? First off, understand that where there’s a chance for money to be made, there a chance for risk. If you are 30 years away from retirement, your ability to handle risk is greater than if you are planning on retiring in a year. Also, ask yourself if you are entering into the right fund for you. There’s an interesting blog that answers a lot of questions and highlights the hidden risks “Target Date Retirement Blog.” Check it out here.
Posted on June 6, 2011 by Erin
Are you one of the lucky people that has a pension? What if you don’t and you find yourself having to manage a large sum of money? Since pensions are beginning to become a thing of the past, more and more people are finding themselves in the 401K lump sum scenario. So what can you do to turn this lump sum into a guaranteed lifetime income? Purchase an annuity.
Annuities are a way for people to take their lump sums and make them easier to manage by splitting it up into monthly payments. So why aren’t more folks taking advantage of annuities? Economists describe this as the “annuity puzzle.” When compared to those who manage their own portfolio, it has been shown that annuity buyers are assured more annual income for the rest of their lives. Perhaps the problem lies in that annuities are complex and confusing – they are not easily laid out. But they do help those who feel insecure managing their portfolio.
Read the full article “The Annuity Puzzle,” here.
Questions about annuities? Read more here.
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Posted on June 3, 2011 by Erin
There comes a time in every child’s life when their parents begin to age and somewhat of a role reversal begins to take place. As parents get older, tasks like managing finances may become a little too difficult or overwhelming. So as a child, what do you do? Helping your parents with their finances may be a little trickier than anticipated. Think about it – the child (no matter if you’re 40), is asking the parent to open up their checkbook and let them take over a very significant part of the parent’s life. Some experts advise that if you want to avoid conflict, whether it be resistance or embarrassment on either side, ease into the process.
One suggestion is something called the 40/70 rule – begin talking with your parents about their money when you hit 40 or they hit 70. Ask them how they prefer to handle their money, see if they have an advisor and begin to start the conversation about what to do when the time comes for someone else to take over their finances. Remember that you are still the child and they are still the parent. Don’t rush to take care of everything and also keep the flow of communication open so both parent and child are respectful and respected.
Read the full article, “Help Your Aging Parents,” here.
Want help finding your parent’s a financial advisor? We can help.
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