Posted on October 14, 2011 by Erin
Just a quick reminder – Medicare Open Enrollment begins this weekend and runs through December 7th.
If you have moved, been diagnosed with a new medical condition or have started taking new medication, your current Medicare plan may not be sufficient anymore. Many plans have also changed, meaning the medications you take may be dropped from the plan or the costs may have fluctuated. To make sure no changes have been made or to see if you need to switch plans, visit the website www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227)
Posted on October 12, 2011 by Erin
There has been a lot of talk about vitamin supplements in the news lately and how they may be doing more harm than good. In a study from the University of Minnesota that used data from the Iowa Women’s Health Study, it was found that women over the age of 62, on average, had a 2.4 percent increased risk of dying over the course of the 19 year old study when compared to women who did not take supplements.
We are all very aware that we need vitamins and minerals in our diets to keep us healthy. Many times we find it difficult to get the daily recommended dose and taking one pill with many times over the 100% daily value, seems much easier. But the results of the study show, like many things in life, shortcuts aren’t always a good idea. Taking the time to know and understand what you are putting in your body is extremely important – especially the older you get. Making sure you have a balanced diet will help solve the problem of getting too much of one vitamin and not enough of another. You can read more about the study, here.
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Posted on October 11, 2011 by Erin
Here’s some hopeful news! Recently, the FDIC announced that it was supporting a proposed rule that would ban the practice of banks trading to make a profit for themselves instead of their clients. Currently, banks can bet on a risky investment with their own money. This was the problem in 2008 when the bets the banks chose failed and the tax payers were forced to bail them out. The rule also helps to limit a bank’s investment in hedge funds – banks would no longer be able to own more than 3 percent.
Any regulations guarding against another financial crisis seems like a needed step – but of course, the proposed rule has its loop holes. The banking industry is already complaining that the new regulations would be too confusing and complicated. Others have pointed out stiff rules could stop them from buying and selling the investments that their clients are demanding. Barlett Naylor, a financial policy advocate for the group Public Citizen was quoted as saying, “The regulators are proposing that they will detect the difference between various trades by fishing through complex data provided by the banks after the fact. This is an invitation for evasion.”
What do you think? Is this going to help protect us from another financial crisis? Or do you think it’s just a temporary fix that people can easily take advantage of?
See at what age you’ll run out of money by using our Retirement Calculator.
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Posted on October 7, 2011 by Erin
In a study that came out earlier this week, it was found that a shockingly large number of surgeries are performed in the last year, month and week of a person’s life. This may make many people step back and ask if the surgeries that are being performed are necessary and if all of these surgeries are driving up the cost of medical care.
This study did only look at the numbers of reported deaths after surgery and not successful recoveries so the study may be a bit skewed. But it still brings up good questions. Have you ever experienced a situation where a doctor has wanted to perform unnecessary surgery on you to treat a symptom but not necessarily the problem? Do you think that by not practicing holistic medicine, doctors are not providing the best care that they can give to their patients?
Make sure you are prepared for any unforeseen medical problems. See if Long Term Care Insurance is right for you.
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Posted on October 6, 2011 by Erin
Here’s some good news for once! It was announced that after two full years of no COLA (Cost of Living Adjustment) raise, Social Security recipients may be due for one in 2012. Though it’s not etched in stone just yet, it’s expected that the announcement for as much as a 3.5% raise may be announced at the end of this month.
The raise in COLA is obviously needed and it’s been a very rough two years for people who rely on Social Security for their retirement income. The price of gas, food, electricity and clothing have all risen while income has remained exactly the same. But things must always balance, and if COLA is increased expect an increase in Medicare premiums.
Are you anxiously awaiting the announcement? Did the past two years with no increase really impact your retirement income?
Want to find ways to optimize your social security? Read how to, here.
See how your retirement will be affected by a raise in your social security benefits by using our Retirement Calculator.
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Posted on October 5, 2011 by Erin
Everyone knows that once you retire, life is a breeze. Your days and nights are filled with warm weather and lounging around your paradise. At least that’s what the movies show us. Most people are more realistic about their retirement, but what happens when you finally retire and it turns out it’s nothing like you had planned? A great article on the website Market Watch dealt with how to prepare for your REAL retirement.
We all know that the first step in planning for retirement should be your financial plan. You can’t begin to plan your work-free future if you don’t know where you stand financially. But you also need to be realistic about what is going to fill your time. What are your passions and hobbies? Can you see yourself filling the days with these or do you think you may want to take up a part time job? Many people need structure in their lives after having it for the past 40 years. By taking up a part time job or having set social time with friends and family, you can decrease the time spent wondering what to do. And it’s always good to create your “bucket list” and see how many items you can knock off. Retirement is a time for you so make sure you plan to have the most fulfilling retirement you can create for yourself!
See how your financial future stacks up by using our retirement calculator!
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Posted on October 4, 2011 by Erin
Three weeks ago, a movement started on Wall Street. A loosely organized group of people from all different walks of life came to New York to stand up to what they describe as the corporate greed of financial institutions that is causing the high unemployment in the U.S. By using social networking sites such as Facebook and Twitter, the movement is spreading to other parts of the country – rallies have been planned for Memphis, Tennessee, McAllen, Texas and Hilo, Hawaii just to name a few.
The crowd consists of anti-capitalists, anarchists, students, parents, business professionals who have been laid off and have no current job options and military members who are facing a bleak future. The protests may have been loosely planned, but the message is getting out in mass. People are tired of the current economic situation and are ready to fight. Between unemployment, tax payer bailouts, astronomical student loan debts and retirement funds being eaten away, it seems that no one is immune from the problem. Do you think the demonstrations will have an impact? What do you think it will take to get the attention of the government and corporations?
How has the current economic environment impacted your retirement fund? Use our retirement calculator to see what you can do to improve your plan.
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Posted on October 3, 2011 by Erin
Get ready for one more bank fee! As you’ve probably heard by now, Bank of America will begin charging a $5 monthly fee early next year for using your debit card to make purchases. Chase Bank and Wells Fargo have been testing their own $3 fee in select states but haven’t announced if they will make it common practice.
Because many people rely solely on their debit cards to avoid the interest that comes with credit cards, these fees are not being taken lightly by the public. In a poll by the Associated Press this summer, it was found two-thirds of consumer use debit cards more often than credit cards. But 61% of those people also said that if charged a monthly fee, they would figure out a different way to pay – whether it be using cash only or writing checks again.
What do you think about the banks debit card fee? Do you think it’s fair? Do you think it’s wrong to be charged to use your own money? Sound off here!
Will all the bank fees take all of your retirement fund money? Use our Retirement Calculator to find out!
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