Different strokes for different folks. One of the many advantages of living in the United States is there are so many different places to live. You can opt for the mountains or live by the sea. You can live in open country and rural farmlands, bustling cities or remote forested areas. Hot, cold or temperate climates — whatever suits your style of living. The U.S. has it all. Here’s a sampling of how different life can be depending on where you choose to live. [Read more…]
One of the challenges facing many investors is planning for retirement. At Safe Harbor Financial, we talk to people from all walks of life every day, and we specialize in helping you sort out your options for the retirement lifestyle you want. To get you started thinking, we offer a series of at-home planning tools that take some of the mystery out of retirement planning. This article, called How to Potentially Optimize Social Security Benefits, takes an in-depth look at the choices and decisions you’ll want to make concerning the timing of your first Social Security check. [Read more…]
One of today’s new housing trends was also popular more than thousands of years ago — communal living.1
In the Middle Ages, society was more interdependent. It wasn’t unusual for households to consist of far more than just biological family members; a myriad of shifting residents included townspeople, friends, poor married couples, other people’s children, widows, orphans, the elderly, servants, boarders and long-term visitors.2
Back then, it wasn’t realistic for a nuclear family to possess the time, money and resources to run a household independently. It required the collective skills and cooperation of many to provide financially; prepare meals; care for the sick, elderly and children; and all the other chores of maintaining a household with vegetable gardens and livestock.3 [Read more…]
Older Americans have a higher presence in the U.S. bankruptcy system than ever before, according to a new report.
The rate at which Americans ages 65 and older are filing for bankruptcy has increased two-fold since 2013, the study by the Consumer Bankruptcy Project found.
Meanwhile, there has been a nearly 500% increase in the number of older Americans in the bankruptcy system, the study – first reported by The New York Times – showed. While more than 12% of filers are now seniors, just 2.1% were in 1991.
The average senior files for bankruptcy more than $17,390 in the red.
While baby boomers are retiring in bulk, that isn’t enough to explain the dramatic rise in bankruptcies, the researchers concluded.
Increased financial risks, including inadequate income and rising health care costs, are among the factors filers listed as contributing to their socio-economic struggles. When faced with unemployment or even bankruptcy, older Americans are also less likely to rebound than their younger peers.
Increased out-of-pocket spending on welfare programs, like Medicare, was also listed as a contributor, a problem that could be exacerbated in the coming years unless lawmakers take action.
This year, the total costs of Social Security will exceed total income for the first time since 1982, according to the annual Social Security and Medicare trustees report. The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits.
Meanwhile, Medicare’s hospital insurance trust fund is expected to run dry in 2026, three years earlier than what the trustees had predicted in last year’s report. At that time, funds will be sufficient to cover just 91% of Medicare Part A costs.
Overall, the number of senior households filing for bankruptcy is about 97,600, though the researchers expect that number to continue to rise. Even for those older Americans who are not filing for bankruptcy, the survey cited rising debt levels as a significant strain.
The average amount Americans ages 65 to 74 have stashed away for retirement is $358,400, which is less than those in the 55 to 64 age group, according to NerdWallet.
Contact Safe Harbor Financial for your complimentary consultation. We can help you plan for retirement with income strategies you cannot outlive.
By Brittany De Lea, Published August 06, 2018 in Fox Business News
Plenty of people make a second career as a “solo-preneur” or business consultant. But what if you’ve always wanted to start your own business – one that requires staff? Traditionally, such an enterprise required substantial capital to pay for office space, furniture, equipment, supplies and salaries. But what if you could have all of that without the overhead expense? [Read more…]