Social Security benefits increase in 2020

By Vonda Vantil, Social Security Public Affairs Specialist Each year, we announce the annual cost-of-living adjustment (COLA). By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Usually, there is an increase in the benefit amount people will receive each month, starting the following January. Nearly … Continue reading Social Security benefits increase in 2020

Tuesday, December 3, 2019, #GivingTuesdayELM

Now that you’ve given thanks and found great deals during the universally celebrated shopping days of #BlackFriday and #CyberMonday, it’s time to turn your attention to giving back. Tomorrow we celebrate #GivingTuesday, a global day of giving powered by social media. It’s one of the best ways to get involved in your community and your favorite charities. On Tuesday, December 3, 2019, donors, businesses, community … Continue reading Tuesday, December 3, 2019, #GivingTuesdayELM

Elder Law of Michigan -Thanksgiving Holiday Closing

Elder Law of Michigan’s offices are closing at 3:00 pm today, Wednesday, November 27, 2019 for our staff to spend time with their families and friends during the holiday season. The offices will be closed Thursday, November 28, 2019 – Friday, November 29, 2019. Happy Holidays! We will resume regular business hours on Monday, December 2, 2019. Continue reading Elder Law of Michigan -Thanksgiving Holiday Closing

4 Mistakes to Avoid When Borrowing From Your 401(k)

Via The Motley Fool By Catherine Brock Whether you’re consolidating debt or replacing the transmission in your car, a 401(k) loan can provide the low-cost funds you need, fast. After all, you have access to 50% of your vested balance or up to $50,000, whichever is less. And, you’d be borrowing from yourself, which feels better than borrowing money from the bank. That’s the good … Continue reading 4 Mistakes to Avoid When Borrowing From Your 401(k)

Yes, You Can Buy a Home, Start a Family AND Pay Off Your Student Loans

Via Kiplinger By Randy Lupi About 10 years ago I met with a client — she was a teacher and a single mom hoping to put her kids through college. At 56, she was almost past the average retirement age for teachers in her state, yet it was clear she wasn’t going to be retiring anytime soon — not only because of the tuition bills … Continue reading Yes, You Can Buy a Home, Start a Family AND Pay Off Your Student Loans

(Mid-America Pension Rights Project): Will the Retirement Crisis Change Our Attitudes Toward Saving?

Via ThinkAdvisor By Gary Anetsberger We all know that saving for retirement is important. As a society, we are living longer than we expected, and this sometimes means that we did not save enough during our working years. Living longer lives is of course a wonderful thing, but it also means that nearly everyone has an opinion on how much to save, through what vehicles, … Continue reading (Mid-America Pension Rights Project): Will the Retirement Crisis Change Our Attitudes Toward Saving?

MiCAFE Client Story: Ms. L

By Grace DeRose-Wilson, Screening Integration Coordinator at Elder Law of Michigan Michigan’s Coordinated Access to Food for the Elderly (MiCAFE) is a program of Elder Law of Michigan that helps potentially eligible older adults and individuals with disabilities access and apply for public benefits through the Michigan Department of Health and Human Services (MDHHS). MiCAFE also helps older adults and those with disabilities who are struggling to … Continue reading MiCAFE Client Story: Ms. L

Keeping Warm and Staying Safe During the Winter Months

By Betsy Smith, Network Shareholder and Partner Manager at Elder Law of Michigan It is no joke that Michigan winters can be brutal, and we are just now heading into the coldest part of the year. Between trying to keep warm and stay safe in wintry weather, older adults are faced with several challenges during the winter season. Older adults can lose body heat easier than when … Continue reading Keeping Warm and Staying Safe During the Winter Months

How to Take 401(k) Hardship Withdrawals

Via U.S. News By Rachel Hartman IF YOU’RE SHORT ON funds and looking for resources to get through an emergency situation, you may have considered taking money out of your 401(k) plan. There are several specific circumstances when current employees can take 401(k) withdrawals to cover sudden costs. Read the full article. Continue reading How to Take 401(k) Hardship Withdrawals

(Mid-America Pension Rights Project): Tax Tips for Retirees

Via U.S. News By Rodney Brooks RETIREES WHO PLAN carefully can often pay a lower tax bill in retirement. However, tax mistakes can have a dramatic effect on your finances when you’re on a fixed income. Poor or haphazard tax planning might actually move you into a higher tax bracket or result in you needlessly paying more taxes. Read the full article. Continue reading (Mid-America Pension Rights Project): Tax Tips for Retirees