Author: elderlawofmi

Mid-America Pension Rights Project, Pension

(Mid-America Pension Rights Project): Stop ‘Dollar-Cost Ravaging’ Your Portfolio in Retirement

Via Kiplinger By Jason Lambert It’s been more than seven years since Wade Pfau, one of the top experts in retirement research, wrote a column for MarketWatch urging readers to “Say Goodbye to the 4% Rule.” In it, Pfau suggests that the “rule” — which is more of a theory, really — made too many assumptions based on old numbers that didn’t necessarily translate to … Continue reading (Mid-America Pension Rights Project): Stop ‘Dollar-Cost Ravaging’ Your Portfolio in Retirement

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts

Via Kitces By Jeffrey Levine In December 2019, the retirement planning community was rocked when the Setting Up Every Community for Retirement Enhancement (SECURE) Act, which seemed destined to remain stuck in Washington gridlock indefinitely, was whisked back to life and attached to a year-end appropriations package that ‘had’ to be passed to keep the Federal government funded. Within a matter of days, the bill passed the … Continue reading (Mid-America Pension Rights Project): The (Partial) Death Of The Stretch IRA: How The SECURE Act Impacts Inherited Retirement Accounts

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

Via ThinkAdvisor By Ginger Szala Social Security can be complicated, which is why an individual needs an advisor to walk them through salient points, and advisors need to be up to speed on the program. A majority of people don’t know the standard benefits they could be receiving, according to a SimplyWise survey that found less than one in eight Americans aged 60 to 70 … Continue reading (Mid-America Pension Right Project): 5 Common Blind Spots on Social Security

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension

(Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

Via CNBC By David Robinson New federal rules for individual retirement accounts greatly increase the tax burden for some heirs by telescoping the allowable period for withdrawals. Yet this pain can be greatly reduced by converting regular IRAs to Roth IRAs before bequeathing them. Previously, all heirs had their entire life expectancy to take withdrawals from inherited IRAs, so they were able to stretch out … Continue reading (Mid-America Pension Rights Project): Here’s a way to beat the tax burden for IRA heirs

elderlawofmi
Elder Law of Michigan, Medicare/Medicaid, Social Security, Technology

Apply Online for Medicare

By Vonda Van Til, Social Security Public Affairs Specialist Did you know that you can apply online for Medicare, even if you are not ready to retire?  We can help you make an informed decision about when to apply for benefits based on your individual and family circumstances.  Applying online can take less than 10 minutes.  There are no forms to sign and usually no … Continue reading Apply Online for Medicare

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Elder Law of Michigan, Health

Hoarding Part 1: How Did We Get Here?

By Betsy Smith, Network Partner Manager at Elder Law of Michigan The cause of hoarding is not clear, but what we do know is that it is becoming more of a commonly discussed topic and is an emerging issue with the aging population. In fact, in 2013, hoarding was classified as a mental illness. According to the Mayo Clinic, hoarding is “a persistent difficulty discarding or parting … Continue reading Hoarding Part 1: How Did We Get Here?

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Aging in Place, Health

Importance of Pet Companionship

By Abigail Haller, Screening Integration Coordinator at Elder Law of Michigan According to a survey conducted by the American Pet Products Association (APPA), approximately 85 million families own a pet in the United States. Having a pet comes with many physical, mental, and emotional health benefits. It’s no surprise many households have a furry family member. One commonly known benefit of having a pet is companionship. … Continue reading Importance of Pet Companionship

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Elder Law of Michigan, Social Security

Get your Social Security Benefit Statement (SSA-1099 / SSA-1042S)

By Vonda Vantil, Social Security Public Affairs Specialist Tax season is approaching, and we have made replacing your annual Benefit Statement even easier.  The Benefit Statement, also known as the SSA-1099 or the SSA-1042S, is a tax form we mail each year in January to people who receive Social Security benefits.  It shows the total amount of benefits you received from us in the previous … Continue reading Get your Social Security Benefit Statement (SSA-1099 / SSA-1042S)

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Elder Law of Michigan, Mid-America Pension Rights Project, Pension, Retirement

(Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

Via Kiplinger By Stacy Francis Many divorcing spouses find themselves strapped for money to pay for mounting legal bills and the higher costs of supporting two households, rather than one. With bank accounts and brokerage accounts drained to zero, some look to tap their employer 401(k)s or IRAs for quick cash to cover these costs. Within a few days, you can have the balance of … Continue reading (Mid-America Pension Rights Project): Raiding Your 401(K) Can Be a Divorce Disaster

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Elder Law of Michigan, Health, senior independence, seniors

Winter Wellness for Beating the Blues

By Sheila Robison, MiCAFE Economic Security Team Member at Elder Law of Michigan The National Institute of Mental Health reports some people feel moody or even saddened during winter months. During the cold months of the year, folks are not able to get outdoors, open windows in their home for fresh air, or get proper sunlight and exercise. Winter months are long and with Daylight Savings Time, … Continue reading Winter Wellness for Beating the Blues

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