Author: elderlawofmi

Elder Law of Michigan, Mid-America Pension Rights Project, Money and Finances, Pension, Planning for the Future, Retirement

Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 1

By Christine Steinmetz, Pension Attorney at the Mid-America Pension Rights Project at Elder Law of Michigan Do you ever wonder if you have saved enough for retirement? There are so many online calculators, articles, and books written on this very issue. You save and expect your retirement to go smoothly. However, many people retire and realize that they have not saved enough. Recently, General Electric … Continue reading Mid-America Pension Rights Project: Defined Benefit Pension vs Defined Contribution 401(k): Part 1

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Elder Law of Michigan

Senior Community Service Employment Program

By Betsy Smith, Network Shareholder and Partner Manager at Elder Law of Michigan There is a recent trend of older adults who are retired but continue to work regularly. Working after retirement can be beneficial for seniors for both financial and health reasons. Many seniors have some savings but may be worried that it’s just not enough. Working part-time will help bridge the gap and … Continue reading Senior Community Service Employment Program

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Elder Law of Michigan, Social Security

Do you think your Medicare income-related premium is wrong?

By Vonda Van Til, Social Security Public Affairs Specialist Social Security cares about accuracy and we want you to get the exact benefit amount you deserve. Changes in the law affect how we calculate monthly Medicare Part B (medical insurance) and Medicare prescription drug coverage premiums. Medicare Part B provides coverage for physician services, outpatient hospital services, certain home health services, durable medical equipment, and … Continue reading Do you think your Medicare income-related premium is wrong?

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Elder Law of Michigan

(Mid-America Pension Rights Project): Annuity Use Is Expanding, But Knowledge Is Limited, Advisor Says

Via Financial Advisor By Karen Demasters Annuities are becoming mainstream even though knowledge about them among investors is still limited, said Len Hayduchok, president of Dedicated Financial Services and Dedicated Senior Advisors in Trenton, N.J. “Annuities used to be a limited product with only a small market penetration, but the addition of riders for income, death benefits and long-term-care benefits to provide clients more value … Continue reading (Mid-America Pension Rights Project): Annuity Use Is Expanding, But Knowledge Is Limited, Advisor Says

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Elder Law of Michigan

(Mid-America Pension Rights Project): The Mega Backdoor Roth IRA and Other Ways to Maximize a 401(k)

Via ThinkAdvisor By Jamie Hopkins The most popular workplace-sponsored retirement plan is far and away the 401(k) — a plan that can be both simple and complex at the same time. For some of your clients, it functions as a tax-deductible way to save for retirement. Others might see its intricacies as a way to maximize lifetime wealth, boost investments and minimize taxes. One such … Continue reading (Mid-America Pension Rights Project): The Mega Backdoor Roth IRA and Other Ways to Maximize a 401(k)

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Elder Law of Michigan

(Mid-America Pension Rights Project): Managing Inflation Risk in Retirement

Via Kiplinger.com By Kelly Lavigne, J.D. While there are many potential risks to consider when planning for retirement, one that is often overlooked is inflation. Most people factor in inflation when planning how much they will need when they reach retirement. But inflation does not stop the day you retire. In fact, your budget on the day you retire could look very different five, 10 … Continue reading (Mid-America Pension Rights Project): Managing Inflation Risk in Retirement

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Health, medical, Medicare/Medicaid, Money and Finances

How Does a Medicaid Spend-down Work?

By Grace DeRose-Wilson, Screening and Integration Coordinator at Elder Law of Michigan Health insurance is complicated, and Medicaid is no exception. I have helped many older adults apply for Medicaid, and I have talked with many individuals who have Medicaid with a Spend-down. As with most health insurance and Michigan Department of Health and Human Services (MDHHS) benefits, there are many other regulations and exceptions that … Continue reading How Does a Medicaid Spend-down Work?

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Elder Law of Michigan, Health, seniors

Michigan Association of Foster Grandparent and Senior Companion Programs

By Betsy Smith, Network Shareholder and Partner Manager at Elder Law of Michigan Since 1978, across the state of Michigan, senior citizens over the age of 55 have been participating in the Michigan Association Foster Grandparent or Senior Companion Programs (MAFG/SCP). The MAFG/SCP has a goal to assist senior citizens in living an active, healthy life by volunteering and making a positive impact on their … Continue reading Michigan Association of Foster Grandparent and Senior Companion Programs

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