Couples, Retirement Accounts, and Financial Infidelity
Image courtesy of Elder Law Answers. Takeaways Is your spouse keeping financial secrets behind your back by removing funds from retirement accounts without your knowledge or approval? It may be possible, according to a new report from the Government Accountability Office (GAO), a nonpartisan congressional watchdog. Financial infidelity is often associated with secret credit cards, […]
Will Student Loan Debt Reduce Your Retirement Benefits?
Image courtesy of Elder Law Answers. Editor’s Note: New reports state that the Education Department has paused its earlier announcements to garnish the Social Security benefits of older borrowers who have defaulted on federal student loans. Takeaways In early May 2025, the Trump administration announced it would reinstate involuntary collections on defaulted federal student loans. This ends a […]
Proper Retirement Planning Avoids Underestimating Care Costs
Image courtesy of Elder Law Answers. Takeaways It can be easy to underestimate the cost of health care and long-term care after we retire. Without knowing exactly what care we will need, and with the costs of all types of care rising, it is nearly impossible to know exactly how much to save and invest […]
Older Adults Are Failing at Retirement Planning, Study Shows
Image courtesy of Elder Law Answers. Research by the American College of Financial Services highlights the need for improvements in retirement financial literacy. The 2023 Retirement Income Literacy Study revealed that most adults ages 50 to 75 lack knowledge about retirement income. With this lack of knowledge came a lack of confidence about achieving the best possible […]
National Retirement Risk Index: Many to Fall Short of Goals
Image courtesy of Elder Law Answers. Nearly half of American households will fall short of their retirement goals, researchers have found. According to the Center for Retirement Research at Boston College’s National Retirement Risk Index (NRRI), if Americans work until the age of 65 and annuitize their assets, 47 percent of them will still be […]
5 Reasons for Seniors to Celebrate in 2023
Image courtesy of Elder Law Answers. It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with the new year upon us, there are some silver linings — in particular for seniors. Here […]
Highlights of How the Omnibus Bill Will Benefit Older Adults
Image courtesy of Elder Law Answers. This article was updated 3/30/2023. The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden […]
What Are the Best Ways to Get Out of Debt Before You Retire?
Image courtesy of Elder Law Answers. This article was updated 1/11/2024. Retirement is an expensive affair, and planning for it involves managing finances even after you have left the workforce. It is commonly estimated that you should have about 70-90% of your pre-retirement income to maintain the same living standard after you retire. A secure […]
When to Avoid Naming a Trust as Beneficiary of Your Retirement Plan
Naming a trust as a beneficiary of your retirement plan can be a good idea in some circumstances. Still, it can be dangerous if you are worried about creditors coming after your estate. There are many good reasons to name a trust as a beneficiary of a retirement plan, whether it is a 401(k), 403(b), […]
Online Survey Helps Older Adults Assess Their Financial Vulnerability
Image courtesy of Elder Law Answers. This article was updated 5/22/2025. All older Americans are vulnerable to financial abuse, but there are certain circumstances that make someone more likely to be scammed. An online survey can help older adults (or their caregivers) assess their risk of being exploited based on how they make financial decisions. […]