Savvy Senior

Dear Savvy Senior, My husband and I are thinking about making some modifications to our home so we can remain living there for as long as possible. Can you recommend some good resources that can help us with aging in place ideas? Staying Put Dear Staying, Many retirees, like you and your husband, want to stay living in their own house for as long as possible. But being able to do so will depend on how easy it is to maneuver your home as you get older. Here are some helpful resources you can turn to, to get an idea of the … [Read more...] about How to create a safe ‘aging-in-place’ home

Dear Savvy Senior, I know there won’t be much of a cost-of-living increase in Social Security benefits next year but what about Medicare? How will the 0.3 percent Social Security raise affect our Part B monthly premiums in 2017? Inquiring Beneficiary Dear Inquiring, Considering the rising cost of health care coverage, the news regarding your Medicare costs for 2017 is not too bad. Here’s what you can expect. Part B Premiums Because the Social Security Administration is giving out a measly 0.3 percent cost of living increase … [Read more...] about How much you’ll pay for Medicare in 2017

Dear Savvy Senior,     Can you write a column on the overlooked problem of thyroid disease? After struggling with chronic fatigue, joint pain and memory problems, I was finally diagnosed hypothyroidism. Now, at age 70, I’m on thyroid medication and am doing great. Five years of feeling lousy. I wish I’d have known. Frustrated Patient Dear Frustrated, I’m glad to hear that you’re finally feeling better. Unfortunately, thyroid problems are quite common in older adults but can be tricky to detect because the symptoms often … [Read more...] about Thyroid disorders often missed in seniors

Dear Savvy Senior, Can you recommend any long-distance caregiving tips that can help me help my elderly father who lives in another state? He has physically declined over the past year, but is determined to stay living in his own house. Worried Daughter Dear Worried, Providing care and support for an aging parent who lives far away can be very difficult and stressful. Here are some tips and resources that can help. When it comes to monitoring and caring for an aging parent from afar, you have a couple options. You can either … [Read more...] about Caregiving tips for long-distance caregivers

Dear Savvy Senior,     What can you tell me about incentive trusts? I have two adult children that are financial disasters. Before I die, I want to put some type of requirements in place that they will need to follow in order to receive their portion of my estate. Otherwise, they’ll blow it all in the first year. Troubled Parent Dear Parent, If you want to influence your family members even after you’re gone, an incentive trust is definitely an option to consider. Here’s how it works, along with some tips to help you create … [Read more...] about Incentive trusts can motivate your heirs

Dear Savvy Senior, What’s the best way to find a good handyman or tradesman to do some work around the house? I’ve have had some bad luck lately with unprofessional workers who do shoddy work and charge too much. Frustrated Senior Dear Frustrated, Hiring a good home repair handyman can be a bit of a crapshoot. How do you find someone who will return your calls, show up on time, do the job right and finish it, all at a fair price? Here are some tips that can help. Who to Call While it may seem obvious, whom you call on for … [Read more...] about How to find and hire a good handyman or contractor

Dear Savvy Senior, How much does an average funeral and body burial cost? I need to make funeral arrangements for my aunt, who’s terminally ill, and would like to have a cost idea going in so I can plan and budget appropriately. The Executor Dear Executor, It definitely pays to know what charges to expect when pre-planning a funeral. Most people don’t have a clue, and can often be upsold thousands of dollars worth of extra services you may not want or need. Here’s a breakdown of what you can expect. Funeral … [Read more...] about The Savvy Senior: How much does a funeral cost?

Dear Savvy Senior, Will I have to pay federal income taxes on my Social Security benefits when I retire? Approaching Retirement Dear Approaching, Whether or not you’ll be required to pay federal income tax on your Social Security benefits will depend on your income and filing status. About 35 percent of Social Security recipients have total incomes high enough to trigger federal income tax on their benefits. To figure out if your benefits will be taxable, you’ll need to add up all of your “provisional income,” which … [Read more...] about Paying income tax on Social Security benefits

Dear Savvy Senior, I know there won’t be a cost-of-living increase in Social Security benefits next year but what about Medicare? I’ve heard some beneficiaries will get hit with a big Part B monthly premium increase in 2016. What can you tell me, and who will this affect? Planning Ahead Dear Planning, All things considered, the news regarding your Medicare costs next year is pretty good. For about 70 percent of the nation’s 52 million Medicare beneficiaries, there will be no Part B premium increase in 2016. And thanks to the … [Read more...] about How much you’ll pay for Medicare in 2016

Dear Savvy Senior, I’ve heard that Social Security offers a lump-sum payment to retirees who need some extra cash. I have not yet started drawing my benefits and would like to investigate this option. What can you tell me? Almost Retired Dear Almost, There are actually two different kinds of Social Security claiming strategies that can provide retirees a big lump-sum benefit, but you need to be past full retirement age to be eligible, and there are financial drawbacks you need to be aware of too. First, let’s review the … [Read more...] about Social Security offers lump sum payouts to retirees