When he was asked why he robbed banks, Willie Sutton famously replied, “Because that’s where the money is.” Today, our retirement nest eggs are where the money is. Whatever their size, those nest eggs are a tempting target. As we age, our ability to protect them decreases. Do you know the signs of financial abuse?
Caregiving can be a slippery slope. You start by taking Dad to the doctor or picking up some groceries for Mom. Then they need a little bit more, and a little bit more. You find yourself dropping by on your way to work, calling in the evening and spending more time on the weekend cooking and cleaning and checking on things. Your siblings, who are not involved, may have no idea what you do. Maybe you should write it down for them.
“Full retirement age” for Social Security benefits is creeping up to 66 or 67 and the age at which traditional IRA and 401k benefits must be taken was just extended from 70 to 72 by the SECURES Act. The average American retires with Social Security and $172,000 in savings. The question is, what will make your money last?
Yes, it’s National Make a Will Month again and, once again, you have postponed making a Will. We always think there is more time, that we can do it later. As much as we want to protect our loved ones, none of us is particularly interested in contemplating our demise. Is your Will in order?
Today few people want to go to a nursing home, fearing they will live in a medicalized, dehumanizing environment for years, in fact, for the rest of their lives. It did not start out that way. Can we put the “home” back in nursing home?