By Steve Weisman
Social safeguard is altering. Medicare is altering. Medicaid is altering. Retirement making plans is altering. it really is significant as a way to live on financially to appreciate those complicated alterations and cause them to paintings on your virtue. those concerns relatively impact child boomers taking good care of getting older mom and dad or making plans their very own retirement and fiscal destiny. This booklet indicates you what to anticipate, what those adjustments suggest and the way to make those adjustments paintings for your advantage.Consumer finance professional and nationally syndicated radio host Steve Weisman starts with an entire consultant for your retirement funding offerings, from IRAs and 401Ks to the newest assurance products... even new suggestions, equivalent to opposite mortgages. Drawing on his unparalleled services as a monetary planner and legal professional focusing on elder care concerns, Weisman provides insights you cannot locate in other places: easily, painlessly, and with welcome humor.
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Additional resources for Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care
Travel, leisure, and recreation are industries that will stand to gain from retiring baby boomers with significant amounts of disposable income. Cruises are a popular form of travel for many aging baby boomers. Golf is a sport of choice for many baby boomers. And don’t get in the way of a retiree on the way to the slot machines in a casino. You could get trampled. These are just a few types of companies that will stand to profit from the retirement of baby boomers. Think about what you like to do and what companies meet those needs.
The law permits people to take a 401(k) account with them from one employer to another throughout their working careers. The law also allows three other choices. The first option, which is less of a choice than just failure to make a decision (which, thereafter, becomes a decision), is merely leaving your 401(k) account with your former employer’s plan. This is not necessarily a bad decision, but it does expose you to unnecessary additional management fees if you have 401(k) accounts with multiple employers.
If interest rates are going to rise, you are better having your fixed-income investments mature after short periods so that you can purchase new fixed-income investments at higher interest rates in the near future. However, if interest rates are going to fall, you want to lock in your higher-rate fixed-income investments for as long as possible. Unfortunately, unless you are like Carnac the Magnificent, the all-knowing seer and soothsayer character played by the late Johnny Carson on the Tonight Show, you will not know at any particular time whether it is best to have your fixed-income investments locked in for a long maturity period or opt for short-term investments.