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If you’re planning for your retirement, or are helping a parent or grandparent make financial decisions for their senior years, you may have heard about long-term care (LTC) insurance. Not to be confused with Medicare (a public program which provides minimal long-term care assistance only in very specific and limited situations), LTC insurance is private insurance designed to cover many of the costs related to nursing facilities, home health caregivers, and other services that assist with daily living tasks. Before you purchase long-term care coverage for yourself or a loved one, you may want to ask yourself a couple of questions. Is long-term care coverage something you need? If so, when is the right time to purchase it? Your answers to these questions will lead you to making the right decision. Do You Need Long-Term Care Coverage? The first question that may come to mind when considering long-term care insurance is, “Do I actually need coverage?” Unless you have very few financial assets and are eligible for Medicaid coverage, the answer is typically “Yes.” Odds are, you or a loved one will spend at least some time in a nursing home; in fact, 70 percent of Americans over 65 will likely need some kind of long-term care, according to reports from the United States’ Department of Health and Human Services (HHS). Additionally, long-term care can be extremely expensive. HHS also reports that in 2010, a semi-private room in a nursing home cost almost $75,000 per year, more than $6,000 a month. If you can afford the monthly premiums, long-term care may be a wise investment in your future. A long-term care insurance plan can give […]
According to the Federal Trade Commission (FTC), 36 percent of people 50 years and older are victims of identity theft, and 49 percent are victims of fraud. Protect yourself from becoming a statistic; take control of your online security and safeguard your retirement. Staying vigilant about protecting your online information from hackers doesn’t have to be a daunting process. Follow a few key steps to lock down your data and enjoy your retirement with peace of mind. Add Extra Protection to your Finances Keep your retirement, banking, pensions and 401k safe by adding extra protection to your account. Ask your various financial institutions about logging into their system with a two-step verification process. This might mean receiving an email or text alert with a specific code before you log in. For example, Fidelity partnered with Symantec for a two-factor authentication where account holders receive a randomly generated code in addition to their username and password. Your bank and credit card companies should also verify your information by phone, in person or have a secure system for logging in online. Use a Safeguard Employing every security layer available isn’t always enough to keep your information safe from hackers. You need a system in place to alert you when your information has been misused or compromised. A backup safeguard like Lifelock can monitor your credit and stop identity thieves in their tracks. The company even pledges to spend up to $1 million to hire experts to recover your identity and restore your financial reputation in the case of identity theft. Protect Your Password Use a different password for every major account from your retirement assets to social […]