Download The Findit App

Share Your Posts On These Major Social Networks

Instatag Your Posts to Instagram Facebook + Twitter

News

Preparing for Your Last Paycheck

You Need to Plot Out Your Future on a Graph to Visualize Your Retirement

Mesa 3/6/2018 11:00:00 AM

The idea of retiring isn’t new. People who grew too old or too ill stopped working and stayed home long before pensions and Social Security. But as people live longer, the retirement experience takes on a different meaning. Not only can you expect more years of retirement than of adolescence, but they can be a lot

more satisfying and rewarding. The complication is that you’re faced with a number of decisions, some of them irrevocable. So rather than waiting to evaluate your alternatives until it’s time to choose, it’s smart to start thinking about them now.

If you’re paying for individual coverage, the answer is almost certainly yes, as Medicare will be cheaper. If you’re still eligible for your employer’s plan, you may want to wait. The key is that you must have what the government considers comparable coverage. If you do, you can enroll without penalty in Medicare within eight months after that coverage ends. If you don’t have comparable coverage and delay enrolling after you turn 65, you face a permanent surcharge on your Parts B and D premiums for each year you were eligible and didn’t enroll.

If you work for a small company, you may be required to enroll in Medicare Part A—the hospitalization portion—at 65 but be able to keep your employer-plan coverage for doctor visits and prescription drugs. You should be sure to confirm that your insurer will continue to pay claims.

A living will is a document that describes the kind of medical treatment you want—and don’t want—if you are terminally ill or in a permanent vegetative state (which means you’re unconscious, not able to communicate, and unlikely to get better). In writing your living will, you should be as specific as possible about the kinds of drugs and medical procedures you have in mind and the situations under which they should—or should not be—used. Though almost all states accept living wills, the laws of each state are a little different, so you want to be sure that the living will you sign meets local requirements.

You should also be sure your family and your doctor know that you’ve signed a living will and where they can find a copy. You
don’t need a lawyer to draw up the document, although if you’re in the process of preparing a regular will, you can sign both at once, probably for little or no additional charge.

A living will makes your healthcare wishes known, but it does not always guarantee they will be followed. Someone will still have to authorize treatment, or make a decision not
to continue it. You can appoint a healthcare agent or surrogate in a signed and witnessed document known as a healthcare proxy, or you can grant a durable power of attorney for healthcare to someone who will make the decisions you would have wanted.
You should be sure to ask permission of the per- son you name and describe your feelings about your care in detail. Without understanding what you want, it would be very difficult for your surrogate to see that your wishes are carried out. Because there are still unresolved legal questions about the extent of a surrogate’s authority, it probably makes sense to get legal advice in preparing these documents.

Contributions from the book Planning Retirement Income in this press release are used with permission from Light Bulb Press.

More News

https://s3.amazonaws.com/findit-pictures/304618/15cbd0ce-653d-42fe-904b-60b160b30688.jpg

Risk & Reward: Everyone Has Some Threshold of Financial Pain

Most people have a predisposition about risk. It’s generally environmental and based on family upbringing. That doesn’t mean it’s necessarily right, it’s just where you are, depending upon your financial literacy. Whether you know it or not, you ...

Released On: 12/27/2019
Views: 1722

https://s3.amazonaws.com/findit-pictures/304618/5c11d9a2-2454-420f-bb42-7d9f0e9c7763.jpg

Establish Your Financial Timeline Based On Approximating Your Life Span

There are mortality averages based on actuarial statistics that can approximate the life expectancy of the general population at large. But “averages” don’t address half of those who will exceed the norms. The more data you put into determining y ...

Released On: 12/26/2019
Views: 1679

https://s3.amazonaws.com/findit-pictures/304618/2daf071e-f113-44d4-ac16-5fc18b17a4e4.jpg

You Can’t Make Good Financial Decisions Without Knowing Your Effective Tax Bracket

For most wage earners and retirees taxes are the biggest expense they’ll ever have over their lifetime. Managing your tax bill effectively is learning to become a “gamer,” by avoiding tax traps and snares along life’s journey. You have to know th ...

Released On: 12/25/2019
Views: 1601

https://s3.amazonaws.com/findit-pictures/304618/225d9f5d-44e6-4e13-b3ee-c07900ef43f0.jpg

Baby Boomers Must Create a Retirement Budget or Risk Losing Control of their Money

It’s rather stunning to discover that most baby boomers have never had a budget in their life, but they’re going to need one in retirement. Retirement may be the biggest motivator for most Americans to create a budget because retirees live month ...

Released On: 12/24/2019
Views: 1693

https://s3.amazonaws.com/findit-pictures/304618/11103acb-9d7e-46de-afaa-81db9a26dd89.jpg

Life Has Milestone Events That Have A Financial Impact

Life just happens, but there are predictable events common to most in our culture and most of those events have a financial impact. Planning for those predictable events can prepare you to meet many of these obligations. The life event checklist ...

Released On: 12/23/2019
Views: 1768

https://s3.amazonaws.com/findit-pictures/304618/32f77340-ae1d-42d4-88d7-222f83292aad.jpg

The Extension of Human Life Expectancy: The Final Frontier of Retirement Planning

The Mortality Revolution may very well be the final frontier in mankind’s quest to beat death. So far, the grim reaper has won every time, but new timelines are emerging in human longevity that are delaying the inevitable. Prepare yourself for l ...

Released On: 12/20/2019
Views: 1580

https://s3.amazonaws.com/findit-pictures/304618/99f307a7-8aeb-4972-bfbf-69d62336bb9b.jpg

Longevity Risk is its Own Risk Multiplier of Every Other Retirement Risk

Living longer is exacerbating over a dozen other retirement risks that threaten the vast majority of retirees and those near retirement. If the status quo continues, the retirement lifestyle of most seniors will be severely pared back. Watch the ...

Released On: 12/19/2019
Views: 1650

https://s3.amazonaws.com/findit-pictures/304618/b1bdcb96-7415-499f-ba7a-36c65b92ee87.jpg

Almost All Retirement Plans Need Serious Updating in Light of the Mortality Revolution

Most of the retirement plans currently operational have a significant flaw. They’ve grossly underestimated the increase in life expectancy over the last generation. But government and military pensions are in the greater financial jeopardy, becau ...

Released On: 12/18/2019
Views: 1609

https://s3.amazonaws.com/findit-pictures/304618/e64bac33-4257-4124-bcea-41317cc82cd6.jpg

Bonds Have Interest Rates, Stocks their Dividends, Annuities Longevity Credits

The law of large numbers and changing demographics of life expectancy is having a significant impact on guaranteed lifetime annuities. Annuity manufacturers are touting their alpha with mortality credits and receiving newfound interest among fina ...

Released On: 12/17/2019
Views: 1611

https://s3.amazonaws.com/findit-pictures/304618/0758fe7d-25a8-4eae-9ce9-e7ca90b52e0b.jpg

Shock! The Age Wave is Upon Us and We’re Not Ready

The last 100 years have seen a significant increase in human longevity compared to the earliest records of mankind. The spike in longevity has caught the Western world by surprise. The effects of this revolution are affecting financial planning a ...

Released On: 12/16/2019
Views: 1582

https://s3.amazonaws.com/findit-pictures/304618/c92a8a0b-8492-4325-b6d4-530642b4667f.jpg

Protecting Social Security Benefits from Taxation

There was a time when Social Security benefits were not exposed to ordinary income taxation. But over the years, small incremental steps were taken to tax the benefits. Maybe “means testing” may be implemented to shore up the vulnerable Social Se ...

Released On: 12/13/2019
Views: 1276

https://s3.amazonaws.com/findit-pictures/304618/369c956a-4a3d-4960-8a83-f992bc8b0b97.jpg

Collateralized Loans from Cash Value Life Insurance Policies & Home Equity Could Be Tax Free

Collateralized loans are not characterized as income and are not reportable, as such, on your 1040 form. And because these loans are not forms of taxable income, they are not counted for the provisional income test for Social Security taxation. W ...

Released On: 12/12/2019
Views: 1743

https://s3.amazonaws.com/findit-pictures/304618/1ba4827b-5a3c-4987-a478-0f09471640b2.jpg

Tax Management in Retirement Requires Tax Management During the Contribution Period

Retirement, as it is today, is inherently crippled by taxes. You may very well have one million dollars in your retirement plan, but Uncle Sam may own up to 40% of it. Health Savings Accounts (HSA) and Roth IRAs need to be reconsidered as a first ...

Released On: 12/11/2019
Views: 1556

https://s3.amazonaws.com/findit-pictures/304618/13faf649-2308-49d3-948d-a7f19e8064d7.jpg

Taxes in Retirement is the #1 Threat in Retirement Cash Flow

Most American workers don’t comprehend the realities of retirement until they’re a few years from retirement date, which is often too late. They’re just too busy dealing with immediate financial pressures to understand the long-haul consequences ...

Released On: 12/10/2019
Views: 1583

https://s3.amazonaws.com/findit-pictures/304618/24e22fdc-181b-40c9-8fc5-7d6bb4855405.jpg

Retirement Facts, Stats and Hacks for the Next Generation

Retirement will undergo a drastic reinvention as the newest generation redefines it's golden years in their investment habits and senior lifestyle goals. https://www.youtube.com/watch?v=RAdtMWBaseY&feature=youtu.be

Released On: 12/9/2019
Views: 1524

https://s3.amazonaws.com/findit-pictures/304618/3d46241d-4d89-4874-a7fa-5a604f1912c4.jpg

Uncle Sam Owns a Chunk of Your Retirement Accounts

Your retirement account is only as big as your tax planning strategy. Your personal exemptions and standard deductions in retirement will not be enough to offset your tax bill. Tax management must be a major component of your retirement plan. Wat ...

Released On: 12/6/2019
Views: 1647

https://s3.amazonaws.com/findit-pictures/304618/8a315712-71ea-4ca2-a116-f4e41d6c5ed3.jpg

Guaranteed Income You Can’t Outlive Can Mitigate Market & Longevity Risk

If you have longevity in your family, guaranteed income for life is a must consideration. If you think it’s reasonable that medical advances will impact your longevity, then guaranteed income for life may need to be in your retirement plan. Watch ...

Released On: 12/5/2019
Views: 1491

https://s3.amazonaws.com/findit-pictures/304618/d5d6ff6d-c69b-4aed-8d08-c0759001e726.jpg

How to Retire Happy

A happy retirement is based on math and science, not on wishful thinking and hoping things turn out right. You need to eliminate debt and risk in retirement and secure reliable income to generate the peace of mind that seniors desire in their gol ...

Released On: 12/4/2019
Views: 1242

Load More wait

Map

LifeSize Solutions, LLC

Get Directions

LifeSize Solutions, LLC

  • 236 N Country Club Dr #2
    Mesa, Arizona 85201
    United States
  • 5202614599
  • 8:00am to 5:00pm Mountain Time