February 15, 2020
Elder Abuse in America – The Numbers Are In
New data from the Department of Health and Human Services shows that in 2018 there were over 282,000 cases of elder abuse reported. Among the types of abuse reported were neglect (37,677 cases), financial exploitation (33,685 cases), emotional abuse (25,321 cases), physical abuse (20,406 cases), and “other” (17,606); but the largest category unfortunately was self-neglect which eclipsed the preceding five categories combined at 144,296 cases reported. This startling figure has been on the rise in recent years, and these were only the cases which were reported.
February 1, 2020
New US Data Shows Increases in Life Expectancy, Reversing a Troubling Trend
BuzzFeed News reports that data from the National Center for Health Statistics shows an increase in life expectancy to age 78.7 last year, the first increase in US life expectancy since 2014. Federal health officials believe the increase in life expectancy is a result of lower heart disease and cancer death rates, and a 4% decrease in drug overdose deaths. The latter is notable as it was the first time drug overdose deaths decreased in 28 years.
January 6, 2020
Senior Health Care In 2019: The Numbers Are In
With 2019 behind us, we have some new data at hand regarding health care for US retirees. While it isn’t all great, we did see one trend that will be good news to seniors.
Fidelity Investments’ report Health Care Price Check found that in 2019, a 65 year-old couple entering retirement can expect to cover $285,000 ($150,000 for women and $135,000 for men) in out of pocket medical expenses throughout their retirement years. The good news is that while it is an increase over the previous year (up 3.6%), it was a much smaller increase than that of 2015-2017 (up 12.2%).
December 9, 2019
Debt Levels On The Rise For Many Retirees
A remarkable survey completed by the National Council on Aging (NCOA) shows a troubling trend for retirees’ finances. According to their study, there has been a nearly 45% increase from 1992 to 2016 in the number of households in debt which are headed by an adult age 65 and older. In 1992, the percentage was 41.5% and jumped to 60% in 2016.
November 25, 2019
Reverse Mortgages: 4 Reasons Another Option May Be Better
If you plan on someday moving closer to family or to a more desirable climate to enjoy your golden years, taking out a reverse mortgage on your current home may not be a great option. A reverse mortgage loan becomes due once the borrower moves or passes away, so taking out a loan when you may be in need of cash only to have the loan due as soon as you go to move could be a serious issue.
September 27, 2019
Understanding Cash Value Life Insurance
Most permanent forms of life insurance have a feature built into them which grows the value of the policy over time, known as the Account or Cash Value. These types of policies include Whole Life, Universal Life and its variants- Indexed Universal Life and Variable Universal Life. A policy holder with any of these types of policies may be able to leverage the accumulated value of the policy to take a loan against the value, withdraw some or all of the value, pay the policy’s premium with it, or surrender the policy back to the insurance company for some amount of the account value (in some instances for the full cash value). But what is the difference between account, or cash value, and the cash surrender value?
September 14, 2019
Three Options for Funding Long Term Care when LTC Insurance isn’t an Option
Long Term Care insurance is an invaluable insurance product for an aging individual, but unfortunately by the time a person thinks they may in fact need such a policy it is far too late to take a LTC insurance policy out. At that point, even if the individual can pass the medical underwriting, the premiums will be unaffordable. Here are some ways to cover Long Term Care needs with a LTC insurance policy isn’t an option:
August 6, 2019
What are the Different Types of Life Insurance?
At Q Life Settlements we are often asked which type of life insurance is best for a life settlement consideration. Not only do the many different types of life insurance products out there cause confusion, the terms that insurance companies use to describe their products may differ from one company to another. In this article we will discuss the two fundamental types of life insurance: Term and Permanent life insurance, but each category has a handful of subtypes that we will cover soon in our next installment.
May 22, 2019
US Seniors Facing Staggering Retirement Shortfall
According to a study by Boston College’s National Retirement Risk Index (NRRI), nearly 50% of US households are in jeopardy of not having enough saved for retirement, and they further note that “explicitly including health care in the Index further drives up the share of households ‘at risk.’” In fact, out of over 2,000 US adults surveyed by NerdWallet, only 32% believe that they will have saved enough money for retirement….
May 6, 2019
Why Most Americans Make Early Withdrawals From Their Retirement Savings
A recent study published by GoBankingRates surveyed 2,000 Americans who indicated they had made an early withdrawal from their retirement funds, and while the results are fascinating not all of it is surprising. The study found that nearly 44% made deductions to pay off debt and bills, 22% to pay for medical expenses and healthcare, 22% to cover a financial emergency, and 12% to pay for education or purchase a home.