aging – The News Desk

Where the Presidential Candidates Stand on Retirement | Retirement

16Apr

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Money

Where the Presidential Candidates Stand on Retirement | Retirement

Key Takeaways: The Social Security retirement trust fund and Medicare Hospital Insurance trust fund will both be depleted within the next decade if no action is taken. Joe Biden proposed increasing taxes on high earners to shore up the two trust funds. Donald Trump said he supports the programs but has provided no details about how he plans to address the trust fund shortfalls. Independent and third-party candidates have various approaches to retirement topics, but none are expected to win the presidency and implement their policies. This November, voters will head to the polls to decide who should be president for the next four years. And while debates rage over topics such as border security, immigration and abortion, people shouldn’t overlook the importance of retirement issues.The...

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

2Apr

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Money

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if at all. The federal government offers some tax breaks for expats, but they may not always transfer to state tax forms. Living or retiring abroad can be exciting, but it isn’t necessarily easy. You’ll need to navigate visa and residency requirements, find housing and maybe learn another language before moving. And once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens as well as what their host country might require.Here are some ...

2Apr

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Health

Will Medicare Pay for a Lift Chair?

Getty ImagesThe mobility issues that come with age or illness can make the basic movements of standing up and sitting down difficult or almost impossible for some individuals.Lift chairs can be a simple and safe solution for anyone with mobility issues that do not allow them to sit or stand with ease. Because many people value their independence and want to do as much as they can for as long as they can on their own, a lift chair may be one way to help.Here's what you need to know about lift chairs and whether Medicare covers these devices.What Is a Lift Chair?A lift chair is exactly what its name suggests: a chair that lifts. They look like normal chairs, with most being a recliner-style, but have a motorized lifting device under the cushion and are operated with a remote control. This g...

What Are the Average Retirement Ages Around the World? | Retirement

2Apr

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Money

What Are the Average Retirement Ages Around the World? | Retirement

Key Takeaways: Global life expectancy is increasing, leading some countries to raise their retirement ages. The retirement age varies significantly around the world, with some countries, such as Iceland, having a retirement age of 67 and others, such as Saudi Arabia, of 47. The shift in the U.S. from company pensions to individual retirement accounts puts more responsibility on workers to save for retirement. Financial considerations like Social Security benefits and health care access play a major role in determining your ideal retirement age. Global life expectancy improved from 46.5 years in 1950 to 66 years in 2000 and is anticipated to increase to 76 by 2050, according to the United Nations Population Division. As a result, some countries are revisiting their retirement ages and ...

Can drinking this ‘medicine’ 3 times a week reverse aging?

21Dec

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Entertainment

Can drinking this ‘medicine’ 3 times a week reverse aging?

The science underlying resveratrol's potential benefits is still developing, despite the allure that can reverse the signs of aging. Adopting a lifestyle that involves consuming foods and beverages high in resveratrol in moderation and making overall healthful choices could be the key to discovering the secrets of aging gracefully.

Medicare Part B: Costs, Eligibility and What It Covers

7Dec

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Health

Medicare Part B: Costs, Eligibility and What It Covers

(Getty Images)Navigating the world of health care can be an overwhelming experience, but understanding Medicare Part B is critical for older Americans seeking comprehensive medical coverage.Part of the original Medicare program, Medicare Part B has traditionally provided medical insurance to cover the cost of medically necessary doctors’ services, but the program covers so much more and continues to add services as new medical care needs arise like combatting the COVID-19 pandemic.What Does Medicare Part B Cover?Medicare Part B provides coverage for many routine and preventative services – some of which may be surprising, like bariatric surgery. However, strict medical criteria must be met before being approved for gastric bypass surgery and laparoscopic banding surgery.Check out the nume...

This Is How Much You Should Budget to Live in a 55 and Older Community | Retirement

6Dec

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Money

This Is How Much You Should Budget to Live in a 55 and Older Community | Retirement

Many people like the idea of living in a retirement community – particularly one aimed at adults 55 and older that offers amenities such as fitness centers, swimming pools and cooking classes. These communities often resemble country clubs more than senior living. Oftentimes, however, this lifestyle comes at a steep cost.“Most people way, way underestimate the costs of needs and long-term care during retirement,” says Thomas Mitchell, a certified financial planner and the senior vice president at OneAZ Wealth Management in Phoenix.So how much should you budget to live in a 55-and-older retirement community? Here’s a look at what these communities include and the costs to expect.What Is a Retirement Community?A retirement community is a neighborhood or housing complex designed for older ad...

Medicare Coverage for Hearing Aids 2024: What Is Covered?

4Dec

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Health

Medicare Coverage for Hearing Aids 2024: What Is Covered?

Hearing loss is a common condition in the U.S. and becomes increasingly more prevalent as we get older. In fact, more than 37.5 million adult Americans experience hearing loss.(Getty Images)Untreated hearing loss doesn’t just cause frustration with daily living. The condition is also connected to hidden health risks, such as falls, cognitive decline, emergency room visits and hospitalizations.Despite these health risks, fewer than 15% of adults requiring hearing aids use them. Additionally, on average, it takes nearly nine years for individuals to purchase hearing aids after being diagnosed with hearing loss, according to a 2019 study.“Some older adults may view hearing loss as a normal part of aging and underestimate the importance of hearing health,” says Kathleen Cameron, senior direct...

Checklist for Handling the Death of a Spouse | Retirement

2Dec

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Money

Checklist for Handling the Death of a Spouse | Retirement

Life and bills go on, which anyone who loses a spouse quickly discovers. You may be emotionally gutted, but the electric still needs to be paid. There are also plenty of documents you’ll need to collect, forms to fill out and numbers to call, all at a time when finances may be the last thing on your mind.If you have lost a spouse, consider this financial checklist.Financial Checklist for When a Spouse Dies If your partner left a will, find it. Ask your spouse’s employer about any benefits you might be entitled to. Request copies of the death certificate. Contact your insurance companies and update them as needed. Contact the Social Security Administration, or give your spouse’s Social Security number to the funeral home and ask them to do it. That is what usually happens, according t...

How I Save Money by Living Simply in Retirement | Retirement

1Dec

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Money

How I Save Money by Living Simply in Retirement | Retirement

Embracing a simple lifestyle in retirement can help you relax, appreciate what you have and save money over the long term.Janet Ruth Heller and her husband, Michael, both former college professors in Portage, Michigan, accomplish this by staying active but keeping a close eye on spending. "Both of us earn some income each year from part-time work," Heller said in an email. "However, we rely on our savings and some investments for most expenditures. We do not want to live extravagantly."If you’re also looking to save money by living simply in retirement, here are some ideas from Heller and financial experts : Create an income plan. Track each dollar. Keep living expenses low. Get involved in groups. Avoid impulse spending. Choose activities thoughtfully. Create an Income PlanAs you c...