By Steve Weisman

ISBN-10: 0131881760

ISBN-13: 9780131881761

ISBN-10: 0132054663

ISBN-13: 9780132054669

Social protection is altering. Medicare is altering. Medicaid is altering. Retirement making plans is altering. it's central that allows you to continue to exist financially to appreciate those complicated adjustments and lead them to paintings in your virtue. those concerns relatively have an effect on child boomers taking good care of getting older mom and dad or making plans their very own retirement and monetary destiny. This e-book indicates you what to anticipate, what those alterations suggest and the way to make those alterations paintings on your advantage.Consumer finance professional and nationally syndicated radio host Steve Weisman starts off with an entire advisor for your retirement funding offerings, from IRAs and 401Ks to the newest assurance products... even new ideas, similar to opposite mortgages. Drawing on his extraordinary services as a monetary planner and legal professional focusing on elder care concerns, Weisman provides insights you cannot locate in different places: easily, painlessly, and with welcome humor.

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But like everything, it comes at a price, and sometimes the total cost of owning annuities significantly dilutes their advantages. On the other hand, the deservedly bad press about deferred variable annuities as an investment for older people does not necessarily apply to all forms of annuities. As always, the key to determining whether an annuity is a good choice for you is in the details. 31 Annuities, like ice cream, come in two basic flavors. With ice cream, it’s vanilla or chocolate. With annuities, it’s deferred annuities and immediate annuities.

Fixed immediate annuities are often most attractive to older people who are fearful of outliving their savings. Essentially, a fixed immediate annuity is a bet that you think you will live longer than the insurance company thinks you will. Unlike life insurance, with which you win when you die early because you made few premium payments, with fixed immediate annuities, you win by living longer than some actuary’s determination of your life expectancy and having the insurance company pay you for a longer period of time.

To a great extent, the ratio is determined by your own tolerance for risk. If you are willing to take a greater risk for potentially greater rewards, you will hold more stocks. A number of rules of thumb can help determine the ratio of stocks to bonds for the portfolios of people as they age. One formula determines the amount of bonds in your portfolio by multiplying your age by 80 percent, with the remainder of your portfolio to be held in stocks. For example, according to this formula, 65-year-olds should have 52 percent of their assets in bonds and 48 percent in stocks.

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Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care by Steve Weisman


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