One of the most difficult financial decisions for middle-aged and older people is whether to purchase long-term care insurance (LTCI).
On the one hand, LTCI premiums are generally high, they’re likely to increase in the future, and if you’re in your 50s or 60s, the need is probably decades away.
On the other hand, many people have been saved by having LTCI. It enables them to choose their own care setting, hire help without dipping into savings, and preserve an inheritance for their children.
Continue Reading Should You Buy Long-Term Care Insurance? How to Decide
Many people are aware that seniors are entitled to collect Social Security benefits that are calculated based on their spouse’s work record. What’s less well-known is that this benefit applies in many cases to divorced spouses. In fact, ex-spouses may even be entitled to survivors benefits in certain circumstances.
As a spouse, you have the option of (1) claiming a Social Security retirement benefit based on your own earnings record, or (2) collecting a spousal benefit equal to one-half of your spouse’s Social Security benefit. You are automatically entitled to whichever benefit is higher, and you can collect on your spouse’s record even if you never worked yourself.
A divorced spouse can collect benefits based on an ex-spouse’s work record, whether or not the ex-spouse has remarried and whether or not the ex-spouse’s new spouse is also collecting on the same work record.
But to receive this benefit, you must meet the following requirements:
Continue Reading How Divorce and Remarriage Affect Social Security Benefits