What is the Best Age to Receive Social Security Benefits?

Timing is the most important element of retirement planning, so when should you begin taking Social Security benefits? Sometimes the timing is out of your hands. If your health or other issues necessitate an early exit from the workforce, your planning is likely to be affected. In a perfect world, however, your decision to put off collecting Social Security benefits can provide you with a more comfortable retirement in your golden years.  » Read More

Tax Tips for the Elderly

Those who file their own taxes are likely to make mistakes, according to the Internal Revenue Service (IRS). Some of the most common errors have to do with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. The following are tax tips for elderly persons who plan on filing their own taxes this year.  » Read More

What is Involved in Elder Abuse?

With thousands of cases of elder abuse reported in the U.S. every year, it is inconceivable that an estimated five out of six incidents go unreported. Elder abuse is all too common, and it is perpetrated by trusted and intimate caregivers. In fact, about 10 percent of older adults experience some type of elder abuse. The following are surprising statistics about the disturbing maltreatment of one of our most vulnerable populations.  » Read More

Can Debt Collectors Seize My Retirement Benefits?

The percentage of in-debt adults aged 65 or older rose to 60 percent in 2016, according to a survey commissioned by the National Council on Aging. Seniors are in debt now more than ever and many are concerned about whether their retirement benefits can be taken by debt collectors. The answer depends on where you live. In New York, certain types of income and benefits are generally exempt,  » Read More

Small Estate Filing Changes

When someone dies, their possessions and assets are distributed to their loved ones. The courts are often involved with such inheritance matters. The costs associated with the process can be prohibitive when the total assets of an estate are small. For that reason, many states designate a specific threshold amount to determine if an estate is small enough to be handled through what is known as a voluntary administration,  » Read More

Revocable versus Irrevocable Trusts

When it comes time to plan one’s estate, it is essential to understand how trusts work. Depending on one’s goals and the number of assets involved, there are different choices to meet the needs and protect the owner and beneficiaries in the long term. Most people understand what a will is, but trusts can be a bit more complicated.  » Read More