Survivor Archives - The Segrust Group

Medicaid Liens and Estate Recoveries

September 28, 2014March 19, 2021Cliff Cadle

What are Medicaid liens and estate recoveries? Federal law encourages states to seek reimbursement from Medicaid recipients for Medicaid payments made on their behalf. There are two types of cost-recovery actions against the assets of Medicaid recipients: (1) real or personal property liens, and (2) recovery from decedent’s estate. A Medicaid lien is a form of attachment against your property that signifies that someone else has certain rights or interests in your property. A lien makes it impossible for you to sell or refinance your property without the state’s knowledge and opportunity to collect. While federal law allows a lien to be placed on your home at the time you become a permanent resident of a nursing home, not all states have adopted such provisions. Along with the use of lifetime liens, your state may be able to seek reimbursement from your estate after you die. For Medicaid purposes, the...

How can I get an estimate of my Social Security benefits?

June 17, 2013March 19, 2021Cliff Cadle

The easiest way to get an estimate of your future Social Security benefits is to use the benefit calculators available on the Social Security Administration’s website, www.ssa.gov. You can estimate your retirement benefit based on your actual earnings record using the Retirement Estimator calculator, then create different scenarios based on current law that will illustrate how different earnings amounts and retirement ages will affect the benefit you receive. Other benefit calculators are also available that can help you estimate disability and survivor’s benefits. You can also sign up for an account so that you can view your online Social Security Statement. Your statement contains a detailed record of your earnings, as well as estimates of retirement, survivor’s, and disability benefits. It also includes other information about Social Security that will be very useful when planning for retirement....

Social Security Claiming Strategies for Married Couples

April 17, 2013March 19, 2021Cliff Cadle

Deciding when to begin receiving Social Security benefits is a major financial issue for anyone approaching retirement because the age at which you apply for benefits will affect the amount you’ll receive. If you’re married, this decision can be especially complicated because you and your spouse will need to plan together, taking into account the Social Security benefits you may each be entitled to. For example, married couples may qualify for retirement benefits based on their own earnings records, and/or for spousal benefits based on their spouse’s earnings record. In addition, a surviving spouse may qualify for widow or widower’s benefits based on what his or her spouse was receiving. Fortunately, there are a couple of planning opportunities available that you may be able to use to boost both your Social Security retirement income and income for your surviving spouse. Both can be used in a variety of scenarios, but...

Social Security: What Should You Do at Age 62?

December 31, 2012March 19, 2021Cliff Cadle

Is 62 your lucky number? If you’re eligible, that’s the earliest age you can start receiving Social Security retirement benefits. If you decide to start collecting benefits before your full retirement age, you’ll have company. According to the Social Security Administration (SSA), approximately 74% of Americans elect to receive their Social Security benefits early. (Source: SSA Annual Statistical Supplement, 2012)Although collecting early retirement benefits makes sense for some people, there’s a major drawback to consider: if you start collecting benefits early, your monthly retirement benefit will be permanently reduced. So before you put down the tools of your trade and pick up your first Social Security check, there are some factors you’ll need to weigh before deciding whether to start collecting benefits early. What will your retirement benefit be? Your Social Security retirement benefit is based on the number of years you’ve been working and the amount you’ve earned. Your...

The Retirement Income Gender Gap – Dealing with a Shortfall

December 8, 2012March 19, 2021Cliff Cadle

When you determine your retirement income needs, you make your projections based on the type of lifestyle you plan to have and the desired timing of your retirement. However, you may find that reality is not in sync with your projections, and it looks like your retirement income will be insufficient to meet your estimated expenses during retirement. This is called a projected income shortfall. There are many reasons why women, on average, are more likely than men to face a retirement income shortfall. Because women’s careers are often interrupted to care for children or elderly parents, they may spend less time in the workforce. When they’re working, women tend to earn less than men in similar jobs, and they’re more likely to work part-time. As a result, their retirement plan balances and Social Security benefits are often smaller. Compounding the problem is the fact that women often start saving...

A Woman’s Guide to Health Care in Retirement

December 1, 2012March 19, 2021Cliff Cadle

At any age, health care is a priority. But when you retire, you should probably focus more on health care than ever before. This is especially true for women. Women live longer, develop certain chronic conditions (e.g., osteoporosis) at a higher rate than men, and are more apt to experience medical limitations that directly affect their daily activities.1 That’s why it’s particularly important for women to factor in the cost of health care, including long-term care, as part of their retirement plan. How much you’ll spend on health care during retirement generally depends on a number of variables including when you retire, how long you live, your relative health, and the cost of medical care in your area. Another important factor to consider is the availability of Medicare. Generally, you’ll be eligible for Medicare when you reach age 65. But what if you retire at a younger age? You’ll...

Understanding Social Security

September 26, 2012March 19, 2021Cliff Cadle

Over 59 million people today receive some form of Social Security benefits, including approximately 38 million individuals age 65 or older. (Source: Fast Facts & Figures About Social Security, 2011) But Social Security is more than just a retirement program. Its scope has expanded to include other benefits as well, such as disability, family, and survivor’s benefits. How does Social Security work? The Social Security system is based on a simple premise: Throughout your career, you pay a portion of your earnings into a trust fund by paying Social Security or self-employment taxes. Your employer, if any, contributes an equal amount. In return, you receive certain benefits that can provide income to you when you need it most–at retirement or when you become disabled, for instance. Your family members can receive benefits based on your earnings record, too. The amount of benefits that you and your family members receive depends...