Silver Sneakers 101 Once you turn 65, the world of Medicare opens to you, and you also gain access to its offshoot supplemental programs. You likely know about Part A, Part B, Medicare Advantage, and other sections, but you may not know about the senior fitness offering “SilverSneakers.” SilverSneakers is a versatile and free fitness plan for Medicare recipients. Not every insurance company that has Medicare Advantage or other Medicare Supplement Insurance plans has SilverSneakers as a choice. But it’s definitely worth asking about whenever you add or change your coverage. SilverSneakers grants free access to over 15,000 fitness locations across America. Call ahead to find out if your local gym participates. You might also inquire if their location offers special SilverSneakers classes. These fitness sessions are designed for Medicare-aged students.1 Not all SilverSneakers’ benefits are centered around the gym, however. For those who prefer different types of exercise, FLEX,
Fixed or Variable Mortgage, Which Should You Pick? Buying a home is the single-largest financial commitment most people ever make. And sorting through mortgages involves a lot of critical choices. One of these is choosing between a fixed or variable interest rate mortgage. True to its name, fixed-rate mortgage interest is “fixed” throughout the life of the loan. In contrast, the interest rate on a variable-interest rate loan can change over time. The mortgage interest rate charged by a variable loan is usually based on an index, which means payments could move up or down, depending on prevailing interest rates.1 Fixed-rate mortgages have advantages and disadvantages. For example, rates and payments remain constant despite the interest rate climate. But fixed-rate loans generally have higher initial interest rates than variable-rate mortgages; the financial institution may charge more because if rates go higher, it may lose out. If prevailing interest rates trend lower, a fixe
Prescription Drug Benefits Under Medicare (Part D) Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is never provided directly by the government (unlike Original Medicare). If you want to get Part D coverage, you have to choose and enroll in a private Medicare prescription drug plan (PDP) or a Medicare Advantage Plan with drug coverage (MAPD). Enrollment is optional (though recommended to avoid incurring future penalties) and only allowed during approved enrollment periods. Typically, you should sign up for Part D when you first become eligible to enroll in Medicare. Whether you should sign up for a Medicare Part D plan depends on your circumstances. You may have creditable drug coverage from employer or retiree insurance. If so, you don’t need to enroll in a PDP until you lose this coverage. Also, some people
Money Draining Food Myths The road to better health may sometimes involve an extra expense here and there, but you should be careful about wasting money on diet ideas with promises that are more based on myth than fact. Identified below are four diet strategies that may be ineffective and financially expensive. Vitamins and Supplements Americans spend more than $35 billion on vitamins, minerals, and other similar products every year. But is that money well spent? There is no scientific consensus about the efficacy of many supplements, including multi-vitamins. In fact, supplements often promise more than they can deliver and may even be harmful to your health.1 Some supplements may be of some use to some people, but determining the right supplement for your age, gender, and personal health status is best left to you and your medical professional. Gluten Free The growth of gluten-free products has been explosive. And, in many cases, consumers are paying a higher premium f
Problems with Probate Many of us hope to leave something behind for our loved ones when we pass away. But the probate process is complex. To understand how to better manage potential probate fees, let’s explore what probate is and how the process works. What Is Probate? Probate is the legal process that wraps up a person’s legal and financial affairs after their death. During the probate process, a person’s property is identified, cataloged, and appraised. In addition, probate makes certain any outstanding debts and taxes are paid. It can be a complex process filled with very specific legal requirements. For example, if someone dies without a valid will, the probate court sees that the deceased person’s assets are distributed according to the laws of the state. If someone dies with a valid will, the probate court is charged with ensuring the deceased person’s assets are distributed according to their wishes. Probate Process Every estate passes through probate following t
The Economic Journey of Your Morning Coffee If you’re like 62% of Americans, you started your day with a cup of coffee. Few, if any, took a moment during this morning ritual to contemplate or marvel at the complex journey that brought their coffee from farm to their kitchen table.1 Coffee is one of the U.S.’s largest food imports. It wields an economic impact that starts with farmers from Brazil to Vietnam and ends with the barista at your local coffeehouse, involving hundreds of truckers, shippers, roasters and retail workers in between.2 More than 36 hands touch every coffee bean in the journey from bush to cup. And the original bean farmer can expect between 12 and 25 cents for every pound of gourmet coffee sold.3 Like many agricultural enterprises, coffee is grown on large plantations and small farms alike. Harvests are purchased by coffee mills located proximate to coffee growing regions, either directly from the plantation and farm cooperative, or via a trader who buys
The Economic Journey of Your Morning Coffee If you’re like 62% of Americans, you started your day with a cup of coffee. Few, if any, took a moment during this morning ritual to contemplate or marvel at the complex journey that brought their coffee from farm to their kitchen table.1 Coffee is one of the U.S.’s largest food imports. It wields an economic impact that starts with farmers from Brazil to Vietnam and ends with the barista at your local coffeehouse, involving hundreds of truckers, shippers, roasters and retail workers in between.2 More than 36 hands touch every coffee bean in the journey from bush to cup. And the original bean farmer can expect between 12 and 25 cents for every pound of gourmet coffee sold.3 Like many agricultural enterprises, coffee is grown on large plantations and small farms alike. Harvests are purchased by coffee mills located proximate to coffee growing regions, either directly from the plantation and farm cooperative, or via a trader who buys
Four Steps to Valuing an Estate Determining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.1 How to Assess the Value of an Estate Select the date of calculation. Because values move up and down, you need to set a specific date for a valuation. For a living person, you are free to pick any date. If you’re assessing the value of a decedent’s estate, you may choose either the date of death or the date six months after their death (the “Alternate Valuation Date”). If you use the Alternate Valuation Date, any asset sold or distributed during the first six months following the death must be valued as of the date of sale or distribution.2 Determine the assets comprising the estate. This asset list should include everything an individual owns or has ownership interests in. Gather all financial statements as of the date of calculation. If an account is owned individually, the entire value should be calcu
A Home Insurance Claim: To File Or Not To File Insurance is meant to protect you against financial loss. But is it really meant to protect you from any and all financial loss? When it comes to filing a loss claim on your home insurance, there may be times when not filing may be the wisest course of action.1 According to one study, the national average premium increase after filing a homeowners insurance claim is 9%, although this number varies depending on your specific location.2 What About My Premium? Some insurance companies may protect you against premium increases. However, if filing a claim means your premium will rise, you may need to decide whether it makes sense to do it. It may not pay to file a claim if: The claim amount is small. Your policy will have a deductible, so even claims of $1,000 to $2,000 may not have a favorable long-term cost benefit. You're not covered for a loss. Read your policy first to determine coverage. The simple act of filing a claim (ev
U.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors. As a result, he reportedly cost his estate tens of thousands of dollars in attorney’s fees.
You taught them how to read and how to ride a bike, but have you taught your children how to manage money?
For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away.
By May 20, 2022, over 145 million taxpayers had dutifully filed their federal income tax returns. And they all made decisions about deductions and credits – whether or not they realized it.
If you’re like 62% of Americans, you started your day with a cup of coffee. Few, if any, took a moment during this morning ritual to contemplate or marvel at the complex journey that brought their coffee from farm to their kitchen table.
Every year, about 150 million households file their federal tax returns. For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits.
