The Compassion Network: Preserving Our Pearls of Wisdom
For many older Americans, the final years are no longer the Golden Years. Worries over limited income and the threat of being financially strained are real. There is help available, but you and your family have to take some initiative to find it. It also helps to do some early planning. Some areas that you should be most concerned are Social Security, Medicare, pensions and retirement planning. We hope this brochure will help
· Did you know that when you become eligible for social security you also become eligible for Medicare? File your claims early. Three months before your 65th birthday, that way you will receive your benefits on time.
· Did you know that the Social Security Administration keeps a record of your earnings and work credits? The Administration mails out copies of individual social security records on a statement to everyone age 60 and over who are not receiving benefits yet. If you do not receive your copy contact them at their Website below. You have the option of contacting them by phone or even writing them in Spanish if necessary. It has been estimated that they make mistakes on at least 3% of the total official earning records they keep. So. Review the document carefully.
· Did you know that you can receive social security benefits any time after you reach age 62? Each year after age 62, your benefit will increase until you reach 70. If you are the survivor spouse of a worker who qualified for retirement or disability benefits you and you minor or disabled children may be entitled to benefits based on your diseased spouse's earning record.
· Did you know that if you were married for 10 years and divorced for at least 2 years and you have reached age 62 than you can get dependent benefits? If you are 65 or over no money will be taken out of your social security benefit if you are still working, but if you are under 65 they will take away $1 for every $2 that you earn.
For more information contact the Social Security Administration at 800-772-1213
Or at http://www.ssa.gov
When planning your retirement,
money may not be the most important consideration. Many Americans believe that unless you save
up millions of dollars, you are likely to end your life poor. Yes, it is sensible to save up a few dollar
bills and may do so at any age, but there's no need for money in cultivating
a safe, secure, fulfilling retirement. The
problem with saving a lot of money for retirement is not that you end up with
a vast amount of money in your bank account, but having to do with working
extra hours, which has both its pros and cons.
Therefore, consider many things before wanting to acquire riches. Be
a happy retiree, and a healthy one.
Managed Care Plans
· The managed care insurance companies are the people who pay the doctors, hospitals and other healthcare providers. Each of them are paid a set fee for each medical service they provide to plan members. In this system, the insurance company is hoping that the total collected in premiums will be more than they pay out to doctors and other providers, leaving them with a healthy profit. Insurance companies decide how much each member will pay. Consumers should shop around and look for the best managed care deal. Options are limited. Insurance companies tend to provide plans in areas where profits are high. Therefore, as many as 25% of Medicare beneficiaries, particularly those in rural areas, have no managed care plans from which to choose. Doctors and hospitals try to raise their odds of making a profit by negotiating rates with the managed care plans. Before you reach a final decision about joining a managed care plan, closely examine them and compare them side by side.
For additional information go to www.nato.com or http://www.medicare.gov
Power of Attorney
It is important to spend a little time thinking about who will make medical and financial decisions for you if you become incapacitated or unable to speak for yourself. This will ensure that you affairs will be entrusted to someone you trust.
Great Website: Retirement & Elder Care - Nolo's Legal Encyclopedia
Created by Mrs. Wilson's Academics Class
Dedicated to Mr. and Mrs.