Retired Guy USA

This blog post:  https://retiredguyusa.com/senior-avoid-bankruptcy/ 

 

Generally, a senior (or anyone for that matter) should try to avoid bankruptcy. Of course, there are occasions where you probably should file. Read on to see how you, as a senior, can avoid bankruptcy in the first place. 

Don’t let an attorney push you into a decision just so she can collect a fat fee. Get a second or even third opinion from other attorneys. Do not let her charge you for an initial consultation.

Suggestions: make a budget, make a deal with creditors, downsize your life and other ideas.

https://www.usa.gov/debt  good government website about debts, credit and bankruptcy

 

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. 

Blog:   https://retiredguyusa.com/

Podcast:  https://retiredguyusa.podbean.com/

This blog post: https://retiredguyusa.com/bankrupt-seniors-surge-filings-increase/ 

The number of bankrupt seniors increased dramatically over the last quarter century.  A study found 3.6 bankruptcy filings per thousand people 65 to 74. By comparison, only 1.2 per thousand filed in 1991. Rates also increased greatly for those 55 to 64 and even more for those older than 75. Finally, the percentage of bankrupt seniors as a proportion of all filers increased.

Causes include medical debt, assisting family, credit card and mortgage debt, the vanishing 'safety net', and failure to control spending. 

 

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3226574

Consumer Bankruptcy Project above link

https://www.pbgc.gov/      PBGC

 

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. 

Blog:   https://retiredguyusa.com/

Podcast:  https://retiredguyusa.podbean.com/

This blog post:https://retiredguyusa.com/trying-out-new-place-to-retire/  

You just retired or are getting close to retirement and are looking for a new place to retire to. You may have positive or negative reasons for moving. Maybe this seems like a crazy idea, but you are only getting older so why not?! One day you might look back and wish you had at least given it a shot.

Moving somewhere new requires a real commitment of time, effort and not the least money! Wouldn’t it be great if you could first ‘try out’ a new place to retire? You could do this before you made a sizable financial and emotional commitment. You must take time to research your impending move.

To that end, I discuss here ways you can ‘get to know’ your desired location before you make a life-changing commitment. I am assuming here your thoughtful planning starts at least 12 months in advance of your move. 

Have you given much thought to where you want to ‘end up’?

 

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or go ask your mom!   

Blog:   https://retiredguyusa.com/

Podcast:  https://retiredguyusa.podbean.com/

This blog post: https://retiredguyusa.com/medicare-going-broke-three-years-sooner/ 

SSA (Social Security Administration) finds that Medicare is going broke three years sooner than expected. The Trustees for Social Security and Medicare just issued their yearly report on the OASDI (Old-Age, Survivors and Disability Insurance Trust Funds).

The Trust Fund for Medicare Part A covers hospital and nursing home costs for seniors. It is now projected to run dry by 2026. This is three years earlier than last year’s Trustee projection. Accordingly, the Program would only be able to pay out about 91% of promised benefits. Therefore, health care providers, hospitals, and nursing homes would see their fee income cut below contract levels.

For the first time since 1982, Social Security’s payout will exceed its payroll income plus interest from the Trust Funds. That means it has to start drawing down Fund principal to continue paying the full promised benefits. The Trust Fund reserves are still expected to run out in 2034, which is the same time noted in the last Trustee report. If nothing changes, the Program will have to cut benefits to many retirees.

2018 Annual Report        https://www.ssa.gov/oact/TRSUM/index.html

https://www.medicare.gov/ Medicare

Do you believe Medicare will be here for you? Does the Tooth Fairy still leave you money when you lose a tooth?

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or ask your mom!   

Blog:   https://retiredguyusa.com/

Podcast:  https://retiredguyusa.podbean.com/

This blog post: https://retiredguyusa.com/long-term-care-insurance-premiums/ 

If you bought your policy at middle age and have kept it a few years, you have probably been hit with big rate increases. Many insurers have begun deleting their product lines and the number of policies has fallen drastically.

Long-term care insurance helps pay for nonmedical care when you can no longer live independently. It pays for help with dressing, eating, mobility etc. Long-term care is very expensive but many people think they will die before they need it. But nearly 70 percent of people 65 and older will need help with daily activities in their later years.

Medicaid is the primary payer of last resort for long-term care for the poor but only kicks in after a person’s assets have been drained. Medicare doesn’t cover long-term care for very long. A  MEDIGAP policy will help cover your co-pays in the short-term. 

The companies raised rates because people are living longer and are sicker than expected. Also, companies earnings (from which benefits are paid) are depressed due to the Federal Reserve easy money policy of low interest rates and massive money creation. 

https://www.cms.gov/ Medicaid Services

https://www.medicare.gov/ Medicare

https://alz.org/ Alzheimers Association

Do you have a plan for long-term care?

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or go ask your mother!   

Blog:   https://retiredguyusa.com/

Podcast:  https://retiredguyusa.podbean.com/

This blog post:   https://retiredguyusa.com/vanguard-founder-jack-bogle-dies/ 

Vanguard announces the passing of John Clifton “Jack” Bogle, founder of The Vanguard Group. Most people don’t know who he is. But he did more for investors than anyone I can think of.

Bogle and Vanguard in 1977 stopped marketing its funds through stock brokers. Instead, they started selling the funds directly to investors. They also eliminated sales charges and commissions and became a pure no-load mutual fund complex.

Bogle structured Vanguard as a client-owned mutual fund company with no outside owners seeking profits. Vanguard followed up with more index funds indexing bonds, small and mid-cap stocks, international stocks and more.

Vanguard’s index funds simply tried to match the indexes over the long run. The aim was to achieve higher returns with lower costs compared to actively managed funds.

He could have become much richer but instead decided to do much good for millions of investors. Thanks to index funds and Jack Bogle, people have a chance at a better retirement. College studies are better funded. Returns to investors are higher.

He saved shareholders hundreds of millions of dollars in sales commissions.

He changed how we invest!

https://about.vanguard.com/who-we-are/a-remarkable-history/founder-Jack-Bogle-dies.html 

 

Do you invest mostly in index funds or actively managed funds?

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 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or go ask your mother!   

Blog:   https://retiredguyusa.com/  

Podcast:  https://retiredguyusa.podbean.com/

This blog post:   https://retiredguyusa.com/federal-debt-seniors/ 

The growing federal debt is a threat to seniors and young alike! Older people should be concerned our benefits could face real cuts during the remainder of our lifetimes. Younger folks should be concerned they are paying in to programs that may provide them with even less retirement and health security than today’s retirees. And the growing federal debt is the main cause. This will become an even bigger problem when interest rates rise! We have rising debt everywhere and it is a monster that keeps growing (pardon the hyperbole!).

Here is the link to http://www.usdebtclock.org/, which tracks the federal debt as well as other types of public and private debt.

I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals. Or ask your mom!   

I hope you will follow me by subscribing and commenting.

Blog:  https://retiredguyusa.com/  

Podcast:  https://retiredguyusa.podbean.com/

This Blog Post:  https://retiredguyusa.com/social-security-medicare-taxes-trending-up/ 

Here is the history of Social Security and Medicare taxes. The percentage you contribute plus the maximum taxed income has increased over time. Taxes will have to be increased again or benefits cuts (or both) to keep the programs solvent. Congress must take action to prevent the programs failing. Also, listen to how some of you are taxed twice on your income: (l) when you earn the money during your working career AND (2) when you start collecting benefits. OUTRAGEOUS! And the full retirement age keeps going up! It will required courageous voters and politicians to fix it but both are hard to find!

https://www.ssa.gov/ Social Security Administration

https://www.medicare.gov/ Medicare

 I am Trippe, retired U.S. Government Financial Analyst. M.B.A., grew up on farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals.    

I hope you will follow me by subscribing and commenting.

Blog:  https://retiredguyusa.com/ 

Podcast:  https://retiredguyusa.podbean.com/