Legacy Planning Law Group
Weekly Blog

Estate & Elder Law

Protect Your Family. Preserve Your Legacy

If you’re interested in learning more about our process and the solution for you and your family, please book your free 15-minute call with us today!

Grandparents and Family

Can an Elder Law Attorney Help My Family?

Can an Elder Law Attorney Help My Family?  The right elder law attorney can counsel a family through the difficult details and requirements of the situations that may come up to protect the rights and welfare of seniors and their families. An elder law attorney may help with issues, such as guardianship, conservatorship, power of attorney, estate planning, Medicaid planning, probate and estate administration and advanced directives.

The Senior List’s recent article entitled “What is Elder Law and How Can an Elder Law Attorney Help Me?” explains that because the laws on the care of the elderly differ in each state, and are always subject to change, it is essential to find an elder law attorney who is skilled, knowledgeable and up-to-date on elder law policy and legal issues.

Before meeting with an elder law attorney, create a list of the specific concerns for the present and foreseeable future, so you know what qualifications and capabilities your attorney will need. You want a lawyer who’s experienced and educated, as well as comfortable to speak with and relatable.

You can ask these questions of your elder law attorney to help you make your decision:

  • How long have you been practicing in elder law?
  • Do you stay up to date on this area of law, by ongoing study and attending seminars on this subject matter?
  • Take a look at the required services we think will be needed. Can you fulfill them?
  • Do you have litigation experience?
  • What type of fee schedule do you offer?

If you’d like to try to stay up to date on what’s happening within elder law, go online and search for “aging and disability” as well as the name of the state in which the senior lives. Every state government has a department in charge of these matters (the official names will vary).

While caring for a love done can be stressful, understanding what options are available to them and to you, can make it all much easier. This is why it is good to know if  an Elder Law Attorney Can Help My Family?

Reference: The Senior List (Oct. 10, 2019) “What is Elder Law and How Can an Elder Law Attorney Help Me?”

Read More related to this topic at :    Why elder law is a growing, ‘anything-can-happen practice’

 What Does An Elder Law Attorney Do?

Also read some of our previous Blogs at:      When Do I Need an Elder Law Attorney?

 Caring for Your Aging Parents – An Elder Law Attorney’s Top 5 Questions and Answers

Ozzy and Sharon estate Plan

Ozzy Osbourne and Sharon Osbourne Have an Estate Plan

Ozzy Osbourne and Sharon Osbourne Have an Estate Plan.  Heavy metal rock star Ozzy Osbourne and his talk show host wife, Sharon Osbourne say that they have a plan to pass the lion’s share of their estate to their children.

Ozzy rose to fame during the 1970s as the lead vocalist of the heavy metal band Black Sabbath, and Sharon became a household name more recently, thanks to her role in the MTV reality show “The Osbournes” and her job as a daytime talk show host.

Sharon explained the couple’s plan on The Talk, while reacting to news that the late Kirk Douglas bequeathed most of his $80 million fortune to charity when he died in February 2020 at age 103, reports I Heart Radio’s recent article entitled “Ozzy, Sharon Osbourne’s Children Will Determine The Fate Of Their Fortune.”

“Everybody is different,” Sharon said. “And I just know that my husband’s body of work, that he’s written, and kept us all in the lifestyle that we love, goes to my children.”

The children will also be entrusted with determining what will happen to Ozzy’s image and likeness, Sharon also said.

“I don’t want someone that never met my husband owning his name and likeness and selling T-shirts everywhere and whatever. No, it stays in the Osbourne family.”

Ozzy’s latest solo album, Ordinary Man—which is his 12th overall—already ranks as his highest-charting solo debut ever in the United Kingdom.

Between Ozzy’s equity in Black Sabbath, the solo recordings that he and Sharon have worked so hard to control and the hours of television in which the two have starred, it’s not hard to see the fruits of the couple’s labor benefitting several future generations of Osbournes.

Estate planning is important in every field and for everyone. However, it’s particularly important in the entertainment business, where will contests and questions about inheritances frequently are publicized in the press. To that end, the estates of celebrated artists like Frank Zappa, Kurt Cobain, Prince, Tom Petty, Chris Cornell and many others have been the subject of public battles in recent years.

Even if you are not about to release your latest solo album, you still need to work with an experienced estate planning attorney to make certain that your plans for your assets and property are carried out after your death.  That probably is why Ozzy Osbourne and Sharon Osbourne Have an Estate Plan.

Reference: I Heart Radio (March 2, 2020) “Ozzy, Sharon Osbourne’s Children Will Determine The Fate Of Their Fortune”

Read more about this at:    OZZY OSBOURNE Will Leave His ‘Body Of Work’ To His Children, Says SHARON OSBOURNE

Also this might be interesting :   15 Kids Who Won’t Inherit A Dime From Their Celeb Parents (And 5 Who Are Already Millionaires)

Read about other Celebrities and their Estate planning from one of our previous Blogs: The Latest on Kirk Douglas’ Estate

How Can Celebrities’ Estate Planning Be Impacted by Alzheimer’s?

life Insurance in an estate Plan

Is Life Insurance a Good Idea for My Estate Plan?

Is Life Insurance a Good Idea for My Estate Plan? Around 57% of adults in the U.S. own a life insurance policy, according to a joint study by LIMRA, a trade group, and Life Happens, a nonprofit insurance advocate. CNBC’s recent article entitled “Why some life insurance could prove risky for consumers” goes on to state that the sales standards governing how agents and brokers can recommend certain types of life insurance to consumers are not strict. The complexity of many types of life insurance may also hide potential abuse and make it hard to know if you’re getting good advice.

There are some types of life insurance that aren’t necessarily mind-boggling. For example, term insurance is pretty clear. This type of policy covers buyers for a certain period of time, such as 10 or 20 years, for an annual fee that’s locked in and which the purchaser knows at the time of sale.

However, permanent life insurance — also called as cash-value insurance — is more complicated. With permanent life insurance, a buyer is meant to keep the insurance policy, such as whole life and universal life, until death rather than for a set term. This type of insurance also has a side investment account that earns interest and dividends. The account is designed to cover annual premiums and other insurance costs, which typically increase each year with age. But in the event that an investment account underperforms expectations or insurance charges increase more than expected, a purchaser may have to pay more money to cover a shortfall or risk losing the coverage altogether.

Remember that a policy that may look fairly inexpensive today, may not be the case later in life.

It’s also important to note that state life insurance regulations frequently don’t require insurance agents to fully disclose the risks to the public. Of course, insurance companies promised that they’ll disclose the risks to buyers in the contracts they sign. However, the fine print can be more than 100 pages long.

Insurance agents are also typically permitted to recommend life insurance that will pay them a higher commission, rather than suggesting a policy that may be just as good but pay the agent less or no commission. While not every life insurance agent is misleading the public, the regulations aren’t in the buyer’s favor, say consumer advocates. Each state regulates many different aspects of life insurance, like advertising, disclosure, licensing and unfair trade practices.

State insurance regulators say that there were over 4,000 individual cases of wrongdoing by life insurers or insurance agents in 2019, according to data from the National Association of Insurance Commissioners. That’s compared with the nearly 138 million life insurance policies owned by Americans as of year-end 2018, according to ACLI.

As a reminder, you should only buy insurance policies that you understand. Be sure to ask about and be aware of risks, like potential increases in future premiums and other elements of a life insurance policy that could be changed. You should also consult with an experienced estate planning attorney to be sure that the amount of life insurance you’re considering fits into your overall financial and estate plan. We hope this answers the question of if Life Insurance is a Good Idea for My Estate Plan?

Reference: CNBC (January 19, 2020) “Why some life insurance could prove risky for consumers”

Read more related articles at : Life Insurance for Estate Planning (5 Fantastic Benefits)

Top 10 Considerations for Estate Planning with Life Insurance

Also read one of our previous Blogs at : How can Life Insurance Help my Estate Plan



C19 UPDATE: Emergency Estate Planning Decisions to Make Right Now

C19 UPDATE: Emergency Estate Planning Decisions to Make Right Now.

Though it may be hard not to panic when the grocery store shelves are empty, the number of confirmed cases of COVID-19 keeps rising, and we see sobering statistics across the globe … we will not overcome this challenge with a panicked response.

Nonetheless, there are certain things we all need to be doing right now – and your public health officials are the best resource on how to stay personally safe and help prevent the virus from spreading. In fact, a March 16, 2020 Kiplinger article notes that the current crisis is serving as a wake-up call for many people to meet with their estate planning lawyer and get their estate plan in order.

When it comes to the seriousness of this outbreak, however, there also are some critical estate planning decisions you should make – or review – right now.

Ask yourself these questions:

  1. Who will make medical decisions for me should I become severely ill and unable to make these decisions myself?
  2. Who will make my financial decisions in that same situation — for example, who will be authorized to sign my income tax return, write checks or pay my bills online?
  3. Who is authorized to take care of my minor children in the event of my severe illness? What decisions are they authorized to make? How will they absorb the financial burden?
  4. If the unthinkable happens – what arrangements have I made for the care of my minor children, any family members with special needs, my pets or other vulnerable loved ones?
  5. How will my business continue if I were to become seriously ill and unable to work, even remotely … or in the event of my death?

These are the most personal decisions to make right now to protect yourself and your loved ones during this emergency. Now is also a good time to ask yourself if you have plans in place for the smooth transfer of your assets and preservation of your legacy.

We are ready to help walk you through these decisions, understand the ramifications of your choices, and memorialize your plans in binding legal documents. We are currently offering no-contact initial conferences remotely if you prefer. Book a call now and let us help you make the right choices for yourself and your loved ones. We can help you with Emergency Estate Planning Decisions to Make Right Now!

Check out these related articles:     

Trump declares coronavirus outbreak a national emergency/ Washingtonpost

Coronavirus Legal Advice: Get Your Business and Estate in Order Now

Also read one of our previous Blogs:         Health Crisis Strikes, Do you have a plan?

Power of Attorney

What Is So Important About Powers Of Attorney?

What Is So Important About Powers Of Attorney? Powers of attorney or POA’s,  can provide significant authority to another person, if you are unable to do so. These powers can include the right to access your bank accounts and to make decisions for you.

AARP’s article from last October entitled, “Powers of Attorney: Crucial Documents for Caregiving,” describes the different types of powers of attorney.

Just like it sounds, a specific power of attorney restricts your agent to taking care of only certain tasks, such as paying bills or selling a house. This power is typically only on a temporary basis.

A general power of attorney provides your agent with sweeping authority. The agent has the authority to step into your shoes and handle all of your legal and financial affairs.

The authority of these POA’s can stop at the time you become incapacitated. Durable powers of attorney may be specific or general. However, the “durable” part means your agent retains the authority, even if you become physically or mentally incapacitated. In effect, your family probably won’t need to petition a court to intervene, if you have a medical crisis or have severe cognitive decline like late stage dementia.

In some instances, medical decision-making is part of a durable POA for health care. This can also be addressed in a separate document that is just for health care, like a health care surrogate designation.

There are a few states that recognize “springing” durable powers of attorney. With these, the agent can begin using her authority, only after you become incapacitated. Other states don’t have these, which means your agent can use the document the day you sign the durable POA.

A well-drafted POA helps your agent help you, because she can keep the details of your life addressed, if you cannot. That can be things like applying for financial assistance or a public benefit, such as Medicaid, or verifying that your utilities stay on and your taxes get paid. Attempting to take care of any of these things without the proper document can be almost impossible.

In the absence of proper incapacity legal planning, your loved ones will need to initiate a court procedure known as a guardianship or conservatorship. However, these hearings can be expensive, time-consuming and contested by family members who don’t agree with moving forward.

Don’t wait to do this. Every person who’s at least age 18 should have a POA in place. If you do have a POA, be sure that it’s up to date. Ask an experienced elder law or estate planning attorney to help you create these documents.

Reference: AARP (October 31, 2019) “Powers of Attorney: Crucial Documents for Caregiving”

Read more about this subject at:     Why Power of Attorney is So Important for Seniors

Power of Attorney/americanbar.org

You can also read one of our previous Blogs at :     Can I Create a Power of Attorney without Giving Up Control?


Medicare premiums

Can I Appeal More Expensive Medicare Premiums?

Can I Appeal More Expensive Medicare Premiums?  The standard monthly premium for Medicare Part B is $144.60 in 2020, but some beneficiaries pay as much as $491.60. If your income varies from what the Social Security used to calculate whether you’re subject to those surcharges, there is a way to request the agency to reconsider.

CNBC’s recent article entitled “Here’s how to appeal higher Medicare premiums” explains that the annual income of older Americans could decrease substantially from one year to the next for many reasons, such as retirement, the death of a spouse, or the sale of your business. However, it can take Medicare — which charges higher earners more for premiums — several years to adjust when your income drops below the threshold.

If you’re paying more than the standard premiums for Medicare Part B (outpatient services) and Part D (prescription drugs) through income-related monthly adjustment amounts, or IRMAAs, the difference can mean hundreds of dollars per month. The surcharge is also frequently derived from your tax return from two years before, which may not accurately reflect your current financial situation. When this happens, seniors must contact Social Security and prove that they’re not earning that amount any longer.

For individuals, IRMAAs are triggered if your modified adjusted gross income is greater than $87,000, and for married couples filing joint tax returns, IRMAAs begin above $174,000.

The process to show that your current income is lower, requires you to ask the agency to reconsider its assessment. You also have to complete a form and attach supporting documents. Everyone’s situation is different, but in many cases, suitable proof may include a more recent tax return, a letter from your former employer stating that you retired, more recent pay stubs or something similar showing that your income has dropped.

The form includes a list of “life-changing” events that qualify as reasons for reducing or eliminating the IRMAAs. These include marriage, the death of a spouse, divorce, the loss of pension, or that you stopped working or reduced your hours. If you satisfy one of the qualifying reasons, it usually gets adjusted. If it doesn’t, you can appeal the decision to an administrative law judge. However, that process can be time consuming and you must keep paying the surcharges in the meantime.

The SSA reevaluates your situation every year. This means the IRMAAs (or whether you pay them) could change annually, based upon the volatility of your income.

You should also be aware that the SSA’s decision could leave you financially vulnerable, if your long-term health unexpectedly changes or a one-time health event requires prescription drugs. You also could be hit with late-enrollment penalties, if you don’t qualify for an exception. The same is true for enrolling late in Part B. This should help explain if you can  Appeal More Expensive Medicare Premiums?

Reference: CNBC (February 25, 2020) “Here’s how to appeal higher Medicare premiums”

Read more about this at :         Medicare perscription drug coverage appeals/medicare.gov

                                                               Medicare part B Premium Appeals/HHS.gov

You can also read one of our previous Blogs at :  The High Cost of Medicare Mistakes


Princes brother

How Does the Death of Prince’s Brother Impact the Late Rock Star’s Estate?

How Does the Death of Prince’s Brother Impact the Late Rock Star’s Estate?  Alfred Jackson was one of six of Prince’s siblings who were heirs to their brother’s fortune worth at least $100 million. But they sold 90% of his estate rights last year to Primary Wave, a well-funded and growing entertainment company that invests in music publishing and recording rights. Prince’s sister Tyka Nelson also struck a deal with Primary Wave, and was given cash up front as the estate proceedings drag on.

The StarTribune’s recent article entitled “Death of Prince heir complicates estate settlement even more” reports that because of these moves, about a third of Prince’s assets could wind up being controlled by parties who were not related to him—which adds to the tough job of settling the late rock star’s estate.

Just a few hours after signing with Primary Wave in August of 2019, the sixty-six-year-old Jackson succumbed to heart disease, while at his home in Kansas City. However, unlike Prince, he had signed a will. Jackson did not have a wife or children. However, in another twist, rather than leaving his estate to his siblings, he bequeathed all his assets to a friend, Raffles Van Exel, who claims to be an entertainment consultant. However, he’s best known for hanging out with Whitney Houston in her final days, as well as Michael Jackson’s family. Exel was also a creative force behind O.J. Simpson’s notorious “If I Did It” book project.

Primary Wave’s deal with Jackson is being reviewed by his own family, at least his siblings who aren’t related to Prince. They aim to contest his will.

Prince’s accidental death by fentanyl in 2016 created one of the largest and most complicated probate court proceedings in Minnesota history. That’s because the rock star failed to draft a will. The value of his estate is somewhere between $100 million to $300 million estate and is comprised of potential music royalties.

Prince’s heirs are unable to get their money from his estate until it is settled. Because the probate proceedings are dragging on, Primary Wave offered Prince’s heirs the chance to raise cash by selling their estate rights. These heirs are all approaching 60Jackson wanted to enjoy life now, rather than wait for the process to be finalized. The siblings, by that time, may be too old, sick or dead to enjoy their inheritance.

Primary Wave tried to get at least three of Prince’s siblings — Sharon, Norrine, and John Nelson, to sell their estate rights. However, the three refused and said in a recent court filing that they are concerned that Primary Wave will use its deep pockets to their detriment. The company’s involvement would only lead to more delays and tensions, the siblings said in a letter directly to the probate judge. With the case draining their “limited resources,” the three explained that they are unable to pay legal counsel in this case and are representing themselves.

The terms of Primary Wave’s deals with Tyka Nelson and Alfred Jackson are private. However, the company has been asserting its rights in Prince’s probate case. A 2019 court filing said that the company says it “stands in the shoes” of the two heirs. That is How  the Death of Prince’s Brother Impacts the Late Rock Star’s Estate.

Reference: StarTribune (February 22, 2020) “Death of Prince heir complicates estate settlement even more”

Read more related articles at: 

Death of Prince heir complicates estate settlement even more

Prince’s Posthumous Year In Business Was Full Of Weirdos And Chaos

Read about other Celebrity Estate stories on one of our previous Blogs at:

Luke Perry’s Estate Planning – How Well Did He Do?

Why is Angelina Jolie Leaving Her Total Estate to Just One of Her Kids?


Corona Virus

C19 UPDATE: Paying for Covid-19 Testing and Treatment if You Have a High Deductible Insurance Plan

C19 UPDATE: Paying for Covid-19 Testing and Treatment if You Have a High Deductible Insurance Plan

What is a High Deductible Health Plan (HDHP)?

A HDHP is a health insurance plan with a higher deductible than traditional insurance plans. Many people choose this type of health insurance for the cost savings as the monthly premiums are usually lower than traditional insurance plans. A high deductible plan (HDHP) can be combined with a health savings account (HSA), allowing you to pay for certain medical expenses with pre-tax money.

For 2020, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family. An HDHP’s total yearly out-of-pocket expenses (including deductibles, copayments, and coinsurance) can’t be more than $6,900 for an individual or $13,800 for a family. (This limit doesn’t apply to out-of-network services.)

How Does This Apply to Covid-19 Testing & Treatment?

The IRS recognizes that people with HDHP plans, where in general, all costs are paid out-of-pocket before medical benefits kick in, may be reluctant to seek care or be tested when ill.

To respond to the current Covid-19 emergency, the IRS on March 11 issued guidance in Notice 2020-15 stating (emphasis added)

“a health plan that otherwise satisfies the requirements to be a high deductible health plan (HDHP) under section 223(c)(2)(A) of the Internal Revenue Code (Code) will not fail to be an HDHP under section 223(c)(2)(A) merely because the health plan provides health benefits associated with testing for and treatment of COVID-19 without a deductible, or with a deductible below the minimum deductible (self only or family) for an HDHP. Therefore, an individual covered by the HDHP will not be disqualified from being an eligible individual under section 223(c)(1) who may make tax-favored contributions to a health savings account (HSA).”

In short, the IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).

The IRS noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP. Testing and treatment for the virus can be covered under the umbrella of “preventive services.”

This Applies Only to Covid-19 Emergencies

The IRS cautions that this new policy statement only applies to Covid-19 emergencies:

“This guidance does not modify previous guidance with respect to the requirements to be an HDHP in any manner other than with respect to the relief for testing for and treatment of COVID-19.”

Check with Your Provider

If you are currently enrolled in a HDHP health insurance, be sure to check with your provider for details about your specific benefits coverage.

We hope this shed some light on paying  for Covid-19 Testing and Treatment if You Have a High Deductible Insurance Plan

Resources: IRS Notice 2020-15, “HIGH DEDUCTIBLE HEALTH PLANS AND EXPENSES RELATED TO COVID-19,” https://www.irs.gov/pub/irs-drop/n-20-15.pdf

for more information read here: IRS Relaxes High Deductible Terms for COVID Testing and Treatment

High-deductible plans may waive cost-sharing for coronavirus tests

Read one of our previous Blogs here :  It may help the Elderly if they  have Long Term Health Care

Senior Driving

When Is It Time For My Dad To Give Up The Car Keys?

When Is It Time For My Dad To Give Up The Car Keys?  Because the odds of a fatal crash go up significantly at 70, adult children want to make sure their elderly parents do not become part of those unfortunate statistics. Taking a proactive approach to making certain that a parent or other vulnerable adult is still fit to drive is the key, says AARP in its recent article entitled “Is It Time for Your Loved One to Retire From Driving?”

Many seniors derive a sense of freedom and independence—perhaps even a source of pride from driving—so it’s a sensitive subject. One option is to ask your parent’s physician to broach the subject. If your loved one’s physician doesn’t bring up the topic, ask her to address it.

It’s really not realistic to expect your aging parent to hand over the car keys at the appropriate time. Some might, but others will refuse. Experts say that as we get older, we are apt to develop a more positive outlook on things. However, this gives us a false sense of security when it comes to things like driving. However, normal aging is linked with decreased reaction time, vision problems and hearing problems—all of which place them at greater risk.

Some medical conditions —like arthritis, cardiovascular disease, dementia, glaucoma and macular degeneration, Parkinson’s disease and stroke — can compromise a senior’s driving abilities. The more prescriptions a senior takes and the more medical conditions a senior has, the greater risk when a senior gets behind the wheel.

In addition to the safety of an aging parent and other drivers, a senior who drives but shouldn’t, may also put grandchildren at risk.

Some other reasons to be concerned about the senior’s driving abilities include driving too slowly or too fast, getting lost in the neighborhood, a recent car accident or close call, difficulties with parking, getting tickets for driving violations and running red lights or stop signs.

One way to gauge an aging adult’s driving capabilities is to run an errand with them. Some may also recognize some of the signs in themselves and realize that they’ve been feeling less confident driving under certain conditions.

You can always encourage your mother or father to have an older adult driving evaluation, which may be available at hospitals and administered by occupational therapists or driving rehab specialists. This evaluation won’t affect their driver’s license, which may ease a parent’s reluctance to have one.

There are 33 states and DC that have special provisions for mature drivers. Some states require vision tests and might include in-person license renewals, more frequent renewals and road tests.

hopefully this shed some light on When It Is Time For My Dad To Give Up The Car Keys?

Reference: AARP (November 5, 2019) “Is It Time for Your Loved One to Retire From Driving?”

Read more articles related to the subject at : Taking the Keys Away: What to do when a Senior won’t stop driving/agingcare.com

Tips for Taking Car Keys away from elderly parents/verywellhealth.com

Also read on of our previous Blogs at:             How Do I plan for my Incapacity


Are You Relying on Social Security Alone for Retirement?

Are You Relying on Social Security Alone for Retirement?

Are You Relying on Social Security Alone for Retirement? A bit less than half of seniors in America are said to be relying only on Social Security for income. That’s the finding of one study released last month. However, another expert quickly tried to cast doubt on the results.

The researchers’ disagreement is one sign of just how difficult it can be to gain consensus on the state of retirement today. This may have ramifications for the success of Congressional lawmakers’ efforts to address the issue.

The statistic that 40% of older Americans rely exclusively on Social Security for retirement income, according to recent research from the National Institute on Retirement Security, is hard to believe, says Andrew Biggs, resident scholar at the American Enterprise Institute.

CNBC’s recent article entitled “Some retirees get by on just Social Security. Experts disagree on how many” reports that a lot of the effort to reform Social Security is based on numbers. In light of the fact that the stakes for reform are so high, it’s no shock that researchers are also butting heads.

The National Institute on Retirement Security’s report specifically examined respondents or households ages 60 and up who work fewer than 30 hours per week or not at all. This research is derived from 2014 data from the Survey of Income and Program Participation and the Social Security Administration Supplement on Retirement, Pensions and Related Content.

However, Biggs is skeptical that many people really only have income from just Social Security. Their numbers, he contends, are actually much smaller, based on data from the Census Bureau. The share of people who only have Social Security is a lot smaller. It is closer to 12%, Biggs argues.

One of his primary complaints is that the National Institute on Retirement Security skews its data by including individuals who are age 60 and over. This can include individuals on disability benefits. It also potentially ignores individuals who are delaying retirement, he said.

Research from other sources, like that of the Census or the Social Security Administration, typically looks at individuals who are 65 and older. These results are one way in which data can paint an unrealistically negative picture for retirement savings, says Biggs.

Nonetheless, the National Institute on Retirement Security (NIRS) has confidence in its research.

The researchers explained that they didn’t use a Census Bureau study that was published in 2017 because there were concerns about the reliability of the data. NIRS wanted to look only at sources of retirement income. To accomplish that, they purposely excluded people who might yet be working full-time, and who would get much of their income from wages. It also includes individuals who might not yet have attained eligibility for Social Security retirement benefits, which typically began at age 62. The varying criteria resulted in different findings from other studies.

There’s growth of economic insecurity among older households. Their savings relative to income is much less over time, which leads to a foreseeable problem. In other words, there’s a growing number of people—no matter what the data set and the matter the methodology used—who are ill prepared for retirement. That is why  Relying on Social Security Alone for Retirement may not be the best option.

Reference: CNBC (Feb. 10, 2020) “Some retirees get by on just Social Security. Experts disagree on how many”

Read more about this at :            Is It Possible To Live On Social Security Alone?/Forbes

This is why you shouldn’t count on Social Security/Marketwatch


Also check out one of our previous blogs at:      Social Security Theft Is on the Rise: Be Prepared and Protected


Join Our eNews