What is Medigap? Because original Medicare coverage has limitations, many people purchase supplemental insurance policies that are specifically designed to cover some of the gaps. These supplemental insurance policies, called “Medigap” policies, are sold by private health insurance companies, not the federal government. In general, you will not need a Medigap policy if your Medicare
Like anyone else, you want a life insurance policy that meets your needs and budget. But how do you find the right policy when there are so many to choose from and many of them seem so similar? The key is knowing how to compare policies and evaluate the results. Know what you want–and compare
Life insurance has many uses, including income replacement, business continuation, and estate preservation. Long-term care insurance provides financial protection against the potentially high cost of long-term care. If you find yourself in need of both types of insurance, a life insurance policy that combines a death benefit with a long-term care benefit may appeal to
In 2016, the first wave of baby boomers turned 70½, and many more reach that milestone in 2017 and 2018. What’s so special about 70½? That’s the age when you must begin taking required minimum distributions (RMDs) from tax-deferred retirement accounts, including traditional IRAs, SIMPLE IRAs, SEP IRAs, SARSEPs, and 401(k), 403(b), and 457(b) plans.
No. Generally speaking, the IRS allows you to make your IRA contribution for a particular tax year up until April 15 of the following year. This rule applies to both traditional IRAs and Roth IRAs, giving you some flexibility in terms of the timing of your annual IRA contribution. You can contribute a total of
A mutual fund pools the money of many investors to purchase securities. The fund’s manager buys securities to pursue a stated investment strategy. By investing in the fund, you’ll own a piece of the total portfolio of securities, which could be anywhere from a few dozen to hundreds of stocks. This provides you with a
People ordinarily buy property and casualty insurance to protect their possessions (houses, cars, and furniture) and life insurance to provide income for their survivors. However, many people don’t think about protecting their income with disability income insurance. But how well could you live if you weren’t able to work? Disability is an unpredictable event, and
Which type of life insurance is better–term or cash value? Insurance buyers have been asking this question for generations. When choosing between these two fundamentally different alternatives, you’ll need to think about the amount of coverage you need, the amount of money you can afford to spend, and the length of time you need the
How can cash value life insurance be used to fund your child’s college education? The purpose of life insurance is to provide a sum of money (the death benefit) at the death of the insured. When you use life insurance as part of your college-funding plan, you can provide funding for your child’s college education
A recent survey of baby boomers (ages 53 to 69) found that just 24% were confident they would have enough money to last throughout retirement. Forty-five percent had no retirement savings at all, and of those who did have savings, 42% had saved less than $100,000.1 Your own savings may be on more solid ground,
