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Susan B. Geffen
The Elder Care Guru's Monthly Newsletter
In this newsletter: * Social Security * Romance Scams
* Can the THC in Marijuana help prevent Alzheimer's
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March Deadline to use File and Suspend For Social Security
WARNING: Failure to read this information can be detrimental to your financial well-being!
The government is taking away a benefit that has truly helped many cash strapped couples.
I mean really, isn't it hard enough to figure out how to retire on a fixed income or pay for long term care needs? Is anyone in Washington paying attention to the financial crises seniors and my aging boomer cohorts and I are facing?
I've been warning you about this at my seminars...
Apparently, no one in Washington had a chance to read the Los Angeles Times article ( Too Poor to Retire, Too Young to Die) ( http://graphics.latimes.com/retirement-nomads) about the woman who worried that the Town and Country prime rib dinner she treated herself to would disable her from paying for insurance.
I feel the rant coming on. There is something else being eliminated--restricted applications.
As of now, those full retirement age and 70 can file a restricted application to claim spousal benefits, and defer their own benefits until 70. Once they hit 70, they can change from receiving spousal benefits to their own, greater benefits. Hence, a spouse can only receive the larger of either their spousal benefit or their own benefit. They can't change their choice either, which means no deferring benefits until age 70 and then switching options for a larger monthly check.
If you will turn 62 by the end of the year, you will be grandfathered in under the old rules for restricted applications. The silver lining is that there is a four year phase in and you can and should work with a financial planner who is conversant in social security.
Now I'm really seething. I look like Cujo.
I am seething because there is just one more thing that is being withdrawn. Currently, those with suspended benefits can elect at any time to request payments retroactive back to their filing date.
Here is how it works: If you file for Social Security at age 66 and then suspended your payments, your payments would grow at a rate of 8 percent per year. How awesome. If there is a health crisis (which there often is) you can retroactively unsuspended your benefits. You would lose the16 percent bump in pay you should have received from deferring payments, but Social Security would send a lump sum payment for the past two years. Future monthly payments would be made at the same rate you would have received had you started benefits at age 66.
Under the new rules, Social Security beneficiaries can no longer retroactively unsuspend benefits.
What should you do? 1) Stop watching our candidates ignore the issue of how we will care for our aging population. 2) Demand that AARP actually work for you instead of advertise insurance products to you and again 3) Work with a rock solid professional so that you can pivot.
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Don't miss my next
free"RAISING UP YOUR PARENTS"elder care seminar
Click on the link below to register!
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About Your Hearing...
Our national sponsor CapTel Captioned Telephones provided me with this interesting article and tips about hearing health.
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My Watch Dog
Alerting you to the latest SCAMS, Elder Abuse,
and things that are just plain WRONG!
Romance Scams are on the Rise
My husband told me about a conversation he was having with a retired school teacher at our gym the other day. She told him her mother has lost almost her entire savings, and she can't stop her...
The romance scam is someone pretending to be interested in you for romance or as a new best friend. After a time, the person starts asking you for money, small amounts at first and then more and more. Anyone can become a scam victim, but seniors are especially vulnerable to crooks and swindlers.
Fraud experts say seniors tend to be more trusting and polite, lonely and socially isolated, and they can often be easily confused by a clever con artist. Scammers target them because they often have access to large sums of money - their retirement funds.
"The crime of elder financial exploitation is widely underreported, and the consequences are heartbreaking," said Gail Hillebrand, associate director for consumer education and engagement at the Consumer Financial Protection Bureau.
Sadly, stealing from seniors can be very lucrative. It's impossible to put an exact figure on the loss, but it's huge - $2.9 billion dollars a year, according to a MetLife study of elder financial abuse released two years ago.
Here are some danger signs for avoiding fraud, particularly for seniors:
Claim of emergency: Someone says that you must "act now." This is a danger sign. Trying to get you to act right away is a way to stop you from asking questions or talking it over with someone you trust.
A request for secrecy: Scammers may ask you to "keep it between us" or not tell family about the "opportunity," "investment," or "arrangement." A request for secrecy can deprive you of the advice from family members that might help you to see what is wrong with an offer.
Someone asks for your bank account number: Any request for more info than is needed is a danger sign, especially a request for your bank account info. Of course, if you initiate a transaction and want to pay using your bank account, then you may have to give information. But be very wary of anyone who calls you and asks for your banking info.
How to Report Scams
You can report scams to the Federal Trade Commission at www.ftc.gov/complaint, or by calling toll-free, 1-877-FTC-HELP (1-877-382-4357), or TTY: 1-866-653-4261.
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Alzheimer's Update
Medical Marijuana and Alzheimer's Prevention
A preclinical study published in the Journal of Alzheimer's Disease found that very small doses of tetrahydrocannabinol (THC), a chemical found in marijuana, can slow the production of beta-amyloid proteins, thought to be a hallmark characteristic and key contributor to the progression of Alzheimer's.The study, published in August of 2014 is among others to support the effectiveness of THC in prohibiting the growth of toxic amyloid plagues.
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Do you need my help?
- Medi-Cal Planning and Asset Protection
- Living Trust
- Elder abuse litigation
- Probate
- Post Death Estate Administration.
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Susan B. Geffen | Gerontologist, Attorney, Author | 1(888) 422-6070
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