Showing posts with label Fixed income. Show all posts
Showing posts with label Fixed income. Show all posts

Sunday, September 2, 2018

Elderly Expenses: How to Apply for Social Security

Expenses for elderly persons tend to increase the same as expenses for younger citizens. However, if you’re an elderly individual, you may be retired and living on a fixed income instead of working. This income doesn’t adjust for higher living costs. 

The social security program provides one way that you might be able to deal with rising costs and get help with your expenses. In many cases, you’ve already paid into this system all your working life.

Apply for Benefits Online

The government hosts an online portal that deals with its social security program, specifically. There are multiple pages that deal with social security depending on the specific part of the program for which you want to apply. 

You can use this page to apply for retirement benefits if you are at least 64 years and nine months old. The online process usually takes just a few minutes if you have all the information the electronic forms need.

Speak with an Attorney

A qualified legal professional may be able to help you navigate the waters of social security. This person can help you understand what the system is, how it operates, what benefits you are qualified to receive, how to sign up for the service, and how to manage your finances. 

Even if you are only thinking about signing up for benefits, it’s a good idea to talk to a professional social security attorney in the field. You may receive a consultation at no cost to you that can answer your questions and put any doubts to rest.

Know Your Eligibility Status

Parts of the social security program are based around an age requirement. However, other sections of the program can rely on additional factors for eligibility. 

You may meet certain requirements that make you a candidate for benefits under multiple sections of the program. It’s a good idea to research everything social security offers to the elderly and what other factors it uses to make any determinations. 

You don’t want to pass up any money to which you might be entitled to cover your expenses.

Send Your Forms by Post

If you do not want to deal with the online portal for social security, signing in to your account, or uploading various digital documents to the site, you can send in the appropriate forms and documentation via regular mail. 

In most cases, your local social security office will accept them and send them on if necessary. Again, a knowledgeable attorney can help you figure out which forms you need and what information the government wants from you.

These are just a few tips you can use to sign up for social security. Don’t let your expenses get the better of you when assistance is available.

Tuesday, March 5, 2013

Seniors Take Care Of Debts With Life Settlements

Seniors that are looking for ways to become financially free in 2013 have been given the option to erase outstanding debts by using Life Settlements. Without financial debt, seniors can enjoy the more interesting things in life. 

It’s finding ways to achieve a debt-free life that can be tough, especially considering the situations facing retired seniors. These settlements provide a way to eliminate debt, buy a vacation property or help someone else out, by providing a way to secure funds quickly.

Retired seniors often have limited income to spend on luxuries. Many times, the monthly bills can exceed a fixed income household’s budget. Needing help paying off medical bills is common in 2013 for seniors with limited incomes. 

Those not able to keep up with the growing cost of hospital and doctors’ visits are now using settlement alternatives to pay off healthcare providers. Many are selling off their life insurance policies because the premiums have become too expensive to afford.

Some seniors have figured out a way to create dividends above cash value from investments they have already made in life insurance. Some financial advisors are showing retirees how to use their current life insurance policies to make their debts disappear. 

By selling their life insurance policies, policyholders can receive lump-sum payouts of up to 60 percent of the policy value. These payouts are being used to create a new and more enjoyable financial situation. 

These types of financial strategies are easier to execute than obtaining the traditional loans that some might choose. These types of financial strategies are easier to execute than obtaining the traditional loans that some might choose. Other non-traditional options are title loans, which could also be helpful.

Seniors who may have felt as if they had lost control of their finances have found another alternative to debt-free living. They have gained a secure financial foothold on their future and possibly contributed to the futures of others. 

Being able to help their children, revive a business that needs a boost or move into the lakefront cabin, can be made easy when considering cash settlements against their life insurance policy. Anyone considering this type of settlement should consult with an advisor for details.

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