It's official. The Social Security Administration has announced that there will be no increase in 2010 SS checks. The annual Cost of Living Adjustment (COLA) is based on inflation and last year the number was negative (deflation). Checks won't go down, but they won't go up either. It is still not clear what will happen if Medicare Part B costs go up. There is a rule that checks cannot go down, so some adjustment may have to be made. Keep your eyes and ears out for more news.
By Edward H. Adamsky “The potentially catastrophic consequences of becoming disabled and needing long-term care is arguably the gravest financial risk that older adults face” says an Urban Institute report. But, will it happen to you? And, if so, have you saved enough money to pay for it? These are the worries we all face as we age. This is a worry even for younger folks because an accident or illness could trigger the need for care at any time. The Urban Institute report shows that even though there are 6 million older Americans who need assistance with their activities of daily living, only about 500,000 folks are actually in nursing homes. Some use paid at-home care and many rely on unpaid family care. It seems that your chances of needing and paying for expenses care are relatively low. The stated average cost in the report is $138,000 for the ...
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