When it comes to retirement planning, many Americans find themselves underprepared. A majority of baby boomers (born between 1946 and 1964) and Generation Xers (born between 1965 and 1978) often end up without retirement savings or dont have realistic expectations about post-retirement costs. According to the Insured Retirement Institute, only 25 percent of boomers are confident of having sufficient savings in retirement. If you're in your 50s and nearing retirement without substantial savings or a plan, dont despair -- it's never too late to start planning.Although every working professional should contribute towards retirement from their early days, for various reasons they often delay the process. If you're nearing your 50s without a post-retirement plan and see yourself working for another 10 to 15 years, this is an opportunity to plan judiciously and save for your retirement right away.Here are five strategic steps for achieving the best retirement plan:1. Set Specific and Practical GoalsProper retirement planning begins with setting specific goals. Calculate your current income, total savings, and ongoing investments to understand how much you could save, and be sure to set realistic goals.While providing for emergency expenses and paying off a mortgage can be your short-term and intermediate goals, saving up for retirement should be your long-term goal. An annual financial review is helpful in evaluating your past goals and understanding your earnings as well as liabilities.2. Plan a Realistic Budget Focusing on RetirementReview your monthly and yearly expenses and list the factors that are likely to remain constant for the next few years. Now allocate funds to each category in a way that will allow you to save more for your retirement.According to financial experts, if you're saving for retirement after 50, it's best to contribute 30 percent of your salary towards this end. If you find that goal difficult to meet, look at your budget list and reduce optional expenses.3. Pay Off DebtsPaying off debts early will help you meet your retirement budgets and ease the financial burden. According to an AARP report, 44 percent of Americans continue to pay for their home after they retire.Clearing off outstanding debts, credit card bills, loans, and mortgages will make it much easier to prioritize retirement funds.4. Invest in Retirement Plans401(k)s, 403(b)s and IRAs are some of the retirement plans available in the U.S.  While 401(k)s are one of the most popular plans, not all companies offer them and those that do have their own, often restrictive, investment rules. Then there are two types of IRAs: traditional and Roth IRAs.To make the best choice among the many retirement plan options, it's essential to have a thorough understanding of IRA vs. 401 (k), Roth IRA vs 401(k) and other investment alternatives, as well as  contribution limits.5. Diversify Your InvestmentsInvestment diversification will help keep you on a firm financial footing. Don't stash all your money in banks; instead, create an investment portfolio and explore your options.It's important to diversify and distribute your money among multiple sectors. Considering the volatility of markets, diversification of your investment portfolio safeguards your capital and helps it grow.Its Time to Step Up a GearA concrete retirement plan with emphasis on savings is essential to ensure a comfortable and healthy post-retirement life. Saving for your retirement is the first priority and the sooner you start, the better your chances of achieving your retirement goals.

I was at a family reunion recently, and I overheard a lady say that one of the challenges of getting old is seeing your parents aging. This lady is probably in her late 50s and she is the caregiver for her mom, who is in her 80s, with very serious health problems. Speaking with the owner of a relatively large business recently, he said that many of his employees are needing to take time off from work. This is because they are caregivers for their parents. This is a sign of the times, and there are an increasing number of people dealing with these issues.This One Is For The CaregiversMost of our presentations and educational content are focused on our clients, whether its retirees in their 60s or seniors in their 70s and 80s. We do estate planning across the generations, but given the increasing number of caregivers taking care of their parents, I wanted to reach out to the caregivers. The title of this blog What to think about when the unthinkable happens, refers to what we should think about and do as caregivers, if a parent becomes sick or passes away.Estate planning is really about the management of control and access. The control aspect refers to who is making the decisions, and access refers to what is allowed with regard to the finances. If my client has a stroke, or gets dementia, they may have mental faculty issues. As a result, they may not be able to manage their own affairs as they used to. If you notice your parents health is declining, as caregivers you need to consider the following:Power Of Attorney DocumentThe first thing you need is a document called a financial power of attorney, which shifts control when someone needs assistance. There are essentially two types of Power of Attorney documents:A springing power of attorney is based on the idea that you sign the document while you have the capacity, so that should anything happen, your child can take over. The problem is that nobody ever admits that they are losing capacity, especially if they have dementia. It then becomes a battle if the child needs to use the power of attorney, to act on behalf of a parent.The other type is a durable power of attorney, which you sign while you have your mental faculties. However, the document is effective immediately even if your child may not use it immediately. This type of Power of Attorney is preferred in most situations. Since dementia is progressive in nature, there will likely be a gradual decline in a seniors mental capacity. Over time, the child caregiver will need to take more responsibility to help their parent. Eventually the time will come when the parent cannot manage on their own. This is the time when the durable power of attorney will work, and is the primary way to plan for someones incapacity.Asset Protection Is ImportantAnother suggestion is to consider doing some asset protection, using an asset protection trust. I recommend these trusts for middle class and upper middle class families who are concerned about long term care expenses. We can work with you to create these trusts. The system in this country often results in seniors going broke if they need long term care. Nursing homes in Pennsylvania cost $180,000 a year and most people cant afford to pay that. Only when you are broke, can you get Medicaid benefits to pay the nursing home. Medicaid is the only payment source for long term care, and its important to understand the rules of Medicaid. One of the rules is that if you have transferred assets to an asset protection trust ahead of time, those assets are protected from long term care costs.We Can Help You To Find Long Term Care FacilitiesIf you have a parent who is starting to slip, they may need long term care at a later stage. Please take the time to understand the different types of facilities available to provide care for your loved one. We help our clients with this aspect, and we have a social worker on our team who is familiar with the different facilities. We help people find good care, which I believe is part of doing good estate planning.Take Care Of YourselfWhile you are taking care of a loved one, if you are a caregiver, you must get the resources to help you to take care of yourself. Here is link to a website with information on caregiver resources: https://www.hospiceandpalliativecareofkodiak.org/caregiver-resources. Jennifer who started this company did so after being a caregiver. She realized the many challenges that caregivers face from an emotional standpoint. You are not in this alone and you also need the support.Losing A Loved OneWhen we talk about the unthinkable happening, we are talking about losing a loved one. Perhaps youre the executor and you are wondering what you should do first if your loved one passes away. Let me reassure you that there is no legal or financial emergency that needs addressing in the first 48 hours. If you have just lost someone dear to you, allow yourself time to grieve. When it comes to the estate administration process, it is a marathon and not a sprint. This is especially pertinent when it comes to probate cases. Please contact the Sechler Law Firm or your estate planning attorney, to get help with the estate administration process. 

According to AARP, people aged 60 and older owe upwards of $290 billion in student loan debt. Thankfully, many federal student loan borrowers have experienced payment reprieves for the past few years due to multiple payment pauses enacted during the pandemic by the CARES Act and other loan relief efforts.These pauses on making payments for federal student loans are ending in August 2023, however. Interest will resume accruing on paused loans effective September 1, 2023, and student loan payments will be due in October 2023. To help borrowers get back on track with their payments, the Department of Education is implementing several programs.Resuming PaymentsOne of the new initiatives is a yearlong return-to-repayment program designed to get borrowers back into active repayment status. Between October 2023 and September 2024, borrowers who miss payments will not be considered delinquent. Their loans will not be reported to credit bureaus as delinquent due to missed payments.In addition, they wont be considered to be in default. Although interest will still accrue, it will not be capitalized. The idea behind this program is to give borrowers time to contact their student loan servicers, explore their options, and hopefully enroll in an affordable repayment option.Fresh Start InitiativeAdditionally, the Department of Education is implementing a Fresh Start initiative. This program provides borrowers who were in default of their student loans before March 2020 with a way to get their loans out of default going forward. It allows them to request that their loans be removed from default and put back into repayment status via a simple request to their loan servicer.This is significantly different from what borrowers previously had to do to get out of default, which often included a trial repayment effort before a loan was taken out of default.The benefits of the Fresh Start program include allowing borrowers to:start paying their loans again regardless of prior missed payments,improve their credit scores,avoid administrative wage garnishment (AWG), andaccess income-driven repayment (IDR) options quickly. (IDR options often result in $0 monthly payments for low-income or fixed-income borrowers.)Avoiding Administrative Wage Garnishment (AWG)The ability to avoid AWG is significant. AWG can affect people at all stages of life, including seniors. AWG allows a federal agency to order a non-federal employer to withhold up to 15 percent of an employees wages to pay a debt owed to the agency, such as defaulted federal student loans. AWG can also mean receiving a lower tax refund or having a portion of ones monthly Social Security benefits withheld.However, if borrowers take advantage of the Fresh Start program prior to August 31, 2024, they can avoid a loan default that leads to AWG.The SAVE PlanIn addition, the Department of Education is implementing a new IDR option in mid-2024 called the Saving on a Valuable Education (SAVE) Plan. The SAVE Plan amends and replaces the REPAYE Plan.Typically, the amount a student loan borrower with an IDR plan must pay depends on their income and the size of their family. Effective July 1, 2024, the SAVE Plan will protect more of a borrowers income from monthly payments. Compared with other IDR plans, the SAVE Plan will therefore lead to reduced monthly payments. For details, check out this fact sheet from the Department of Education.Borrowers With Disabilities May More Easily Qualify for a TPD DischargeEffective July 1, borrowers with disabilities will have an easier time qualifying for a total and permanent disability (TPD) discharge. New rules allow the Department of Education to offer TPD discharges (often automatically) to borrowers receiving SSDI or SSI who:have an onset of disability date five or more years ago and have been receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) based on this disability for at least five years;SSDI or SSI recipients who suffer from a condition on the Social Security Administrations List of Compassionate Allowances;SSA beneficiaries receiving retirement benefits who met the requirements for a disability discharge before they retired;SSDI or SSI recipients receiving these benefits based on disability with a three-year disability review period; orSSDI or SSI recipients receiving these benefits based on disability with a five- to seven-year disability review period.Disabled individuals who do not meet these criteria and wish to apply for a TPD discharge based on a doctors certification may now seek out certification from professionals beyond those holding an M.D. Nurse practitioners, physician assistants, and osteopathic doctors may now sign the certification verifying a borrowers disability.Borrowers who receive a TPD discharge in this manner will no longer be subject to a three-year income monitoring rule. However, if they apply for new federal loans within three years, they may lose their TPD discharge.Forgiven Student Loan Debt Wont Result in Taxable Income (For Now)At the moment, student loan debt cancellation is not counted as taxable income to borrowers. This protection from additional taxes will remain in effect until December 31, 2025.So, if you are considering applying for a TPD discharge or completing an IDR plan you previously started that would lead to loan forgiveness, now may be the time to act. However, note that this rule only applies to federal tax liability. Borrowers may still have liability under their states income tax rules.Contact Sharek Law Office at 412-347-1731 or click here to schedule a complimentary 15-Minute Call to see how we can assist you.This article is a service of Sharek Law Office, LLC. We dont just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life and Legacy Planning Session, during which you will get more financially organized than youve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge. Please note this is educational content only and is not intended to act as legal advice.

When a patient with an advanced illness is ready to start the conversation about hospice, one concern inevitably arises: Where will I receive care?  VITAS Healthcare has over 40 years of experience providing hospice care that focuses on improving quality of life, and we've found that most patients fare best where they're already most at ease: in their home.Choosing Home over HospitalStudies show that more than 70% of people would prefer to die at home, so its easy to see why thats where most hospice happens. Home offers the simple comfort of familiar faces and surroundings, and a reprieve from the hospital or emergency department.Receiving hospice care at home doesn't mean giving up or compromising on quality of care. As part of the Medicare Part A hospice benefit, VITAS patients are entitled to whatever their terminal diagnosis requires. This includes medications, home medical equipment, supplies, supportive services and care from a team of experts.  The interdisciplinary hospice team nurse, hospice aide, social worker, physician, chaplain, bereavement specialist and volunteers provides clinical, spiritual and psychosocial care to the patient and their family wherever they call home.Expert Care for the Patient and Their FamilyThe team will teach the designated family caregiver(s) skills for day-to-day care. Individual members of the team will coordinate and schedule regular visits. Ultimately, the patient and family are the core of the team, and their input is factored into an evolving care plan.  Our team supports the patients family during the most difficult moments of their loved ones last days of life. After a patient dies, VITAS offers bereavement support to the family for a minimum of 13 months.  For patients with advanced illness, hospice helps make the best of those final months, weeks and days. VITAS patients enjoy being home among loved ones, free of medical expenses, and in the care of a team dedicated to their comfort and dignity.Editors Note: Article submitted by Evalisa McClure, general manager for VITAS Healthcare. For more information about end-of-life care options, call VITAS Healthcare at 866.759.6695.