Social Security benefits are federally taxed at three different tiers. The amounts depend on your income, marriage status and whether you file jointly or separately. Paying less in taxes can come down to how much money you pull out of your retirement accounts in a given year. Watch this video for tips on how to pay less in taxes on your Social Security benefits.
Planning to save for retirement might not be a priority. Luckily, you’ll have some help from Social Security. Different salaries can drastically raise or lower your Social Security benefits. Here’s how much you can expect, based on six different salaries. The average Social Security check in 2020 is $1,503. Figuring out how much you can expect every month when you retire depends on a few criteria. The size of your payment will be based on income from your working years, the year you were born and the age when you decide to start receiving benefits. Luckily, CNBC did the math for a wide range of salaries, and we can estimate your future benefits if you make between $30,000 and $100,000 per year. Remember: Social Security was not envisioned as your sole source of money for retirement, and the totals are always changing. Watch this video for a breakdown of how much you will get and how your monthly benefit will be calculated based on multiple different salaries.
Does your grandparent hold the secret to a happier New Year? Because Americans over 80 years old report feeling happier than any other age group, we asked them to share their wisdom as 2021 begins during a time of challenge and uncertainty. These elders include cannabis comedian Tommy Chong, a psychologist, a transgender burlesque performer, and a 90-year-old nudist who lets it all hang out. Self-Evident: A PBS American Portrait Miniseries seeks to answer the question: what does it really mean to be an American today? Join our hosts — Dr. Ali Mattu, a licensed therapist and clinical psychologist and YouTuber behind “The Psych Show,” as well as Danielle Bainbridge, Ph.D., historian and the writer/creator of PBS’s “The Origin of Everything” — as they explore the lives of real Americans, living during this unprecedented moment in time.
Across the rich world around half of covid-19 deaths have been in care homes. Countries need to radically rethink how they care for their elderly—and some innovative solutions are on offer.
From a Wall Street Journal Opinion article (Feb 10, 2020):
How to address the elder-care crisis? Ideally, doctors would screen older patients for dementia. An early diagnosis helps patients understand treatment options, plan for the future and receive appropriate care in the hospital.
Other steps include: more preventive care, changes to Medicare’s rehabilitation policies, adopting new reimbursement methods, and developing new measures of success. Primary-care offices can prevent hospital visits, but Americans seeking primary care face an average wait time of 24 days. This might not be a problem for a patient in need of an annual physical, but conditions like chest pain or infections require prompt treatment. Primary-care offices that offer same-day sick visits, home visits for bed-bound older adults, or at-home monitoring of conditions could reduce emergency department volumes.
The 65-and-older population is the fastest-growing age group in the world. In this video, Stony Brook experts discuss the challenges facing this burgeoning population and their caregivers, and the technology that can facilitate happy, healthy and safe aging.
From a The Real Deal online article:
A unit at the Clare costs an average one-time entrance fee of $800,000 or so, along with around $5,500 monthly fees. The entrance fee is refunded when a resident dies or moves out. Entrance fees at a typical senior living facility is around $369,000.
The 53-story Clare tower on Chicago’s Magnificent Mile has sold for $105 million, a sign that luxury senior living facilities hold huge upside in today’s market.
Fundamental Advisors LP sold the luxury seniors-only tower for twice what the private equity firm paid for the 334-unit tower in 2012, according to the Wall Street Journal.