How to protect an elderly widower from financial predators
Creating an irrevocable trust is an option for elders to protect themselves from people who want to take advantage of their declining health and benefit from their wealth, according to this article on Los Angeles Times. Those who consider this option are advised to hire a tax attorney, as they will face a gift tax issue for transferring assets to an irrevocable trust, says an estate planning expert.

(Bloomberg News)
(Bloomberg News)

Retired? You still need an emergency fund
Many retirees should hold an emergency fund even if they have a steady source of income such as Social Security and pension, according to this article on Fox Business. Many seniors go through some financial setback, as they underestimate some of their living expenses and fail to prepare for unforeseen life events. To determine how much extra cash they need to have, retirees may start with their healthcare and housing costs.

How couples are sabotaging their retirement
Married couples are running the risk of not having enough savings for retirement because they put their investments in the wrong accounts, according to this article on MarketWatch. Instead of working together to develop a retirement plan, many of them just leave the responsibility to their spouse. Another misstep couples make is not accounting for the financial aspect of their retirement goals.

Ask Larry: Will my wife's Spousal Benefit increase if I delay?
A retiree who decides to defer his Social Security retirement benefit cannot expect an increase in spousal benefit that his wife files on his record, according to this article on Forbes. The spousal benefit is computed based on his full retirement age benefit amount and excludes any retirement credits from his decision to delay his benefit. The delayed retirement credit is included only when computing the widow's benefit that his wife may receive after his death.

The other financial mess in public-employee benefits
A study by Stanford University's Hoover Institution has found that the retiree health care programs for government workers are facing worse financial woes than pension plans, according to this article on Money. A majority of cities and states have socked away less than 2% of their future health care liabilities, with only a few setting aside as much as 10% of this burden. This increases the odds of increasing property taxes and reducing government services in the future, as underfunding puts financial pressure on city and state governments.

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