After a lifetime of work, many older Americans or retirees have built a portfolio of assets. Many have retirement accounts, like IRAs, pensions, or money in non-retire🎐ment accounts. They may own a home or other rܫeal estate and have valuable possessions, such as art, antiques, or collectibles.

Protecting Finances

• Retirement accounts. Many older adults have the bulk of their wealth in retirement accounts. Assets held in retirement accounts are usually protected from creditors, although the rules 澳洲幸运5官方开奖结果体彩网:vary according to the type of plan. Money in an employer plan, such as a 401(k), is off-limits to most creditors. Savings controlled by the individual, such as an individual retirement account (IRA), have fewer protections. The 澳洲幸运5官方开奖结果体彩网:rules differ from state to state, with some states shielding IRAs from most creditors.
• Other accounts. Money in non-retirement accounts, such as regular brokerage and bank accounts, is more vulnerable. If an older person is sued, that money could be at risk. One way to provide some protection is with insurance. Automobile and homeowners policies should carry an adequate amount of liability coverage. An 澳洲幸运5官方开奖结果体彩网:umbrella policy provides additional liability coverage of $1 million or more.
• Qualifying for Medicaid. Sometimes confused with Medicare, Medicaid is the joint federal and state health insurance program for low-income individuals, including older adults. Medicaid helps pay for most custodial care, which many people need toward the end of their lives. Custodial care refers to help with everyday activities, such as bathing and dressing. Medicaid beneficiaries must meet both income and asset requirements which vary by state.
• Long-term care insurance. For those unlikely to qualify for Medicaid or who don’t want to deplete their assets to become eligible, buying long-term care insurance is another option. A comprehensive 澳洲幸运5官方开奖结果体彩网:long-term care policy will cover in-home and nursing home care. However, many adults may be uninsurable due to preexisting conditions, such as using a walker or needing help with 澳洲幸运5官方开奖结果体彩网:daily activities. Individuals may 澳洲幸运5官方开奖结果体彩网:buy policies in their 50s but face years of annual premiums.
• Financial scams. Scam artists commonly 澳洲幸运5官方开奖结果体彩网:prey on older adults. In 2024, people aged 70 or more lost $2.3 billion to fraud, according to the Federal Trade Commission. Family members or caretakers may explore legal options, such as obtaining a 澳洲幸运5官方开奖结果体彩网:power of attorney authority to help protect an older person's assets.

Protecting Homes

• Insurance. Sufficient liability coverage in case of an accident at their home, or involving their car, is one crucial line of defense for older adults. A homeowners policy will protect them against unmanageable home repair costs 澳洲幸运5官方开奖结果体彩网:in case of a fire or other covered calamity.
• Mortgage debt. Many people reach retirement age with years to go on their loans. The danger is that if a financial emergency strikes—such as a big, unexpected medical bill older adults may fall behind in their mortgage payments and risk 澳洲幸运5官方开奖结果体彩网:foreclosure.
• Reverse mortgages. Reverse mortgages are commonly pitched to people ages 62 and older to draw on the equity they’ve accumulated in their homes. Mortgagees receive monthly income or a lump sum, and the lender gets its money back, with interest, by selling the property after the owner leaves it permanently. While a 澳洲幸运5官方开奖结果体彩网:reverse mortgage lender can’t foreclose due to missed payments, the homeowner must keep the home in good repair and pay the property taxes. Also, a surviving 澳洲幸运5官方开奖结果体彩网:spouse could lose the property if care wasn’t taken to protect their rights.
• Medicaid estate recovery. In general, a person can keep their home while receiving Medicaid benefits, but after they die, 澳洲幸运5官方开奖结果体彩网:Medicaid may attempt to recover a portion of what it paid for their care. Typically, however, a spouse can remain in the home until their death. These rules, like many involving Medicaid, can vary from state to state. Individuals can learn more about a particular state’s program at its or through the federal website. 

The Bottom Line

Individuals can ward off potential dangers and take steps to keep crucial assets safe and sound. A 澳洲幸运5官方开奖结果体彩网:financial advisor or attorney can help older adults get their financial accounts in order and complete tasks associated with insurance, inheಞritance, and medical matters.