Valley Breeze

The Valley Breeze Cumberland Lincoln 02-07-2019

The Valley Breeze Newspapers serving the Northern Rhode Island towns of Cumberland, Lincoln, Woonsocket, Smithfield, North Smithfield, Pawtucket, North Providence, Scituate, Foster, and Glocester

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Page 53 of 95

6 SENIOR LIVING GUIDE FEBRUARY 7-13, 2019 | THE VALLEY BREEZE SENIOR LIVING | CAREER As you're thinking about returning to the workforce for full- or part-time work, con- sider several questions. Health insurance may be a big factor, according to New Retirement. People who retire before age 65, when Medicare kicks in for all Americans, may find insur- ance and other out-of-pocket costs eating into their retire- ment savings, so getting a job that provides health insurance can be the most financially sound option. There are some part-time jobs that offer health insurance, so consider those options as you're look- ing at a return to the work- force. Other people find they have not saved enough money for retirement and need the sala- ry. Determine how much additional money you need each month to determine if you need full- or part-time work. It's also a good idea to talk to your financial planner to see if you'll face any tax implications. In addition to your planner, talk to the Social Security Administration in your area. According to New Retirement, Social Security income could be reduced if you go back to work, depending on what age you were when you retired. Full retirement age is 67 for people born 1960 or later, and if you retire before 67, you will receive less money from Social Security each month. If you retire and go to back to work before you reach 67 (or the full retirement age, which may be younger for those born before 1960), Social Security deducts a dollar in benefits for every $2 you earn above the annual limit, though this is not a permanent change. Finally, if you have a pen- sion, it could be affected if you go back to work for the same company or organization that you worked during your career. Often, companies will suspend benefits when you get back on their payroll, so check with the company so you don't get an unpleasant surprise your first month. Your pension shouldn't be unaffect- ed if you work somewhere new. R etirement is a great opportunity to travel, learn, read, rest and spend time with your family. The last thing you want to think about is going back to work. However, many retirees find themselves heading back into the workforce out of a desire for more career challenges, a way to fill time or a need for money or health insurance in retirement. © ADOBE STOCK Going Back to Work Content Produced by Green Shoot Media. © 2019 Going Back to Work Medicaid is a state administered program that is funded to a great extent by the Social Security trust fund. It provides for payment of medical services and long term nursing home care for those who qualify. Because of the ever increasing cost of long term nursing home George M. Prescott ATTORNEY AT LAW 300 Front Street, Lincoln, Rhode Island, 02865-0089 (401) 726-5577 Courtesy of: Review Your Trust Annually To Protect Your Assets The Rhode Island Supreme Court licenses all lawyers in the general practice of law. The Court does not license or certify any lawyer as an expert or specialist in any field of practice. care, both the federal and state governments periodically amend the Medicaid statutes and regulations in order to further limit eligibility for the program. Therefore, if you have had a living Trust prepared to shelter your assets from nursing home expenses and enhance your chances of qualifying for Medicaid long term care benefits after a five year look back period, you should have that Trust reviewed annually and revised if necessary to be sure it conforms to the current Medicaid statutes and regulations. It is part of my regular practice to prepare living Trusts to both avoid probate of a client's estate and protect their assets from nursing home costs during their lifetime. I also review and update those Trusts, and similar Trusts prepared by other attorneys upon request. If you are concerned about possible long term care expenses and would like to discuss your concerns with me, please call my office for an appointment. There is no fee for the initial consultation. – George M. Prescott

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