Valley Breeze

The Valley Breeze & Observer 05-09-2019

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 41 of 51

6 SENIOR LIVING GUIDE MAY 9-15, 2019 | THE VALLEY BREEZE SENIOR LIVING | FINANCES According to a 2017 study by the Federal Reserve Board, one third of retirees eventually reverse their retirement and return to work in some capaci- ty. It says those in the lowest income percentile usually do this because they need more income. Don't find yourself strug- gling during a time that should be about enjoying the life you built with years of hard work. EVALUATE INSURANCE POLICIES One way to cut costs is by assessing your insurance poli- cies and making adjustments. Look at different coverages you have including automo- tive, housing and health care. You may be surprised by the savings in premium if you find a broker who offers a bundle package to house all your insurance needs under one policy. For some, changes to their Medicare policies can make a difference too. According to the American Association of Retired Persons, the time to make an adjustment is between Oct. 15 to Dec. 7 during the annual enrollment period. CUT OUT TRANSPORTATION EXPENSES The American Automobile Association reports that the average cost to own and oper- ate a new vehicle is $8,469 per year. This includes mainte- nance, insurance and repairs. You can save a great deal of money by consolidating to a single vehicle or taking advantage of public transpor- tation and ride-sharing ser- vices in your area. While it may not be feasible for all families to get eliminate their vehicles, limiting its use is an efficient way to keep dollars in your bank account. RECONSIDER LIVING CONDITIONS If you live in an expensive home but plan to spend part of your retirement at a vaca- tion residence or traveling, you can benefit from placing the property on the market. If selling isn't in your plan, con- sider renting it out to a trusted loved one or reputable tenant while you will be away. Y ou likely spent earlier years saving money for a bountiful retirement. Once you reach this milestone, the practice of being frugal doesn't end. In fact, to get the most out of this exciting time of your life, savings becomes even more important. © ADOBE STOCK Saving as A Senior Content Produced by Green Shoot Media. © 2019 Saving as a Senior 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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