Melvin B. Friedberg, P.A.    Certified Public Accountant   •   Certified Senior Advisor

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Q & A

1. Are Baby Boomers afraid to retire?
Only 49% are fully confident they will ever retire, while 51% are just somewhat or not at all confident they will be able to retire. 

2. Will Social Security be there for me?
A recent survey results are that only 37% of Florida Baby Boomers and 43% of Florida retirees were fully confident the Social Security will be there for them and for future generations. 

3. Should a Retiree be debt free of their home mortgage?
This is a very hot topic. Some retirees want to be debt free at retirement so their spendable dollars are more, while some retirees believe that they should continue their mortgage and possibly keep their money in better paying investments and receive a tax break. 

4. Should I consider a reverse mortgage on my home?
Some retirees have no choice but to obtain a reverse mortgage in order to have an additional income stream. There are disadvantages to a reverse mortgage should it be considered. 

5. Are Seniors ready for the future retirement years?
Many elders have not done the necessary planning during their working years. The results of the first ever United States of Aging poll asked questions on health, housing, finances and life satisfaction. The results showed many seniors are poorly prepared for retirement.

6. Is the high price of a “Long Life” of many a concern?
Many underestimate the high health care challenges of their Senior years. The costs of health care insurance premiums; paying for long-term care; paying for medications; ability to see your doctor of choice are major concerns. 

7. When should you begin to collect Social Security?
You may go to website to verify your social security contributions. You can put in future earnings to gain an estimate if you earn and work to a specific age what your projected benefits will be. There are varying strategies for a couple to use to analyze strategies like “claim and suspend”. Under federal law- a domestic partner cannot claim the Social Security benefits of the other. 

8. What are some issues which might affect my retirement years financially? Sticker Shock that even with Medicare benefits a 65 year old couple retiring in 2012 will spend at least $240,000 in health care costs during their retirement based on living to 82. The costs substantially increase with age. Health cost inflation runs from two- four times the consumer-price index.

9. What are some indications that a senior needs home help?
Agingcare suggests that if an adult, child, or caregiver notices certain warning signs, the senior might require assistance on a regular basis. Some of the warnings are: 

 Spoiled food 
 Missing important appointments 
 Difficulty walking, balance, and mobility 
 Uncertainty and confusion 
 Unpleasant body odor 
 Weight Loss

10. Are the Medicare premiums deducted from my Social Security a tax deduction?
Yes, your Medicare premiums, your Medicare Part D coverage premiums, your Medicare supplemental insurance premiums, your long-term care insurance premiums are all deductible medical expenses if you itemized your deductions on Schedule A Form 1040.

For additional information please contact our office at 561- 369- 4449