U.S. government garnishes retirees’ Social Security checks for student loans

At least 22,000 Americans aged 65 and older had a part of their Social Security benefits garnished last year to the point that their monthly benefits were below federal poverty thresholds, according to the Government Accountability Office. More than half, or 54 percent, of federal student loans held by borrowers at least 75 years oldContinue reading “U.S. government garnishes retirees’ Social Security checks for student loans”

U.S. government garnishes retirees' Social Security checks for student loans

At least 22,000 Americans aged 65 and older had a part of their Social Security benefits garnished last year to the point that their monthly benefits were below federal poverty thresholds, according to the Government Accountability Office. More than half, or 54 percent, of federal student loans held by borrowers at least 75 years oldContinue reading “U.S. government garnishes retirees' Social Security checks for student loans”

Collecting Social Security from your ex spouse

The first requirement to collect social security based on your ex’s work history is that your marriage must have lasted for at least 10 years. Interestingly, it doesn’t matter if your ex has since remarried—you’re still in the picture benefits-wise. Remarriage is an issue for you, however. In order to collect a divorced-spouse Social SecurityContinue reading “Collecting Social Security from your ex spouse”

Older couples divorce to avoid alzheimer’s related medical bills ruining their finances

Divorce among older couples is on the rise in our country due to spiraling medical and long-term care costs.  As a reminder, Medicare only covers up to 100 days of nursing care. If you and/or your spouse need nursing/long-term care, you either: 1) Pay out of pocket (until your assets fall below a low threshold)Continue reading “Older couples divorce to avoid alzheimer’s related medical bills ruining their finances”