Veterans Have Limited Time to Change Spousal Survivor Benefits
For military families, there is a limited opportunity for veterans to modify their spousal survivor benefits. This change allows their spouse or children to receive a pension after the retiree passes away. According to Alessandra Malito, this is the first year that such a modification is possible. Veterans who qualify for this benefit can choose to enroll in or opt-out of the Survivor Benefit Plan. This plan offers a pension of up to 55% of the veterans’ retirement pay, with inflation-adjusted payments provided throughout the surviving spouse’s lifetime or until the child reaches a certain age. It is important not to delay in taking advantage of this opportunity, as it will expire at the end of 2023.
Consider Renting Instead of Owning a Home in Retirement
Brett Arends presents a compelling argument for retirees to consider renting instead of owning a home. Renting allows retirees to tap into one of their largest investments, provides flexibility, and reduces the burden of maintenance and upkeep. Many individuals are ready to downsize after spending decades in a home that no longer meets their needs or aligns with their desired location.
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The Benefits of Owning a Home
Owning a home provides a sense of stability and security that is highly appealing to many people. One of the main advantages is the predictability of costs, making budgeting much easier. As Brett pointed out, investing in Real Estate Investment Trusts (REITs) can be a better alternative than becoming a landlord yourself.
The Rising Costs of Funerals
In addition to everyday expenses like eggs, gasoline, and rent, the cost of funerals is also steadily increasing. This has prompted individuals to reconsider how they commemorate the end of their lives. People are now considering options such as renting a coffin or arranging a do-it-yourself funeral. Surprisingly, respondents to a survey admitted underestimating the expenses associated with funerals. The financial burden of arranging a loved one’s funeral has left many feeling overwhelmed.
For more retirement content and insights, be sure to check out these articles:
Your Standard of Living in Retirement: A Surprising Determining Factor
Retiring Early? 5 Key Considerations Before Taking the Leap
Buying an Annuity for Retirement: Is it Necessary for Singles?
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