These Social Security mistakes could cost you thousands of dollars in benefits

Social Security is a guaranteed source of income in retirement, and it can ease the burden on your personal retirement savings, helping you stretch your dollars further. But the amount you receive depends on several factors, including when you begin claiming benefits and how much you earned during your years in the workforce. It's important to understand how these pieces all fit together or you could make a mistake that costs you tens of thousands of dollars in Social Security benefits over your lifetime. Here are three big Social Security faux pas you don't want to make.

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Long term care providers take a major hit with tax law change

America’s long-term care profession is facing a dire financial crisis. With many nursing homes already being forced to close their doors for a multitude of reasons, there is now additional financial pressure on the horizon for providers following the passage of the Tax Cuts and Jobs Act last year.

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If you're retiring before age 65, you have a few options for healthcare coverage before Medicare kicks in

Dear Savvy Senior,

I will be retiring in a few months and need to get some health insurance for my wife and me until we can enroll in Medicare. What are my options?

— About to Retire

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A yearly financial checkup can help make sure your retirement plan is working.

When you see your doctor for your annual physical exam, you’ll nearly always begin with a blood pressure test. That’s a vital sign that shows whether your body is operating as it should. Following similar logic, periodic meetings with your financial advisor should include a checkup on your retirement plan. If you discover symptoms that your plan is going off the rails, you can ask for the right prescription to get back on track.

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These 7 strategies can earn you some last minute savings on your 2018 tax bill

THE CLOCK IS TICKING TO file 2018 tax returns or request an extension. But even if you've procrastinated, there's still time to take advantage of beneficial deductions and credits. "You may still be able to take action to reduce your tax bill," says Chris Hershey, a certified financial planner and supervisor of financial planning at eMoney Advisor, a provider of wealth management technology.

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Many seniors count on their home as a source of retirement income, but that's not necessarily a good idea

Downsizing is a common feature of retirement planning. But two trends could throw a wrench into that: First, more older Americans are carrying debt, typically mortgages, into retirement. Exacerbating this are housing trends that could pose a problem for baby boomers looking to sell large, suburban homes to pay off their mortgage and shore up retirement savings.

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Former Federal Reserve Chairman Alan Greenspan warns that benefit cuts may eventually be needed to save Social Security

Former Federal Reserve Chairman Alan Greenspan warns that cuts may be needed to eventually save the Social Security system.

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New Orleans seniors are fighting for more funding for the local Council on Aging

A political battle is brewing between New Orleans Mayor LaToya Cantrell and the Council on Aging.

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Surprising new study finds 79% of baby boomers have no retirement savings

The clock is ticking for even the youngest baby boomers to ensure that they have enough money to pay for their care needs in retirement, and yet a new study adds to a growing body of research that many members of this generation will not be prepared financially.

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Assess your home and take some precautions to reduce the risk of dangerous falls

Whether it’s yourself or you are caring for an aging loved one, falling is a very serious concern for a lot of people.  In fact, the Centers for Disease Control estimates one in four people 65-years-old or older fall each year.  It’s a scary reality that can lead to a host of other health problems.

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