February 22, 2013 |
Dear Liz: I'll be done paying off my car in a couple of months. What's a good strategy for redirecting that money once it's paid off? Should I use the whole amount each month to start saving for my next car, or would I be better off splitting it up and putting it into several savings "buckets" such as retirement, emergency and my next car? I'm 35, have an emergency fund equal to four months' living expenses and only one other debt, a very low-interest student loan. Answer: If you aren't already contributing to a retirement plan, you should be. If you aren't contributing enough, that should be your priority even before you pay off your debt.
February 21, 2013 |
Dailey Mayo received some stunning news in the mail last week: an 85% rate increase for the long-term-care insurance he has had for 15 years from the California Public Employees' Retirement System. The retired sales manager in Pasadena said his monthly premium of nearly $400 would jump to $738, or about $8,850 annually, under this plan. "I'm 82 now and I might need this care soon," he said. "It really ticks me off that they are doing this. " More than 110,000 CalPERS policyholders are receiving similar news after the pension fund's board approved the changes late last year.
December 13, 2012 |
Rita Corwin, 90, conscientiously paid her premiums for long-term care insurance for 21 years to make sure that if she needed help as she grew older and more fragile, she'd get it. Yet now that she finds herself in a position to require such assistance, her insurer, Washington National Insurance Co., is denying her claims. "She bought this insurance for the same reason anyone would," said Corwin's daughter, Leni, who has been representing her mother in their dealings with the company.
October 14, 2011 |
The Obama administration will not implement a new program to provide Americans with long-term-care insurance, abandoning a controversial part of the healthcare overhaul the president signed last year. The move will not affect other parts of the sweeping law, including preparations for a major expansion of health insurance coverage starting in 2014, according to administration officials. But the decision to give up on what was once touted as a key benefit of the law marks a major retreat for the administration and a vindication for critics who have voiced doubt about the promises that Democrats made as they fought to enact the law last year.
April 7, 2010 |
The saddest lesson of recent years for the American middle class is that those who "do the right thing" are first in line to get hammered. You devote a lifetime to a single employer, only to get laid off with a cheese-paring severance package. You finance your own retirement by religiously funding your 401(k), and Wall Street lays an egg on your head. Here's a lesson baby boomers are just beginning to learn: You pay for long-term-care insurance for years, even decades, and then your insurance company changes the rules.
December 31, 2009 |
A government insurance plan to provide in-home assistance to the elderly and disabled is poised to become law despite a majority of senators voting against including the proposal in the healthcare overhaul bill. The so-called CLASS plan would allow workers to sign up for a payroll deduction program similar to Social Security. Participation would be voluntary, with fees and benefits to be determined by the age of the participant. The fees would be expected to cover most of the current cost of the program.