The topic of Social Security is fraught with misinformation, which can prevent people from enjoying the full monies they are entitled to collect.
When you put your assets into a Medicaid Asset Protection Trust (MAPT), Medicaid does not count those things toward the asset limit.
Social Security benefits have long been a critical part of Americans’ retirement income plans. After all, the monthly benefits provide a stream of income that is adjusted for inflation annually and can’t be outlived. With the decline of pensions and increasing life spans, Social Security is now playing a larger role in shoring up retirees’ nest eggs.
Eight years ago America’s baby boomers, people born between 1946 and 1964, began to retire. At nearly 75 million, they represent one of America’s largest elder care challenges. Millennials, now in their 30s, will need to begin thinking about how to look after their parents as medical, financial and mental health needs arise.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.