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A type of insurance designed to cover long-term services and supports, including personal and custodial care. Strategies for seniors include buying a policy early to lock in lower rates and looking for inflation protection.

A financial agreement where a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income. Seniors should understand the loan's terms, fees, and implications for their estate before proceeding.

Investment accounts like IRAs or 401(k)s that let taxes on the earnings be paid at a later date. Seniors should determine the best time to start withdrawals to minimize taxes and maintain the required minimum distributions after age 72.

Involves preparing the transfer of an individual's wealth and assets after their death. Strategies for seniors include creating wills, setting up trusts, and making charitable donations to potentially reduce estate taxes.

Insurance products that provide a steady income stream for a set period or for life. Seniors should consider the fees, inflation risk, and whether a lifetime income guarantee is beneficial.

A federal health insurance program for people who are 65 or older. Seniors should review and understand the different parts of Medicare, enroll on time to avoid penalties, and consider supplemental insurance.

The process of legally structuring one's finances to qualify for Medicaid, which can cover long-term healthcare costs. Strategies include setting up trusts, spending down assets, and understanding Medicaid's look-back period.

Entitlement programs providing retirees with a monthly income. Strategies for seniors include deciding the best age to start benefits to maximize the lifetime payout, and understanding how work affects benefits.

The process of dividing an investment portfolio among different asset categories, like stocks, bonds, and cash. Seniors should focus on a balance between income, growth, and risk management.

A financial strategy involving giving money or assets to family or charities, which can help reduce the taxable estate. Seniors should be aware of annual gift tax exclusions and the potential impact on Medicaid eligibility.

A document that allows you to appoint a person to make healthcare decisions on your behalf if you cannot make them yourself. Seniors should name a proxy as part of advanced health care planning.

A legal document allowing one person to act on another's behalf in financial or health decisions. Seniors should choose a trusted individual and understand the scope of the powers granted.

The amount that an individual can give over their lifetime without incurring gift tax. Seniors should be aware of the current exemption amounts as they affect estate planning.

The risk that the value of income or assets will be eroded by inflation. Seniors should consider investment strategies that can keep pace with inflation to maintain their purchasing power.

A legal document that designates someone to make healthcare decisions if the person is unable to do so themselves. Seniors should choose someone they trust and discuss their healthcare wishes in advance.

A specialist attorney who focuses on issues affecting older or disabled people, such as estate planning, health care, and guardianship. Seniors may seek out their services for comprehensive legal planning.

The risk of outliving one's assets due to a longer-than-expected lifespan. Seniors should consider strategies like annuities and a diverse investment portfolio to manage this risk.

Donations made to nonprofit organizations that can be tax-deductible. When planning, seniors should consider how contributions might fit into their overall tax planning strategy.

A trust designed to benefit people with disabilities without disqualifying them from government assistance programs like Medicaid. Seniors may set up a special needs trust as part of estate planning to care for a disabled family member.

A legal document stating a person's wishes regarding life-prolonging medical treatments. Seniors should create a living will to ensure their medical wishes are honored.

The minimum amount that must be withdrawn from a retirement account each year, starting at age 72. Seniors should calculate RMDs carefully to avoid penalties and consider the tax implications.

Indicates who will receive assets from accounts like IRAs, 401(k)s, and life insurance policies upon one's death. Seniors should ensure these designations are up-to-date to reflect their current wishes.

A detailed breakdown of an individual's credit history prepared by a credit bureau. Seniors should regularly review their reports to protect against fraud and identity theft.

A federal law that protects individuals who are 40 years of age or older from employment discrimination based on age. Seniors should know their rights under ADEA if they choose to work during retirement.