Forbearance of Foreclosure? How to Keep Your Credit and Homeownership Intact

The following is a guest post by Eric Lindeen, of Anna Buys Houses.

The second quarter of 2020 marked the highest U.S. mortgage delinquency rate (reported as 60-days past due) since 1979. Amidst the chaos of the pandemic, federal and state governments have made efforts to protect against the financial strain U.S. consumers are enduring—including mortgage payment forbearance of foreclosure. 

What Is a Forbearance?

Forbearance is the postponement of mortgage payments, or the lowering of monthly payments for a specified time period; it’s not loan forgiveness. Repayment terms are negotiated between the borrower and lender. Mortgage forbearance is one tool to help protect homeowners from foreclosure due to temporary hardships, such as a job loss, natural disaster, or pandemic. Some homeowners may opt for strategic forbearance, meaning they proactively enter a forbearance agreement just in case they lose their ability to make their mortgage payments.

As of October 25, data from the Mortgage Bankers Association (MBA) reports that approximately 2.9 million U.S. homeowners are currently in forbearance plans. That number represents 5.83% of servicers’ portfolio volume. MBA data also shows that nearly 25% of all homeowners in forbearance plans have continued to make their monthly payment (perhaps an indicator of the use of strategic forbearance).

How Do Forbearance Plans Work?

Mortgage payment forbearance programs have come at a time when many Americans are losing their livelihood and others fear the potential fallout from the health and economic crisis. Not all forbearance plans are created equal. Therefore, it’s critical to understand how different plans are structured to protect your financial health and credit. 

The Coronavirus Aid, Relief and Economic Security (CARES) Act is one measure enacted to provide relief to consumers facing hardships due to the impacts of the coronavirus. One provision of the Act allows mortgage payment forbearance and provides other protections for homeowners with federally or Government Sponsored Enterprise (GSE) backed or funded (FHA, VA, USDA, Fannie Mae, Freddie Mac) mortgage loans. 

If you have a federally or GSE-backed mortgage, no documentation is required to request forbearance, other than an assertion that you are facing a pandemic-related hardship. Borrowers are entitled to an initial forbearance period of up to 180 days. If necessary, an extension of an additional 180 days may be requested. Federally backed mortgages are protected against foreclosure through December 31, 2020. 

Recently, the foreclosure moratorium was extended yet  again to at least March 31, 2021 for GSE-backed loans (Fannie Mae and Freddie Mac). Be sure you understand who owns your loan and the terms of your loan as these deadlines approach. Extensions are likely to continue to help borrowers keep their homes and lenders navigate the constant uncertainty that is 2020.

The CARES Act amended the Fair Credit Reporting Act (FCRA) with a provision that when a lender agrees to forbear an account of a consumer impacted by the pandemic, the consumer complies with the terms of the forbearance. Then, the mortgage issuer must report that account as current to credit reporting agencies.

How Your Credit Factors into Forbearance

On paper, knowing that your credit won’t be affected by forbearance seems like a good deal. There’s an important distinction here. Your loan doesn’t need to be current to qualify for forbearance under the CARES Act. However, any delinquencies on your account prior to entering a forbearance plan will impact your credit report. Make sure that your loan is current, and being reported as current to the credit bureaus, before you agree to a forbearance of foreclosure.

What about Private Mortgages?

Around 30% of single-family mortgages are privately owned. Many private banks and loan servicers have voluntarily implemented relief measures that don’t fall under the same protections of the CARES Act. Terms vary by institution and state of residence. And relief plans may not be structured in the same manner as federally-backed and funded loans. 

For example, borrowers with private loans may be required to pay back all missed payments in a lump sum as soon as the forbearance period ends. Lump sum payments are not required for GSE-backed loans. Additionally, if modifications are made to a privately funded loan, the new terms could impact your credit score depending upon how the lender reports the status of your loan to the credit bureaus.

The good news is that the three major credit bureaus (i.e., Equifax, Experian, and TransUnion) are providing free weekly online credit reports through April 2021. Be sure to check these reports to ensure that the new terms of your loan are being reported as “paying as agreed” and not reported as late. Credit.com also has resources to help check and manage your credit.

It’s also important to understand the terms of your loan. Some homeowners who recently refinanced were asked to sign a form that was quickly described as “new COVID paperwork.” The fine print stated that their new loan was not eligible for forbearance relief measures. 

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Mortgage payment forbearance is one tool that can protect homeowners from defaulting on their loan, damaging their credit, and worst of all, losing their home to foreclosure. Key takeaways include, knowing who owns your loan, who services your loan, and what type of protections are available to provide relief if the current economic crisis is impacting you or you fear that it might. 

There are proactive steps to protect against foreclosure and determine the right path for your personal situation.

Source: credit.com

7 Ways Americans Plan to Ensure a Financially Secure Retirement

Older couple with financial planner
EdBockStock / Shutterstock.com

A secure retirement is in your hands — and nobody else’s.

For better or worse, we all have to finance our own retirement. Sure, Social Security and Medicare will help. But workplace pensions are rare, and few will inherit fortunes from their parents, or anyone else.

Fortunately, many Americans understand and accept this reality. They are taking steps long before retirement to make sure they will not struggle financially during their post-work years.

Recently, the National Institute on Retirement Security asked 1,200 people 25 and older what they are doing to ensure a financially secure retirement. Below are the methods they cited most often.

7. Seek work in retirement

Senior worker
gpointstudio / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 39%

When the chips are down and you need more cash, nothing tops working and earning a regular income. It is the single most effective way to quickly add to your bottom line.

The survey respondents clearly understand that fact. Few of us want to work a full-time job in retirement — we gave up the 9-to-5 for a reason, after all. But there are plenty of opportunities to earn part-time income that can make a crucial difference in retirement.

For more, check out “20 Great Part-Time Jobs for Retirees.”

6. Save about 5% more than you currently do

Woman with piggy bank
Jason Stitt / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 40%

Most of us find it difficult to save as much as we do now, let alone 5% more. But saving just a bit extra can make an enormous difference, especially if you do it for many years and invest the money well.

If the thought of saving more scares you, we can relate. Maybe it’s time to sit down with a financial pro who can help you craft a savings and investment strategy that will pay a lifetime of dividends. Stop by Money Talks News’ Solutions Center and search for a fee-only financial planner who can offer expert advice.

5. Delay claiming Social Security

Social Security payments
Steve Heap / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 41%

As we have pointed out, sometimes it does not pay to delay applying for Social Security benefits. But in other cases, waiting to file can be one of the smartest financial decisions you will ever make.

For every year you wait to claim past your full retirement age, your benefit will grow by as much as 8%. That is tough to beat.

For many people, this decision — to delay or not to delay — is a vexing one. If you need help, stop by Money Talks News’ Solutions Center and check into working with Social Security Choices, a company that can help you determine when is the best time to claim given your personal situation.

3. Save about 1% to 4% more than currently (tie)

Photo (cc) by American Advisors Group

Respondents who plan to do this to ensure a financially secure retirement: 48%

Remember that notion of saving 5% more? If that is too intimidating a challenge, don’t be afraid to take a more modest approach, like saving 1% to 4% more.

At Money Talks News, we believe that saving a little over a long period of time can add up to big things. It’s a gospel we preach because many of us have lived it out and have seen the power of this strategy up close. The survey respondents apparently agree.

For more tips on getting started saving, read “The 7 Fastest Ways to Catch Up on Retirement Savings.”

3. Cut back spending once retired (tie)

saving money
Dean Drobot / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 48%

Those who need more cash but don’t want to work have one option left: to spend less.

This is often easier said than done. But if you find ways to trim back expenses, you open up more breathing room in your budget.

One way to spend less during your golden years is to retire in a place where the cost of living is lower. Money Talks News founder Stacy Johnson discussed some options in a recent podcast, “5 Countries Where You Can Retire on $2,000 a Month or Less.”

2. Cut back current spending

A surprised man looks at his empty wallet in shock
ToffeePhoto / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 55%

Cutting back on spending in retirement can be painful. It’s a lot easier to trim your budget now, while you are still working and have a steady income.

Trim your sails today, and you will have more money to invest in a nest egg that will see you through your golden years. Creating a budget can help you find places to cut expenses.

Some people find budgeting to be a pain, but Money Talks News partner YNAB (short for “You Need A Budget”) makes the process easy. The YNAB app helps you track day-to-day expenses, prepare for unexpected costs and build savings.

You can even connect the program directly to your bank and credit card accounts, which allows you to download transactions to YNAB automatically so you don’t have to manually enter them one by one.

For more, check out “An Easy Way to Track Your Spending and Build Your Savings.”

1. Stay in your current job as long as possible

Senior at a computer
Stocklite / Shutterstock.com

Respondents who plan to do this to ensure a financially secure retirement: 60%

Even if you really want to retire soon — like yesterday — sometimes it simply makes more sense to stick with that job a little longer.

The survey respondents are clearly a tough-minded, clear-eyed bunch. A full 60% say they plan to work as long as possible to ensure they have a secure retirement.

It is a great idea — tough to beat, actually. But it is not always practical. Gallup polling has found that the average age at which workers retire is a fairly young 61. Sometimes unexpected life changes or health problems can prevent you from working as long as you planned.

So, if you are working today, remember that now is the best time to save and to create a plan for that dream retirement down the road.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Long-Term Care Options and How to Plan for the Costs

Think for a minute about all the things you did when you woke up this morning. You probably got out of bed, walked to the bathroom, cleaned yourself up, brushed your teeth, got dressed, made yourself some breakfast, and headed out the door to go to work. These activities of daily living are so routine, you likely did them without even thinking about it.

Now imagine that you couldn’t do these things on your own. It could be because you’ve had an accident, you’re recovering from an operation, or you have an illness that limits your mobility. Whatever the reason, you now need help from another person to do many or even most of your basic daily activities — and you’ll continue to need it for weeks, months, or even years.

This kind of help is called long-term care, and there’s a good chance you or a close loved one will need it at some point in your life. According to the U.S. Department of Health and Human Services (HHS), a person who turned 65 today has almost a 70% chance of needing some form of long-term care in the future.

Needing long-term care isn’t just a physical burden; it’s a financial one too. According to the 2020 Cost of Care Survey by Genworth Financial, professional long-term care can cost anywhere from $1,603 to $8,821 per month. Most employer-sponsored health insurance plans don’t cover these costs, and even Medicare provides only limited coverage.

If you don’t want to risk being bankrupted by long-term care costs in the future, you need to do some planning now. Even if you don’t think you’ll need long-term care for many years to come — or at all — it’s better to think about it ahead of time than to take a chance on having to deal with both a health crisis and a financial crisis at once.

Options for Long-Term Care

When many people hear “long-term care,” they immediately picture a nursing home. However, it’s possible to receive long-term care in a variety of settings, which differ widely in terms of both comfort and cost.

The main forms of long-term care are:

1. In-Home Care From Relatives

Dealing with a long-term injury or illness can be a lot less stressful in your own home with familiar things and people around you. Thus, one common type of long-term care is to have a relative or friend tend to your needs at home.

While unpaid in-home care is easiest on the person receiving care, it can be difficult for the caregiver, both emotionally and financially. A 2018 Genworth study found that more than half of family caregivers had high levels of stress, and roughly one-third said their careers had suffered on account of their caregiving duties.

2. Home Health Aides

If you want to receive care at home without putting a burden on your relatives, you can hire someone to help you. A home health aide doesn’t provide medical care but can help with such daily tasks as bathing, dressing, and eating. The 2020 Genworth survey found that the median cost of a home health aide in 2020 was $24 per hour, or $4,756 per month.

3. Homemaker Services

Some people don’t need help with bathing or dressing, but they still need someone to handle daily chores they can’t manage on their own, such as cooking, cleaning, and running errands. For this, you can hire a homemaker service, which costs a bit less than a home health aide. Genworth put the median cost of homemaker services for 2020 at $23.50 per hour, or $4,481 per month.

4. Adult Day Care

Some older people can still get up and about, but they can’t be on their own for long periods of time. An adult day care program is a place where adults can go during the day and spend time with others, with a caregiver there to keep an eye on them. Adult day care programs can offer structured activities, meals, transportation, and sometimes health services. They’re cheaper than most long-term care options, at around $74 per day or $1,603 per month, according to Genworth.

5. Assisted Living

Home health aides can help with daily activities, but they can’t provide actual medical care. People who need regular medical supervision are better off moving to an assisted living facility. This is a place where people can live on their own in private apartments and have access to both personal care and medical care on site. The median cost for an assisted living facility was $4,300 per month in 2020, according to Genworth.

6. Nursing Home

Nursing homes provide the highest level of supervision and care. These all-inclusive facilities offer room and board, personal care, supervision, activities, medication, rehabilitation, and full-time nursing care. This level of care comes with a high price tag, however. Genworth found that in 2020, a semi-private room in a nursing home cost $7,756 per month, and a private room cost $8,821 per month.


Government Programs

Most Americans can’t afford to pay for professional long-term care out of their own pockets. A 2020 survey by The Ascent found that over half of Americans have less than $5,000 in savings. Roughly one-third have less than $1,000 — not enough to pay for even a single month of long-term care.

Government programs, including Medicare and Medicaid, can help you meet some of the costs. However, these programs offer only limited aid. Each one has specific rules about who qualifies for benefits, what services it covers, how long you can receive aid, and how much you must pay for on your own. If you need long-term care, it’s certainly a good idea to look at these programs first to see what they cover, but it’s a mistake to rely on them to pick up the whole tab.

Medicare

In most cases, Medicare does not include any long-term care benefits. However, there are several specific exceptions:

  • Skilled Nursing Facility (SNF) Care. If you come out of the hospital after a stay of at least three days, Medicare provides partial coverage for up to 100 days’ worth of medically necessary care while you recover. To receive this coverage, you must enter a Medicare-certified SNF or nursing home within 30 days after you leave the hospital. Medicare covers all of your treatment there for the first 20 days of your stay. Beginning on day 21, you must pay a daily copayment, which is set at $185.50 in 2021. Medicare covers any cost beyond this copayment up through day 100. If you still need care after that, you’re on your own.
  • Rehabilitation. If you have a condition that requires ongoing medical care to help you recover, Medicare provides partial coverage for a stay in an inpatient rehabilitation facility. It covers the cost of treatments such as physical therapy, meals, drugs, nursing services, and a semi-private room. However, you must pay an out-of-pocket cost for this care that depends on the length of your stay. For the first 60 days, you pay a $1,364 deductible. This cost is waived if you’ve already paid for a hospital stay for the same condition. For days 61 through 90, you pay $341 per day. After day 90, you start using up your “lifetime reserve days.” You have only 60 of these days over your lifetime, and each one costs you $682. If you still need care after your 60 days are used up, you must pay the full cost. Also, any extra costs during your stay — such as a private room, private duty nursing, or a phone or television in your room — are your own responsibility.
  • Home Health Services. You can also use Medicare to pay for in-home care for a specific illness or injury. This includes part-time or intermittent skilled nursing care, physical or occupational therapy, and speech-language pathology. To qualify as part-time, your care must cover less than eight hours per day, or less than seven days per week, over a total of three weeks or less. If you are receiving this type of in-home care, Medicare also pays for additional, basic care from a home health aide. Medicare does not cover care from a home health aide if that’s the only care you need, and it does not cover homemaker services under any circumstances.
  • Hospice Care. People who are terminally ill sometimes choose to spend their last days in hospice care. Hospice treatment focuses on relieving the patient’s pain, rather than trying to cure them. Medicare covers hospice care for patients who are terminally ill, are not seeking a cure, and do not expect to live more than six months. Patients can receive this kind of care in their own homes, a hospital, or another inpatient care facility.

For more details about what Medicare covers, see the Medicare website.

Medicaid

Unlike Medicare, Medicaid covers all types of long-term care. This includes both in-home care — such as a visiting nurse or a home health aide — and care in facilities such as nursing homes. You can get home health aide services from Medicaid even if you don’t need skilled care as well, and you can get care in a facility even if you aren’t recovering from a hospital visit.

However, Medicaid has strict limits on eligibility. You can’t receive Medicaid benefits if your income is above a certain level, which varies from state to state. Also, in some states, you cannot qualify unless you have dependent children. You can find the limits for your state through your state’s Medicaid website.

Veterans’ Benefits

The Department of Veterans Affairs (VA) covers the full cost of long-term care for veterans who have disabilities resulting from their military service. It also covers costs for veterans who can’t afford to pay for their own care. Other veterans receive some coverage, but they must pay a copayment. According to the VA site, the current copayments for long-term care are:

  • $97 per day for inpatient care, such as nursing home care
  • $15 per day for outpatient care, such as home health care or adult day care
  • $5 per day for domiciliary care in a special facility for homeless veterans

The VA site has more information about the health benefits available to veterans and how to qualify for them.

OAA Programs

Some states have their own separate programs to help provide care for adults over age 60. These programs get funding from the federal government under the OIder Americans Act (OAA). The OAA supports a wide network of state, local, and tribal agencies called the Aging Network. It works with tens of thousands of service providers and volunteers to deliver various types of care, including:

  • Meal delivery
  • Transportation
  • Home health services
  • Home health aide and homemaker services
  • Adult day care
  • “Respite care,” which gives family caregivers some time off from taking care of an older relative
  • Help using other government benefits

You can find programs in your area through Eldercare.gov.


Products to Help You Pay for Long-Term Care

Government programs don’t cover everybody, and the coverage they offer isn’t always enough to pay for the full cost of long-term care. To make up the difference, some people carry long-term care insurance, which provides coverage for this specific type of care. Others rely on other financial products designed for senior citizens, such as annuities and reverse mortgages, to cover their costs.

Long-Term Care Insurance

Long-term care insurance, or LTC insurance, works like other types of insurance. You pay a premium each month to the insurer, and if you ever need long-term care, it covers the cost. However, one big difference between this and most other types of insurance is that you have to qualify to buy a policy. If you’re already in poor health, there’s a chance you won’t be able to get a policy — and if you do, you’ll have to pay a steep price for it.

There are several ways to buy a long-term care insurance policy. The most common sources for policies are:

  • Insurance Specialists. You can buy LTC insurance through financial professionals such as insurance agents, brokers, and financial planners. To find insurance companies that offer LTC insurance, visit your state insurance department or do an Internet search for “long-term care insurance” plus the name of your state.
  • Employers. Although standard employer-sponsored health care plans don’t cover long-term care, many employers — including the federal government, many state governments, and some private companies — offer LTC insurance as an add-on that employees can purchase separately. To find out whether your employer offers this coverage, check with your pensions or benefits office.
  • Organizations. Some labor unions and other professional or trade organizations, such as the National Education Association, offer LTC insurance as a benefit to their workers. Membership organizations such as alumni associations or service clubs like the Lions and Elks can also take part in group plans.
  • State Partnerships. In some states, you can purchase LTC coverage through a State Partnership Program. These programs provide benefits partly through private long-term care insurers and partly through Medicaid. You can learn more details about these programs from the Department of Health and Human Services (HHS).

Although long-term care coverage can protect you from devastating long-term care costs, most Americans don’t carry it because of its high cost. According to the American Association for Long-Term Care Insurance (AALTCI), the typical annual premium for an LTC policy ranges from $1,400 to $3,100. This annual cost varies based on factors such as age, health, gender, location, and amount of coverage.

Financial planner David Demming, speaking with Policygenius, says LTC insurance is most likely to be a good deal for people aged 50 to 55 with a net worth between $1 million and $3 million. That’s enough money to afford the premiums, but not enough to cover the full cost of long-term care. To get a clearer idea of what LTC policy pricing could be for you, check out online calculators like this one from Genworth.

Annuities

Some people choose to fund their long-term care through an annuity, a financial product that pays out a fixed sum every year over a specific period. There are three kinds of annuities you can use for this purpose:

  • Immediate Annuities. With an immediate annuity, you pay a one-time premium, and in exchange the company pays you a fixed monthly benefit. This benefit can last for a specific period of time or the rest of your life. One advantage of an immediate annuity is that anyone can buy one, regardless of health status. This makes it a good option for people who no longer qualify for LTC insurance due to poor health. However, the fixed monthly sum you get might not be enough to meet your long-term care costs, and inflation can eat into its value.
  • Deferred Annuities. You can buy a deferred annuity with either a one-time payment, like an immediate annuity, or a series of regular payments. The money you pay into the annuity earns interest and grows tax-free. It doesn’t start paying out a monthly benefit until a specific date, such as your 65th birthday.
  • Long-Term Care Annuities. A long-term care annuity is a deferred annuity with a long-term care rider. This type of annuity doesn’t pay out until you need the money for long-term care costs. To collect the monthly payment, you must be diagnosed with a medical condition that requires long-term care, such as Alzheimer’s disease. According to HHS, this type of annuity is usually available only to people age 85 or younger who meet certain health requirements. However, according to SmartAsset, it’s sometimes easier to get approved for a long-term care annuity than for LTC insurance.

Depending on your situation, an annuity can be a cheaper way to cover long-term care costs than LTC insurance. However, it typically requires a large up-front payment, which is even higher if you already have health issues. Also, annuities can have a complicated effect on your taxes — HHS recommends consulting a tax professional before you buy one.

Reverse Mortgages

Another way to pay for long-term care services is with a reverse mortgage through LendingTree. This is a special type of home equity loan available only to homeowners age 62 and up, which allows you to get cash out of your home without giving up your title to it.

The house remains your property until you die. At that time, it goes to the bank unless your heirs choose to pay off the amount you’ve borrowed and keep the house. Otherwise, the bank sells the house and keeps the amount you owed at the time of your death. Any cash beyond that balance goes to your heirs.

There are several ways to get cash from a reverse mortgage. You can get one large lump-sum payment, a regular monthly payment, or a line of credit you can draw on as needed. The second two options are most useful for paying long-term care expenses. As long as you spend the payments in the same month you receive them, the money is not taxable income and doesn’t affect any government benefits, such as Social Security, Medicare, or Medicaid.


Long-Term Care Planning

Dealing with long-term care can be an emotional and financial burden, both for you and for your family. The best way to lighten that load is to plan ahead. By making your plans early, you’ll have plenty of time to do research, make decisions, and buy traditional long-term care insurance or any other products you need to cover the costs.

1. Research Your Options

Start by looking into the options for advanced care in your area. Check the phone book or do an online search to find out what choices you’re likely to have for assisted living and nursing homes, as well as home health aide and homemaking services. The Genworth Cost of Care Survey tool can help you estimate what these services cost now and what they’re likely to cost in the future. You can also check the costs for services in other areas to figure out whether relocating would save you money.

2. Talk to Your Family

Once you have some idea of available options, talk to your family members and get their input. Set aside a time when you can talk everything over in person without having to rush. Here are some points to discuss:

  • Your Lifestyle. Discuss the way you live now and how you expect to live in the future. For instance, if it’s important to you to stay at home and live independently, let your family know that. Tell them about your priorities, and find out what’s important to them, as well.
  • Your Care Options. Show your family the research you’ve done on care options in your area. Tell them how you’d prefer to receive care and whether you have a specific provider in mind. Also, find out how much of your care your loved ones are able and willing to take on themselves. If you have several relatives who could help you, talk about which specific responsibilities each of them could handle.
  • Your Finances. Once you’ve considered what kind of care you want, talk about what it’s likely to cost. Let your family know how much money you can set aside now toward your future care needs, and find out if any of them are willing to contribute.
  • Medical Care. Make sure your family knows your health history in detail so they can supply it to a doctor if they need to. Also, make sure they know how to contact all of your current medical providers.
  • Legal Issues. Decide who should be responsible for making medical decisions for you if you can’t make them yourself. Use this information to set up a durable power of attorney for the future. Also, talk to your loved ones about your wishes for end-of-life care. If you already have a living will, tell them what it says and where to find it; if you don’t have one, make plans to set one up.

3. Calculate the Cost

Now that you have some idea who will provide care for you when you need it, the next step is to figure out how much it will cost. Even if your family has offered to provide unpaid care for you when you need it, there could still be some cost involved. For instance, you could choose to hire a house cleaning service so your loved ones won’t be responsible for all the housekeeping chores in addition to your care.

If you’re planning to pay for professional long-term care services, think about how long you’re likely to need them. According to the HHS, people who require long-term care use it for an average of three years. This includes an average of two years of in-home care and one year in a long-term care facility. About one in five people need care for more than five years.

To figure out the total amount you’ll need for long-term care costs, multiply the cost by the expected length of care. For instance, suppose a home health aide costs $60,000 per year and assisted living costs $90,000 per year. If you expect to need two years of home health care and one year in assisted living, you must save up a total of $250,000.

If the total cost looks like more than you can possibly afford, look for ways to save on long-term care. This could include relying on family care, negotiating prices, getting help from government programs, or relocating to a cheaper area.

4. Make a Plan to Cover the Costs

Once you have an idea of how much money you’ll need for long-term care, you can start figuring out how to pay for it. If your income and assets are low enough, you can look to Medicaid for help when you need care. State government programs could also provide some help.

By contrast, if you have a lot of liquid assets — that is, cash, retirement savings, and other assets you can easily convert to cash — you might be able to pay for your care out of pocket. Financial planners interviewed by Policygenius say this is most practical for people with a net worth of at least $3 million.

If you’re somewhere in between those two extremes, you’ll need some other way to meet the costs of long-term care. That could mean buying long-term care insurance, investing in an annuity, or taking out a reverse mortgage. A financial planner can help you compare these options and decide which one is best for you.

5. Put Your Plan in Writing

After you’ve come up with a plan to meet your long-term care needs, the final step is to put it in writing. Having a written plan gives your family something to consult if there’s ever any confusion or uncertainty about your wishes.

If you’ve decided to make a living will or set up a durable power of attorney, these documents should be part of your written care plan. Consult a lawyer to help you set these up. Give a copy of the entire plan, including the legal documents, to any relatives it could affect.

Putting your plan in writing doesn’t mean it’s set in stone. If your health or financial situation changes in the future, your long-term plans might need to change too. Update your plan as needed, and make sure your relatives always have the latest version.


Final Word

If you’re young and healthy, you may feel like it’s too soon to start thinking about long-term care. Since you probably won’t need it for many years, you figure you can just wait and deal with it when the time comes.

However, there are several good reasons why now is exactly the right time to think about it. First of all, the future is unpredictable. Even young people can suffer injuries or develop illnesses that keep them off their feet for months.

Also, LTC insurance gets more expensive and harder to obtain as you age. If you decide to wait until you’re 65 before buying a policy, it could already be too late to qualify. And even if you can get one, you’ll pay a much steeper rate for it than you would if you’d bought it 10 years earlier. So it makes sense to start thinking about this type of insurance and decide whether it’s for you before you hit age 55.

Finally, if you put off thinking about long-term care until you actually need it, you’ll have to make a whole lot of important decisions in a hurry. You could end up making choices that aren’t best for you because you don’t have time to weigh the options. By avoiding procrastination and thinking it through now, you can ensure that when — or if — you finally need long-term care, it will be as easy as possible for you and your family.

Source: moneycrashers.com

15 Cities With the Oldest Populations

Happy seniors exercising with hula hoops
Rawpixel.com / Shutterstock.com

This story originally appeared on Filterbuy.

One of the most impactful demographic trends across the United States in the coming decades will be the growth in the population aged 65 and older.

Much of the country is graying as more baby boomers, who were until 2019 the U.S.’s largest generational cohort, reach retirement age. The boomers — more than 73 million Americans born between 1946 and 1964 — began hitting retirement age more than a decade ago and will continue to age into the 65-and-up bracket until the end of the 2020s.

Thanks to advances in health care and medicine, these older Americans are projected to live longer on average than their predecessors. According to the U.S. Census Bureau, by 2030 those aged 65 and older will constitute more than 20 percent of the U.S. population, and they are projected to remain between one-fifth and one-quarter of the U.S. population through at least 2060.

The U.S. is already seeing signs of these effects. A wave of retirements will leave labor shortages in some industries, while many of the occupations with the greatest growth potential are in health and social services, driven by the elderly’s greater need for care.

Experts believe that GDP growth is likely to slow as a result of lost productivity and increasing costs of care. Government social insurance programs like Medicare and Social Security have seen their expenditures balloon as more retirees shift from paying into the system to receiving benefits from it. Nationally, within states, and at the community level, the U.S. will continue to experience the socioeconomic implications of an increasingly older population.

To find the cities where these trends will be most apparent, researchers at Filterbuy used 2019 Census data to identify which metro areas have the largest share of residents over 65. The researchers also found the city-level old-age dependency ratios as well as the percentage of the senior population with a disability to understand where the burdens of care might be even higher.

Here are the large cities (those with 350,000 residents or more) with the largest percentage of the population 65 and older.

15. Wichita, KS

Wichita, Kansas
Gary L. Brewer / Shutterstock.com

Percentage of population 65 and older: 14.4%

Total population 65 and older: 55,352

Percentage of population 65 and older with a disability: 37.7%

Old-age dependency ratio: 24.0%

14. Jacksonville, FL

Jacksonville, Florida
Sean Pavone / Shutterstock.com

Percentage of population 65 and older: 14.4%

Total population 65 and older: 127,758

Percentage of population 65 and older with a disability: 35.9%

Old-age dependency ratio: 22.8%

13. Baltimore, MD

Baltimore
f11photo / Shutterstock.com

Percentage of population 65 and older: 14.4%

Total population 65 and older: 84,165

Percentage of population 65 and older with a disability: 38.5%

Old-age dependency ratio: 22.3%

12. Tulsa, OK

Tulsa Oklahoma
Valiik30 / Shutterstock.com

Percentage of population 65 and older: 14.7%

Total population 65 and older: 58,686

Percentage of population 65 and older with a disability: 33.4%

Old-age dependency ratio: 24.8%

11. Las Vegas, NV

Las Vegas neighborhood with desert hills beyond.
Christopher Boswell / Shutterstock.com

Percentage of population 65 and older: 14.8%

Total population 65 and older: 95,394

Percentage of population 65 and older with a disability: 34.9%

Old-age dependency ratio: 24.4%

10. New York, NY

New York City coastline
IM_photo / Shutterstock.com

Percentage of population 65 and older: 15.0%

Total population 65 and older: 1,242,566

Percentage of population 65 and older with a disability: 34.6%

Old-age dependency ratio: 24.0%

9. Colorado Springs, CO

Colorado Springs, Colorado
photo.ua / Shutterstock.com

Percentage of population 65 and older: 15.1%

Total population 65 and older: 70,512

Percentage of population 65 and older with a disability: 31.3%

Old-age dependency ratio: 23.6%

8. New Orleans, LA

New Orleans, Louisiana at night
f11 photography / Shutterstock.com

Percentage of population 65 and older: 15.3%

Total population 65 and older: 59,203

Percentage of population 65 and older with a disability: 35.9%

Old-age dependency ratio: 24.0%

7. Virginia Beach, VA

Ritu Manoj Jethani / Shutterstock.com

Percentage of population 65 and older: 15.4%

Total population 65 and older: 65,405

Percentage of population 65 and older with a disability: 31.2%

Old-age dependency ratio: 23.3%

6. Tucson, AZ

Tucson
Chris Rubino / Shutterstock.com

Percentage of population 65 and older: 15.5%

Total population 65 and older: 82,197

Percentage of population 65 and older with a disability: 38.8%

Old-age dependency ratio: 23.7%

5. Louisville, KY

Louisville, Kentucky
f11photo / Shutterstock.com

Percentage of population 65 and older: 15.6%

Total population 65 and older: 95,530

Percentage of population 65 and older with a disability: 34.8%

Old-age dependency ratio: 25.5%

4. San Francisco, CA

San Francisco, California
IM_photo / Shutterstock.com

Percentage of population 65 and older: 15.9%

Total population 65 and older: 139,273

Percentage of population 65 and older with a disability: 34.2%

Old-age dependency ratio: 22.7%

3. Albuquerque, NM

Albuquerque, New Mexico
BrigitteT / Shutterstock.com

Percentage of population 65 and older: 16.2%

Total population 65 and older: 90,429

Percentage of population 65 and older with a disability: 33.4%

Old-age dependency ratio: 26.5%

2. Mesa, AZ

Mesa, Arizona
Tim Roberts Photography / Shutterstock.com

Percentage of population 65 and older: 16.5%

Total population 65 and older: 85,337

Percentage of population 65 and older with a disability: 31.9%

Old-age dependency ratio: 28.5%

1. Miami, FL

Miami
Kamira / Shutterstock.com

Percentage of population 65 and older: 17.5%

Total population 65 and older: 81,251

Percentage of population 65 and older with a disability: 34.6%

Old-age dependency ratio: 27.1%

Methodology & Detailed Findings

Working on computer data analysis on a laptop
Gorodenkoff / Shutterstock.com

Researchers used the most recent population data from the U.S. Census Bureau’s 2019 American Community Survey 1-Year Estimates. Cities were ranked according to the percentage of the population 65 and older. Researchers also calculated the total population 65 and older, the percentage of the population 65 and older with a disability, and the old-age dependency ratio for each city.

For relevance, only cities with at least 100,000 residents were included in the report, which grouped them into cohorts of small, midsize, and large metros.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Depleted savings, ruined credit: What happens when all the rent comes due?

Millions of Americans unable to pay their rent during the pandemic face a snowballing financial burden that threatens to deplete their savings, ruin their credit and drive them from their homes.

A patchwork of government action is protecting many of the most financially strapped tenants for now. But it could take these renters — especially low-income ones — years to recover, even as the rest of the economy begins to rebound.

“Even if they say we can pay [missed rent] back in two or three years — that’s money we don’t have,” said Kelly Wise, a 32-year-old resident of L.A.’s Westlake neighborhood. After losing jobs selling merchandise at concerts and cutting fabric for Hollywood sets, she is more than $10,000 behind on rent.

Debt threatens to hit renters in several ways. Some have kept up with their rent payments but have turned to credit cards and high-interest loans. Others owe mounting bills directly to landlords that must be paid back when eviction moratoriums expire, opening the possibility — if the debt goes unpaid — for evictions and court orders for back rent. That could erode credit scores and lead to wage garnishments and more.

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“We are setting up millions of people for long-term harm and a cycle of economic and housing instability,” said Emily Benfer, chair of the American Bar Assn.’s COVID-19 Task Force Committee on eviction.

Renters across the nation are dipping into 401(k)s, taking on higher-interest debt, and scrambling for risky, essential-worker jobs to pay the rent. Research from Moody’s Analytics and the Urban Institute estimates 9.4 million U.S. renter households owed an average of $5,586 in back rent, utilities and related late fees as of January, for a total burden of $52.6 billion.

Other estimates show a smaller but still significant amount of rent debt. The full scope of the problem isn’t clear because the situation is fluid, and estimates so far are based on surveys and models, rather than hard data.

“[Bad] debt affects your credit score, and credit scores affect everything in your life,” said Yuval Yossefy, a manager at the Legal Aid Foundation of Los Angeles, a nonprofit law firm.

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Federal, state and local officials are grappling with how best to help people stay afloat — including keeping them housed — amid job losses, slashed incomes and pervasive disease. A second year of the COVID-19 pandemic has brought little reprieve, with new variants of the coronavirus threatening to accelerate the virus’ spread and cause longer disruptions to the economy and everyday life.

States are planning to get federal aid funds, which have begun to flow, into the hands of landlords to reduce the debt load on tenants. California, where median rent is 50% higher than in the nation at large, has passed what state leaders characterize as the strongest statewide measures to address the crisis, providing a potential model for how states could distribute rent funds.

The California measures, approved by the Legislature last week, extend a statewide moratorium on evictions for people with pandemic hardships through June. Significantly, they bar landlords from using rent debt accrued between March 2020 and June of this year to deny future housing — a nod to fears that unpaid rent may affect people’s housing for years to come.

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And to protect the most vulnerable, they establish a program that uses federal stimulus money to encourage landlords to forgive debt accrued by low-income tenants over the span of a year: April 2020 to March of this year.

Whether California landlords opt in, exactly how the program will be implemented, and if it will make a significant difference for those most in debt are still open questions. Nonprofit groups that work with low-income renters say the measures could be hard to enforce and, in terms of altogether forgiving some debt, rely precariously on optional landlord participation.

Eviction and debt can make it difficult to find new housing, take out loans, get some types of jobs or budget for necessities like food. In California, where rent was unaffordable for most tenants to begin with, the debt pile-on compounds a long-brewing problem.

Illustration: a man and a woman weighed down by balls and chains representing their debt.

Eviction and debt can make it difficult to find new housing, take out loans and get some types of jobs.

(Nicole Vas / Los Angeles Times)

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“A family that makes less than $30,000 a year, they are going to be on the verge of homelessness for the next 10 to 15 years because of this huge debt,” said Ana Grande, associate executive director of the nonprofit Bresee Foundation in Los Angeles, which provides assistance to low-income families.

Making matters worse: Studies show those with debt are least likely to afford it — even if they regain their old incomes. Compared with all L.A. County renters, households that earned less than $25,000 in 2019 were more than twice as likely as all renters to not pay their rent during the pandemic, according to a joint USC-UCLA survey. Households that earned between $25,000 and $50,000 were the second most common group to report not paying.

Nonpayment was also highest among Latino and Black Americans who, compared with white Americans, have been hit harder by the health and economic effects of the virus. They are also less likely to have family who can lend financial help given the country’s long-running racial wealth gap.

An eviction ‘changes the trajectory of a life’

Across the country, a series of problems can unfurl from a single eviction.

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Some landlords refuse to take tenants with an eviction on their record, while those who do are likely to charge more, fail to keep up their properties and have units located in dangerous neighborhoods, according to housing attorneys and other experts.

Studies have found people who are evicted are more likely to experience depression and to die of any cause. People move far from their support networks, or miss work while trying to find new housing and lose their jobs. Kids fall behind at school.

“An eviction is not a single event in a person’s life,” Benfer said. “It actually changes the trajectory of a life, because it has such catastrophic implications for fiscal and mental health.”

In a pandemic, experts say an eviction is particularly dangerous, leading a person to double up with friends and family in crowded housing situations that accelerate the virus’ spread.

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Absent an eviction on a person’s record, debt and poor credit scores can impede the ability to find housing, often leaving people to live in lower-quality conditions, said Ariel Nelson, an attorney with the National Consumer Law Center.

Poor credit scores also limit the ability to take out car, home and other loans at reasonable interest rates, putting homeownership further out of reach.

Past-due debts on a credit report may lead some employers to turn down a candidate for jobs that involve handling money, such as a bank teller or a cashier at a restaurant, said Bruce McClary, spokesperson for the National Foundation for Credit Counseling.

If debts continue to go unpaid, creditors can garnish wages, though restrictions exist on how much disposable income creditors can take.

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To preempt this, people might dip into savings or cut back on food. They may take out the only loans available to them: sky-high-interest products that critics say are nearly impossible to pay back.

Some tenants have already headed down the debt spiral. The USC-UCLA study found 8.5% of surveyed tenants paid some rent with a credit card in July, compared with 3% normally. Nearly 8% used a payday or other emergency loan.

An out-of-work graduate student in Lakewood told The Times she requested and got a budget increase for her student loan to pay rent, adding to her total student loan load. A laid-off worker in the concert industry said they used a 401(k) loan. Some people interviewed said they had already dipped into their savings.

Lamonte Goode, a 44-year-old dancer, says he may tap his savings to begin paying the roughly $10,000 in back rent he owes. With COVID-19 restrictions halting TV shows and theater performances, Goode said he hadn’t found steady work since March and was looking for a job outside his field to pay bills. Unemployment hasn’t been enough to cover expenses, including the $1,800-a-month rent on his one-bedroom in West Hollywood, he said.

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Asked if he thought he would be able to repay the debt, Goode said he didn’t know and that he was trying hard to come up with the money. He also raised the question: Should the burden fall on him? “I am not the reason COVID is happening. Yet I still have to pay the debt for something I am not in control over.”

“The fact that someone lost their job and couldn’t keep up on rent is a very unique and extreme circumstance and does not and should not have a bearing on their creditworthiness for this next almost-decade,” said Nisha Kashyap, a staff attorney at the pro bono law firm Public Counsel, citing how long bad debts typically stay on a credit report.

“This is a global pandemic that came out of nowhere.”

Sid Lakireddy of the California Rental Housing Assn., which represents landlords in the state, says he believes fears of mass evictions and long-term harm to credit are overblown. Most landlords would rather work with their tenants on repayment plans than fight in court over an eviction or debt, he said, particularly since vacancies have risen in many cities. “The last thing we want is to put a good tenant out on the street.”

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The federal government and state and local officials say they are trying to help both tenants and small landlords, who are also struggling.

Then-President Trump signed a bipartisan stimulus bill in December that approved $25 billion in rent and utility relief funds nationwide. President Biden extended the national eviction moratorium for people with pandemic hardships until the end of March, though critics say that ban is weak.

The new California law is stronger and contains provisions to reduce the likelihood that pandemic debt will have wide ripple effects.

Under the law, landlords cannot sell or assign any rent debt accrued during the pandemic until July 2021.

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Russ Heimerich, a spokesman for the state’s Business, Consumer Services and Housing Agency, said the law goes even further for low-income tenants with pandemic hardships: It forever bars landlords from selling rent debt accrued through June.

That would prevent a primary way credit scores could take a hit, since it’s usually debt collectors rather than landlords who report to the credit bureaus, said Nelson, the attorney. Heimerich said the law also included several incentives for landlords to participate in the rent relief program for low-income tenants, and that making it mandatory would have been legally impractical.

Still, critics of the law say it relies too much on tenants knowing their rights and having the means to exercise them, putting the least-resourced in a weak position to benefit.

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Some tenants have already been evicted, said Stephano Medina, an attorney with the Eviction Defense Network, during a recent news conference held online by tenant advocates on their concerns about the law. Moratoriums don’t stop landlords from filing cases, and tenants sometimes don’t realize they need to show up in court to defend themselves, Medina said.

One part of the law that is likely to be particularly hard to enforce is a clause that prohibits landlords from denying housing based on rent debt accrued during the pandemic, said Leah Simon-Weisberg, legal director with Alliance of Californians for Community Empowerment, an organizing group that advocates for low-income households. Prospective landlords often screen tenant candidates through their former landlords, allowing them to learn of debts they aren’t supposed to base decisions on.

It’s also unclear how many landlords will participate in the state’s rent relief program, which will pay landlords 80% of what they are owed if they forgive the remaining 20%. Lakireddy said that’s a good deal, and many landlords are likely to accept it.

California’s rent-control laws may complicate the landlord’s decision, said Tina Rosales, a lobbyist with the Western Center on Law and Poverty. Under state law, landlords can charge as much as they can get for a rent-controlled unit once it becomes vacant. So it could be more lucrative to pursue an eventual eviction and not forgive debts if a tenant is paying significantly below market rates.

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“It has the potential for landlords to pick and choose which tenants they will participate in the program with,” Rosales said, potentially affecting the most vulnerable.

Another outstanding question is how far California’s rental relief funds will go, given the range of estimates of how much rent people owe. Some tenants, for example, might miss out on debt forgiveness — not because their landlord won’t participate but because the pool of money runs out.

For many who can’t work from home, the cost of staying housed becomes a choice between incurring debt or accepting the risk of contracting COVID-19 on the job.

One family’s hard choices

The Buenos, a family of five in Los Angeles’ Koreatown neighborhood, were like many of the country’s hardworking households. Fernando prepped fish for a sushi chain. His wife, Maribel, cooked at a downtown L.A. brunch spot.

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Maria, 23, the eldest of three sisters, worked at a big-box retailer and helped out with the family bills. She set a goal to own her own home by 30.

The Buenos are now scattered. A promotion sent Maria’s father to New Jersey before the pandemic, but his hours were soon cut as lockdowns were put in place. Her mother lost her job and moved across the country with her youngest daughter to join Fernando.

At home in Koreatown, the bills fell on Maria, who stayed behind with her 18-year-old sister, Pamela. Their parents send money, but even coupled with Maria’s $20-an-hour wage, it’s not enough to cover the $2,500 in monthly rent. She exhausted her $3,000 in savings and is still $15,000 behind on rent.

Maria worries about how she’ll protect her younger sister and keep both of them from becoming homeless.

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James Engel, a principal with the company that manages Bueno’s building, said the company planned to work with residents on multiyear repayment plans when rent protections expire, rather than pursue evictions and collections. He wouldn’t comment on individual tenants’ cases.

Maria says she doesn’t want to risk having the debt over her head and is looking for a second job during the pandemic.

The possibility of getting sick is a sacrifice she’s willing to make.

Source: latimes.com

Double-masking offers more protection from COVID-19, says CDC

Double-masking offers more protection from COVID-19, says CDC



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Home Decor Trends for 2021 – Good Day Sacramento

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Source: gooddaysacramento.cbslocal.com