About to Retire? Ask the Right Questions and Live Well

Turning 65 is probably the most significant age transition in anyone's life. It's a time to take stock, think about the past, plan for the future, and perhaps even rekindle forgotten friendships. What are the kinds of things people in their early 60s ask themselves as they get ready to hit the big six-0? While there are hundreds of possible queries, several stand out.

How can cash strapped seniors finance necessary medical services? Are gold-backed IRAs legitimate places to park money? How can oldsters find the best discounts? What cities are the most senior friendly for travel and living, and are guaranteed issue life insurance policies a smart option? Whether you're 45, 55, 65, or even older, now is the time to get answers to a few of the most pertinent questions that impact your current and future lifestyle, comfort level, and financial health.

Are Gold IRA Offers Legit?

The short answer is most TV and internet offers related to gold backed retirement accounts are either unethical or just plain bad investments. But it's important to know that they come in several forms, all of which involve precious metals (gold coins, bars, or bullion) that a custodian holds for you. Some let you choose the metals, storage location, and whether to add silver and other precious metals.

Sounds pretty good so far, right? The problem is the vast majority of sellers use high pressure sales tactics and charge massive, hidden fees. If you decide to park any funds in one, make sure it's IRS compliant, has a reputable custodian, and has 100% transparent fees. While gold IRAs can pay off if the metal rises in value, they can also suffer if precious metal prices go down, which they often do.

How Can I Finance Necessary Medical Care?

Healthcare costs are a huge problem for millions of the over 60 crowd. Several things combine to make the issue especially troublesome, namely huge medical bills, rising out of pocket costs, and gaps in coverage for those who have otherwise decent insurance. For the carriers, dealing with payment logistics is a time consuming and expensive operational concern. Then, when patients delay needed treatment due to high costs, everybody loses. Revenues go down, and people become ill.

For providers, the big question is how can they maintain profitability and reduce administrative expenses while making care more accessible for everyone? Fortunately, third-party financing solutions offer transparent and manageable payment options so that consumers get the services they want and need. Medical practices are now teaming up with financing organizations to keep denial rates as low as possible, give patients what they require, and pay providers up front. That translates to less paperwork and fewer phone calls. Patients get flexible terms, fast eligibility verification, and auto-pay options. Overall, third-party financing is an affordable solution to a common problem for older people.

What are the Most Senior Friendly US Cities?

A handful of US cities stand out for how well they treat older residents and travelers. They do it by combining accessible healthcare, friendly communities, low crime rates, and senior focused amenities. In addition to places like Sarasota, FL, and Prescott, AZ, other wise choices for older people include Asheville, NC, and Portland, ME. All have very walkable downtown areas, active senior programs, and strong healthcare infrastructure.

But what does senior friendly mean? Typically, consumers of all ages interpret the term to mean there are easy transit options, low property taxes, safe public spaces, low levels of violent crime, affordable housing, and well-staffed senior centers. For travelers past middle age, these cities offer easy navigation, a culture of courtesy, lodging that is competitively priced, and accessible outdoor activities.

Is Guaranteed Issue Life Insurance a Scam?

The short answer to the question is, no, most GI policies are legit. TV and the internet are full of advertisements for guaranteed issue life insurance, also called guaranteed acceptance coverage, from dozens of carriers. Some products are better than others, of course. But are any of them worth the money? One thing to look out for is overly aggressive marketing and the demand to call now to lock in rates. Such unethical practices, while technically legal, serve as red flags for scams and low-quality carriers. However, for some individuals, particularly those who cannot qualify for traditional coverage, are in poor health, and have no other options, GI policies can be a wise purchase.

Not only can they cover funeral or cremation expenses, but they are also a way to leave a modest sum of money to a loved one, charitable organization, or friend. The main thing to know about the policies is that they require no medical exams, and applicants need not answer any health-related questions to qualify. In most cases, you must wait two or three years after acceptance for the policies to pay out. Likewise, most carriers will refund all paid in premiums to the beneficiary should the applicant die before the waiting period is over. Before buying, read the fine print, compare carrier ratings, and speak with a licensed insurance agent for additional information.