Amy Budish - Golden Opportunities: Hundreds Of Money-Making, Money-Saving Gems For Anyone Over Fifty

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Contents

To our beloved grandparents and parents who gave us a past worth remembering and a present worth living for. And to our children who give us hope for an even better tomorrow.

Acknowledgments

This book would not have been possible without the tremendous contributions of many individuals.

Four very special people spent a great deal of time and energy providing their expertise to make known the very best gems available. Susan H. Starr, consultant for The Wyatt Company, was of invaluable help with the Social Security chapters. Diane Archer, Executive Director of the Medicare Beneficiaries Defense Fund, and Mike Klug, Senior Program Specialist for the Medicare/Medicaid Assistance Program of the American Association of Retired Persons, both nationally recognized for their knowledge and experience with Medicare, patiently and carefully worked us through the Medicare maze. Gary A. Zwick, Director of Tax for the public accounting firm of Cohen and Company, deserves tremendous thanks for the hundreds of hours he devoted to writing, developing, and shaping the many glittering Retirement Plan gems in Chapter 6.

Thanks to James M. Brown, past president of the National Organization of Social Security Claimants Representatives and an expert in handling Social Security disability claims; Douglas C. Carlson, tax partner at Hahn Loeser & Parks; Ken Scholen, founder and director of the National Center for Home Equity Conversion and the nations leading authority on reverse mortgages; and Ronald B. Abrams, director of legal publications and training for the National Veterans Legal Services Project and editor of The Veterans Advocate; all of these experts in their fields helped us discover the keys to open the treasure chest of gems presented in the following pages.

We also want to acknowledge a number of other professionals who graciously shared their perspectives with us: Susan Axelrod, Director, City of Cleveland Department of Aging; Kathleen Hogue and Elaine Molis at Mediform, Inc.; Sue Biagianti, Tony Thomas, and Lynn Wasserman of Jewish Family Service Association; Janine Weisfeld, M.S.S.A., geriatric social worker at Mt. Sinai Medical Center; Ned Grossman, president of Grossman and Associates; and Susan Strippy, President, Hospitalization Assistance. And, not to be forgotten, Carl Jones, for providing the encouragement and strong java that kept Amy going through the seemingly endless drafts of this book.

There even were people within the Government who helped. To make sure they dont lose their jobs, we wont thank them by namebut you know who you are. You are public servants in the truest sense.

Finally, we would like to thank Melanie Handlovic, April Funke, and Joyce Gordon, who helped transform our scrawl into type. And a very special thanks to Susan Kreps, who somehow managed to do a thousand jobs at the same time!

Introduction

The golden years. We Americans spend our lives working and saving for the day when we will finally get the freedom to really start enjoying life. At least thats the dream.

But millions of older Americans have discovered that the gold in their golden years is of the fools variety. The retirement they lived and planned for will never come to pass because they dont have sufficient cash. Forget about all those nice extras; were talking basicsmoney to buy food, shelter, and health care.

The pot of gold that is supposed to be waiting at the end of the rainbow does not have to be as fictional as a leprechaun. Most seniors actually are missing out on money that is legally available to them. The treasure is out thereyou just need to know where to dig. In the pages that follow, well help you find your way.

Sadly, thanks to our friends in Washington (the keepers of the keys), millions of tax-paying older citizens have suffered financial pressures that could have been avoided. You do not have to join the unhappy ranks. We have committed an act of piracywe have broken into the Fort Knox of Government benefits and uncovered the best legal strategies available to you for claiming your share of the gold from the Governments treasure chest.

Well explain how you can strike gold in the Social Security, Medicare, and Medicaid programs; how you can s-t-r-e-t-c-h your income from company pensions, IRAs and other retirement programs, Supplemental Security Income, Civil Service, and Railroad Retirement; how you can find hidden cash in your home; and how you can beat the tax man. Our proven techniques will empower you to change old to gold.

With this book we are handing you the treasure map, deciphered from a mine of unintelligible government rules and regulations. Read on to discover the resource-stretching gems that can add lustre to your golden years.

Heres a sampling of what you are about to dig up:

Retiring at age 62, and even at age 60, rather than waiting until 65 or 70, can add tens of thousands of dollars to your bank account; .

A carefully timed divorce can add hundreds of dollars to your monthly income, and can also put extra cash into the pockets of your spouse and children. Dont worry; you may remarry your ex-spouse after you cash in (if you want to); .

The Government charges a top secret tax on Social Security benefits. By spreading out the terms of investments, or making tax-free investments, you can cut this secret tax and save many hundreds of dollars; .

Working after you retire can cost you plentyUncle Sam takes as much as 50 cents of every dollar you earn! Well tell you about the legal loopholes that will let you keep a lot more of your money; .

Take stock of your incomeby changing salary into dividends, you can reap big profits; .

Uncle Sam provides you with a lucrative life insurance policyand its free for the asking; Chapter 2.

If your spouse dies, you could retire with benefits as early as age 50if you know how! .

Strategically timed shifts from Social Security retirement to survivor benefits, or from survivor to retirement benefits, can add hundreds of dollars to your monthly checks; .

Back pain, arthritis, headaches, and any other health problems that prevent you from working may qualify you for lucrative disability benefits under Social Security. Well give you the buried tips on how to cash in! .

You can work and receive disability paychecks at the same time, but you need to know the hidden rules; .

If you are denied Social Security benefits, you can fight city hall and win! Our gems will help; .

Knowing your real birthday can gain you one extra month of Medicare benefitsa surprise present from Uncle Sam! .

The Government doesnt tell you when to apply for Medicare, yet any delay can be very costly. Well tell the secrets on how to time your application so you dont get caught naked; .

Get retroactive Medicare coverage for bills already incurred; .

Medicare will pay for nursing home services and at-home care in many cases, but the Government doesnt want you to know about it; .

The Government unfairly denies many valid Medicare claims. But you can overcome! Chapter 5.

You can get an interest-free and tax-free loan from your pension plan or IRA! .