The first of the 78 million baby boomers turned 65 on January 1, 2011, and some 10,000 boomers a day will reportedly be turning 65 between now and 2030. If you are about to turn 65, then it is time to think about Medicare. You become eligible for Medicare as soon as you turn 65, and delaying your enrollment can result in penalties, so it is important to act right away.
Can there be a more difficult job than finding a nursing home for a parent or spouse? No one wants to live in a nursing home. They serve as institutions of last resort when it's impossible to provide the necessary care in any other setting. And, typically, the search takes place under the gun when a hospital or rehabilitation center is threatening discharge or it's no longer possible for the loved one to live at home. Finally, in most cases, finding the right nursing home is a once-in-a-lifetime task, one you're taking on without the experience of having done it before.
Driven in part by changing cultural mores and surrogate motherhood, older parents are becoming more and more common. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. If you are a later-in-life parent, you should take into account several special estate planning and retirement considerations.
The Tax Cuts and Jobs Act was signed into law on December 22, 2017 and represents the most significant reform of the U.S. tax code in over 30 years. Before we get into the details, you should be aware that almost everything listed below expires after 2025, and the tax structure reverts to its current form in 2026 unless Congress acts between now and then. However, the corporate tax rate cut from 35 percent to 21 percent does not expire.