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Finance FAQs #1

Provided here are all currently available questions with answers. You may return to your select point of entry or continue here, reading along for general information gathering. The following is not intended as a substitute for qualified legal, financial, psychological, or tax counseling. Please consult your attorney, financial consultant, or tax advisor as applicable.
Questions and Answers

Q1.How can I maintain my independence and avoid becoming a burden to my children?

A1. Donna Burrill, Burrill Financial Services :
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Minimize risk

    • Enroll in Medicare Part B
    • Obtain a Medicare Supplement/Medigap policy
    • Purchase the best long-term care policy you can afford
    • Create and maintain $500 - $1000 in a savings account or accessible, conservative investment for emergencies (healthcare, home/auto repairs, etc.)

Reduce and control expenses

    • If a Medicare HMO plan is available, it can save you insurance premiums by eliminating the need for a Medigap policy.
    • Check your life insurance policies to determine if you can suspend premium payments without ever losing coverage.
    • Know what your cost of living is and avoid impulse buying.
    • Raise homeowners and/or auto insurance policy deductibles if you can keep an emergency account.

Maximize income

    • Review all of your savings accounts and investments and retirement plan to be sure you understand any options available regarding permissible rates of withdrawal.
    • Learn about federally tax free sources of income
    • Understand which sources of income have the risk of depletion before the end of your life and which you cannot outlive.
    • Do you own a non-income producing asset that could be changed into incoming producing (i.e. your residence).
    • Learn about reverse mortgages
    • A charitable remainder trust might give you a higher lifetime income by managing your investments, business or real estate better than you can on your own.
    • Try to take as much income as you can that will not increase the taxation of your social security benefit.
    • Mix CD's with mutual funds invested in stocks and bonds.

Seek Help

    • Your Current auto and homeowner insurance agent
    • Your current life insurance agent, or one a friend recommends
    • Your local HMO insurance company.
    • Your health insurance agent or one a friend recommends
    • Local Social Security office.
    • Certified Financial Planner (CFP)
    • Chartered Financial Consultant (CHFC)
    • Your attorney and accountant, or one a friend recommends


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