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Savvy Senior: Understanding Social Security Spousal Benefits
By Jim Miller
Dear Savvy Senior,
How do Social Security spousal benefits work? My wife, who’s approaching age 62, has had a few small-paying jobs over the years, but spent most of her time as a homemaker. What is she entitled to?
Primary Breadwinner
Dear Breadwinner,
Spousal benefit questions are among the most frequently asked and confusing parts of Social Security. The rules that govern qualifying and claiming are knotty, and there are many exceptions. But understanding how these benefits work is crucial for maximizing your family’s retirement income. Here’s what you should know.
What Are Spousal Benefits?
Social Security spousal benefits are designed to provide retirement income to spouses who either didn’t work or worked sporadically/part-time and earned significantly less than their spouses over their working lifetime. A stay-at-home parent is a good example of a spousal benefit recipient.
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Savvy Senior: Best Online Will Makers
By Jim Miller
Dear Savvy Senior,
Can you recommend some good online resources for writing a simple will? I’m 70 and divorced and want to get my affairs organized, but I hate paying a high-priced attorney fee if I can do it myself.
Don’t Have Much
Dear Don’t,
Having a last will and testament is an important document to have because it ensures that your money and property will be distributed to the people you want to receive it after your death. Currently, fewer than one-third of American adults have prepared a will.
If you die without a will, your estate will be settled in accordance with state law. Details vary by state, but assets typically are distributed using a hierarchy of survivors. Assets go first to a spouse, then to children, then your siblings, and so on.
You also need to be aware that certain accounts take precedence over a will. If you jointly own a home or a bank account, for example, the house, and the funds in the account, will go to the joint holder, even if your will directs otherwise. Similarly, retirement accounts and life insurance policies are distributed to the beneficiaries you designate, so it is important to keep them up to date too.
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Savvy Senior: How to Make a Home Safer and More Accessible as You Age
By Jim Miller
How to Make a Home Safer and More Accessible as You Age
Dear Savvy Senior,
What simple tips can you recommend for making a home age friendly? My husband and I are in our late-sixties and want to remain living in our home for as long as possible.
Homebody Hanna
Dear Hanna,
Many older adults, like you and your husband, want to stay living in their own home for as long as possible. But being able to do so will depend on how easy it is to maneuver your living space as you get older.
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Savvy Senior: Is Long-Term Care Insurance Worth It?
By Jim Miller
Dear Savvy Senior,
My husband and I have been thinking about getting a long-term care insurance policy, but we hate the idea of paying expensive monthly premiums for a policy we may never use. Is long-term care insurance worth it?
Approaching Retirement
Dear Approaching,
There are two key factors you need to consider that can help you determine if purchasing a long-term care (LTC) insurance policy is a smart decision for you and your husband. One factor is your financial situation and second is your health history. Currently, around 7.5 million Americans own a policy.
Who Needs LTC Insurance?
As the cost of LTC – which includes nursing home, assisted living and in-home care – continues to rise, it’s important to know that most people pay for LTC either from personal savings or Medicaid when their savings is depleted, or through a LTC insurance policy.
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Savvy Senior: How to Get Help with Your Medicare Costs
Narration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
Does Medicare offer any financial assistance for struggling seniors? My mom lives primarily on her Social Security survivor benefit and is having a hard time paying her Medicare costs.
Need Assistance
Dear Need,
There are actually several different financial assistance programs that can help Medicare beneficiaries who are having a difficult time paying their out-of-pocket health care costs. Here’s what’s available, along with the eligibility requirements and how to apply.
Medicare Savings Programs
Let’s start with a program that helps pay premiums and out-of-pocket costs for Medicare Parts A and B. It’s called the “Medicare Savings Program,” and it has several different benefit levels for people based on their income and asset level. At its most generous the program will pay your Part A and B premiums and pretty much all your Medicare deductibles, coinsurance and copayments. At its least generous the program will pay just your Part B premium.
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Savvy Senior: Is Social Security Still Taxable?
Narration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
Do I have to pay taxes on my Social Security retirement benefits? I heard that President Trump’s big, beautiful bill eliminated that. What can you tell me?
About to Retire
Dear About,
No, the new law, better known as the ‘One Big Beautiful Bill Act’ did not eliminate Social Security taxes. It did, however, provide a temporary “senior bonus” deduction (starting in 2025 through 2028) of up to $6,000 that will apply to taxpayers, age 65 and older, who earn up to $75,000 for singles or $150,000 for joint filers. If you earn over that amount, the deduction starts phasing out.
Also note that the senior bonus is a deduction, not a refundable credit, so it will not help lower-earning seniors who owe no income taxes.
Who Owes SSA Taxes?
Whether or not you’ll be required to pay federal income tax on your Social Security benefits will depend on your income and filing status. About 40 percent of Social Security recipients have total incomes high enough to trigger federal income tax on their benefits.
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Savvy Senior: Does Medicare Cover Ambulance Rides?
Narration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
A few months ago, I took an ambulance to the hospital emergency room because I had a nasty fall at home, but just received a hefty $1,050 bill from the ambulance company. Doesn’t Medicare cover ambulance rides?
Frustrated Beneficiary
Dear Beneficiary,
Yes, Medicare does cover emergency ambulance services and, in limited cases, nonemergency ambulance services too, but only when they’re deemed medically necessary and reasonable.
So, what does that means?
First, it means that your medical condition must be serious enough that you need an ambulance to transport you safely to a hospital or other facility where you can receive care that Medicare covers.
If a car or taxi could transport you without endangering your health, Medicare won’t pay. For example, Medicare probably won’t pay for an ambulance to take someone with an arm fracture to a hospital. But if the patient goes into shock, or is prone to internal bleeding, ambulance transport may be medically necessary to ensure their safety on the way. The details make a difference.
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Savvy Senior: Where to Find Senior Discounts in 2025
Narration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
My husband and I are in our 50’s and would like to know what resources you recommend for locating senior discounts, and what age do they kick in?
Frugal Fay
Dear Fay,
One of the great perks of growing older in America is the many discounts that are available. There are literally thousands of senior discounts on a wide variety of products and services including restaurants, travel and lodging, entertainment, retail, health, grocery stores, automotive services and much more. These discounts – typically ranging between 5 and 25 percent off – can add up to save you hundreds of dollars each year.
So, if you don’t mind admitting your age, here are some tips and tools to help you locate the discounts you may be eligible for.
Always Ask
The first thing to know is that most businesses don’t advertise them, but many give senior discounts, so don’t be shy about asking.
You also need to know that while some discounts are available as soon as you turn 50, many others may not kick in until you turn 55, 60, 62 or 65.
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Savvy Senior: How to Find Affordable Senior Housing Near You
By Jim Miller
Dear Savvy Senior,
Are there any resources that you know of that can help seniors locate affordable housings? My sister, who’s 65 years old, needs to find a different place to live but has very little money. What can you tell me?
Searching Sister
Dear Searching,
Finding affordable senior housing options can be challenging depending on where your sister lives. Senior apartments for some retirees are a good option, and you’ll be happy to know that there are several government programs that can help financially. Here are some tips that can help your sister locate an apartment that fits her budget and living preferences.
Start with HUD
The U.S. Department of Housing and Urban Development (HUD) offers a variety of resources that can help lower-income people, like your sister, locate and pay for housing. Here are three different programs to look into.
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Savvy Senior: Beware of the Medicare Advantage Trap
By Jim Miller
Dear Savvy Senior,
I will be enrolling in Medicare in a few months and would like to know if I initially enroll in a Medicare Advantage plan, am I able to switch back to original Medicare and get a supplemental (Medigap) policy and prescription drug plan later with without paying a fine?
Almost 65
Dear Almost,
You won’t be subject to any fines for switching Medicare plans, but you will be subject to medical underwriting for the supplemental (Medigap) policy. That means the private insurance companies that offer these plans can deny you coverage or charge you a lot more for preexisting conditions. This is known as the Medicare Advantage trap. Here’s what you should know.
Understanding MA Plans
Medicare Advantage plans (also known as Medicare Part C) are government approved health plans sold by private insurance companies that you can choose in place of original Medicare. The vast majority of Advantage plans are managed-care policies such as HMOs or PPOs that require you to get your care within a network of doctors.
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Savvy Senior: Who’s Eligible for Social Security Disability Benefits?
Narration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
What do I need to do to get disability benefits from Social Security? I’m 60 years old and have a medical condition that doesn’t allow me to work at my job anymore, but I’ve read that getting disability benefits is very difficult.
Need Help
Dear Need,
Getting Social Security Disability Insurance benefits (SSDI) when you’re unable to work can indeed be challenging. Each year, approximately 2 million people apply for SSDI, but around two-thirds of them are denied, because most applicants fail to prove that they’re disabled and can’t work. Here are some steps you can take that can help improve your odds.
Are You Disabled?
The first thing you need to find out is if your health condition qualifies you for Social Security disability benefits.
You generally will be eligible only if you have a physical or mental impairment severe enough that it prevents you from working in your current, or past line of work, for at least a year.
There is no such thing as a partial disability benefit. If you’re fit enough to work part-time, and you’re earning more than $1,620 ($2,700 if you’re blind) a month on average in 2025, your application will be denied. But, if you’re not working or are working but earning below those limits, your application may be considered.
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Savvy Senior: What Is a Spousal IRA?
Naration provided by Wondervox
By Jim Miller
Dear Savvy Senior,
What can you tell me about spousal IRAs? My spouse and I are in our 50s and are looking for ways to boost our retirement savings. My wife is a homemaker and caregiver, and works parttime too, but her income is very small.
Need a Boost
Dear Need,
Saving for retirement can be very difficult for married spouses who stay home to care for family or otherwise have scant income. But there is a little-known tax break offered by the Internal Revenue Service – known as a spousal IRA – that can help them, and their partner save for retirement.
Spousal individual retirement accounts allow a working spouse to contribute to a nonworking or low-earning spouse’s retirement savings. They can be set up as a traditional IRA or Roth IRA, which allow couples to save for retirement on a tax-deferred or tax-free basis.
How They Work
A spousal IRA isn’t a unique type of IRA or a joint account, but instead it is a separate IRA opened and owned in the name of the nonworking or low-income earning spouse. This will not only help boost your family’s overall retirement savings, but it provides non-working/low-earning spouses access to their own funds in an unforeseen event like the death of their spouse, divorce, or illness.