Milky Way Retirement

  AUGUST 2022 NEWSLETTER Welcome you to this month's newsletter with Ha Le. I'd like to treat you with tea and mooncake and chit-chat a little bit because Mid-Autumn Festival is coming. This is a traditional festival in the Vietnamese community where family members get together and enjoy the full moon harvest. During this chance together, kids play with lanterns and eat cakes and fruit. Adults sitting at the table under the full moon share the good news about their own nuclear family. One of the good news these days was President Biden signed an executive order to cancel the student loans for those with income below $125,000. The amount canceled can be $10,000 or $20,000 depending on whether they received Pell Grants. 12 million people may be wiped out of all the student loans of $10,000. Other 30 million people's loan balance can be reduced. This piece of good news may cost the government from 300 billion to 980 billion dollars. Good news for student loan carriers. What do...

  Having seen a lot of questions about Long Term Care Insurance in a Facebook group, I attempt putting all information in a short post. Yes, I specialized in Long Term Care insurance (LTCi) and Long Term Care annuity. I hope what I wrote here can help you have a good understanding before shopping around for it. 70% of people above 65 years old will need Long term care (LTC), which will not be paid by Medicare or any health insurance you have. With the rising cost of health care, you have to plan big for LTC expenses. You can google and see how much LTC costs in each state, and compare, and plan for yourself. As far as I have known, there are 4 kinds of LTC insurance: -         Traditional LTCi – a lot of people when talking about LTCi will think about this kind-“ Use it or lose it”. The premium is the cheapest at the time you apply for it, but no guarantee to not increase.  -          LTC rider...

 Will you be a caregiver? We are caregivers for our kids from their very young age to adults. We know that we will be caregivers for our parents as they age and need help.  Traditionally, our Asian families have 3 generations living together under one proof. Now it all changes. We live in Virginia, my parents in-law live in California, and my parents are in Vietnam- more than 12-hour-flight away.  Most of the times, our parents want to be as independent as possible but long to be close to their kids and grandkids.  It is possible that we will do the same with our kids when we are aging. As parents, we don't want to be burdens on our kids.  We may be caregivers for our friends or neighbors if they need help.  But, do you know what caregivers look like? I was surprised to learn this from Lloyd Lofton's newsletter :  √   59%   of caregivers work full or part-time √   21%   of adults care for someone √   83%   care for relativ...