Recipients of Social Security benefits are at risk from scammers who attempt to redirect electronic payments to accounts they control. An estimated $28 million was stolen this way between October 2011 and June 2013. The thieves proceed by obtaining a recipient’s Social Security number and other personal information, sometimes by posing as a telemarketer or…

Many older people are reluctant to discuss financial matters, even with close family members, but when a loved one passes away, there are certain things you will need to know. Neglecting to talk with aging parents about financial and estate planning matters can result in significant difficulties in handling these affairs after death. It is important to think about both how to have the conversation and what needs to be talked about.

The Social Security Administration (SSA) allows recipients of Social Security benefits to check their benefits information online, change their information for direct deposit, and accomplish other tasks. To create an account, you must be at least 18 years of age, and have a Social Security number, a U.S. mailing address and a valid email address. The process of creating an account is straightforward and involves submitting personal information and choosing a username and password…

The Supplemental Nutrition Assistance Program (SNAP) provides low-income Americans with financial assistance to buy groceries, and many older Americans rely on it. However, only about a third of eligible seniors participate in the program, perhaps from a mistaken understanding of who is eligible and how much assistance is available. Seniors need to know about SNAP’s deductions for medical expenses. SNAP makes sense for many New York seniors, especially because the state allows individuals to have savings and still qualify for benefits.

More women tend to need long-term care coverage, and they will be paying more for it.

Prices for long-term care insurance will soon reflect the reality that women live longer and file more claims than men. That change could mean significant upheaval in an already confusing and unpredictable market—and for some women who have been on the fence about buying such coverage, it creates a new decision-making deadline. Gender-based long-term care policies are beginning to be offered to women who apply for individual coverage…

Women coming home from military service are joining the ranks of the homeless in the U.S. The male former service members who become homeless after returning to the States largely do so when battling mental illness and/or substance abuse issues.  Female vets come home with those issues as well as a tougher time finding gainful employment and housing. Even more often, these women come home with issues stemming from military sexual trauma, or MST, which can cause or exacerbate post-traumatic stress disorder…

A report by the U.S. Department of Veterans Affairs (VA) has confirmed that disabled veterans continue to face unreasonable delays in receiving benefits.  According to the report, the average time to process a veteran’s disability claim is 272 days, an increase of 40 percent since 2011.

Every day approximately 53 veterans die while waiting for their benefits.  The VA has a backlog of about 900,000 claims.  Eric Shinseki, the United States Secretary of Veterans Affairs, has said that the claims system will be improved significantly by 2015.

Congress has renewed a charitable rollover provision for individual retirement accounts (IRAs) that applies to people age 70-and-a-half and older.  The provision had expired and has now been renewed through the end of 2013.  The provision has several tax benefits.

IRA owners who meet the minimum age requirement can donate up to $100,000 directly from their retirement account to charities such as churches, schools and other nonprofit organizations – although not most private foundations.

New York seniors are getting a prescription price break.

According to the AARP, almost 300,000 New York seniors enrolled under the state’s Elderly Pharmaceutical Insurance Coverage (EPIC) program are slated to receive co-payment assistance this year. Co-payment assistance, canceled due to budget constraints, was restored in the state’s budget as of January 1, 2013, though funding past March 31, 2013 has yet to be determined.

James Gandolfini, the actor who played mafioso Tony Soprano on HBO’s The Sopranos, died on June 19 of a sudden heart attack. Gandolfini had a reported net worth of $70 million. He had executed a new will in December of 2012 and had created at least one trust, for his son Michael. Although the actor clearly put some thought into estate planning, his estate will end up paying millions of dollars in federal and state estate taxes, much of which could have been delayed or reduced through the proper use of trusts and other estate planning tools.