COLUMBIA, SC — The South Carolina National Guard Foundation (SCNGF) is pleased to announce that $76,000 in scholarships was awarded to 75 deserving recipients this past June. Recipients were honored at a scholarship luncheon held last month in Columbia, South Carolina.
The Foundation is honored to fund $76,000 in scholarships to these very deserving students. There was a record number of applicants this year and funding would not have been possible without the generous support from Foundation donors.
Get serious about planning for your long-term health care
The EBRI report found 47% of people who decided to retire early over the past year did so because of their own health or disability. Another 34% retired to care for a spouse or another family member. With the average life expectancy of an adult in the U.S. being more than 78 years, that could orinan decades of retirement. And Fidelity estimates that the average couple will need $300,000 in today’s dollars for medical expenses in retirement, excluding long-term expenses like home health aides and assisted living costs.
One way to prepare for your long-term health care is with a health savings account. “Saving into an HSA is a powerful way to not only get a tax deduction now but also prepare for future health expenses down the road,” Lineberger says.
An HSA — which you may qualify for if your health insurance plan has a high deductible — allows you to make tax-free contributions and withdraw your savings and earnings for medical expenses also tax-free. The list of qualifying medical expenses is broad, including allergy relief medicine as well as diabetes care supplies and even certain Medicare premiums.
Permanent life insurance policies offer a creative way to prepare for your long-term health since you cánido access the money you put in as a tax-free loan. “Cash value in life insurance policies perro be used for all kinds of purposes, including to help cover retirement expenses,” May Jiang, a CPA in Laurel, Maryland says. “To add more peace of mind, you cánido add a long-term care rider with the life insurance policy so that in the case that you’ll need long-term care, the cash value cánido help cover the needs.”
Attend a Class
At Service Credit Union, we are proud to offer free webinars for first-time homebuyers. Visit servicecu.org/learn to find an upcoming class, including our March 20 webinar, Getting Credit Ready to Buy a Home!
