Retirement

There’s a Stealth Tax retirees and near-retirees often don’t know about until they inadvertently trigger it, costing them a lot of taxes that often could have been avoided or reduced. Many taxpayers who pay this Stealth Tax aren’t subject to it every year. Instead, a change in their finances activates the tax. Many people don’t

The Older Americans Act, the umbrella federal law that includes programs such as Meals on Wheels, senior transportation, information services, adult day, and caregiver support was hours from being expanded and winning congressional approval for another five years. Now, its fate has become far more uncertain. Its all because the OAA, despite broad bipartisan congressional

The ability to switch Medicare plans isn’t as available as many beneficiaries are told or believe, and the Centers for Medicare and Medicaid Services wants beneficiaries to be more aware of the practical limits. In a section of new proposed regulations, the Centers for Medicare and Medicaid Services says that agents and brokers must discuss

Most workers approaching their retirement years haven’t saved enough money to retire full time at age 65 and continue their current level of spending. Let that disturbing conclusion sink in for a while. Unfortunately, many workers haven’t realized this fact and have unrealistic assumptions about when they can retire and their standard of living in

Helping aging parents can be a difficult journey as they age. Some elders are relatively simple, though always work, while other families experience a minefield with their parents. Some aging parents have always been manipulative in their lives. It can get worse with aging, when they expect more as their needs increase. Those with substantial

The gift-giving season is upon us, and if you’re like many, you’ll be looking for a last-minute gift that isn’t the same-old, same-old. This year, why not give the gift of a lifetime? Forget those faddish toys that get broken or lost within days. Give your kid or grandkid a Child IRA. “The primary benefit

It’s no secret that many people today are living longer compared to previous generations, extending their retirement years well into their mid-80s and 90s. That means that today’s older workers will need to fund longer retirements. Unfortunately, however, many are approaching their retirement years with modest savings. How can you address both of these critical

Ask family caregivers what sort of government support they want and their answer is clear: They want upfront cash. Not bigger future Social Security benefits. Not respite care or tax credits, not paid family leave, or even reimbursement for out-of-pocket costs. They want cash. That, at least, were the preferences of participants in four focus

By Rachel Leland, Next Avenue While reliable data shows that the very rich are, for the most part, getting much richer, some families go from “riches to rags” by failing to carefully pass down wealth from generation to generation. Some financial advisers tell their clients that only 30% of high-net-worth families succeed in transferring their

Another SECURE Act might be in the works in Congress. Extremely large bipartisan majorities ensured passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019 and the SECURE Act 2.0 in 2022. The two laws made numerous changes to qualified retirement plans, including 401(k)s and IRAs. The main goals of the

By Lin Grensing-Pophal, Next Avenue Mary has worked in marketing at a major health care organization that is committed to promoting from within and has a leadership development program that invites 20 people across the organization each year. Mary has yet to be invited, despite often telling her manager that she was very interested. Is

By Ashley Milne-Tyte, Next Avenue It’s happened twice in the last 18 months. After canceling accounts with a cable provider and a cellphone company, each said I would receive a partial refund. Having battled through multiple menus to reach a human being to cancel with, I hung up feeling satisfied. I had tied up my

By Mark A. Stein, Money & Policy Editor, Next Avenue By almost any measure, more Americans are in or are rapidly approaching retirement with more debt than at any time in the country’s history. At the end of the most recent quarter, people aged 70 and over owed a total of $1.63 trillion, according to

People often associate the entire realm of digital assets with Bitcoin or cryptocurrencies, but digital assets are much more than that. In fact, digital assets comprise all electronically stored pieces of information used and owned, ranging from emails, text messages, social media posts, self-recorded videos, photos, blogs, websites, downloaded videos, and songs, to art, NFTs,

By Marie Sherlock, Next Avenue “Never doubt that a small group of thoughtful, committed, citizens can change the world. Indeed, it is the only thing that ever has.” In this revered quote, anthropologist Margaret Mead neatly sums up the grassroots magic of giving circles: that a few like-minded souls working together can make a difference.

Throughout history, elders in cultures around the world were the ones who were responsible to think about the future, pass on their wisdom, and make critical decisions to positively impact future generations. The best example of this is the Seventh Generation Principle. Native American tribes believe in the idea that “our decisions today should consider

By Deborah Lynn Blumberg, Next Avenue Gerry Galewski of Milwaukee retired at age 69 after a 47-year career working in computer technology, most recently for a software development company. Galewski lasted six months before he got restless and “unretired,” taking a job stocking shelves at his local supermarket. “It was a way to keep me

Recently, I had the privilege and pleasure of meeting with Dr. Daniel Crosby, the author of several great books, including his newest, The Soul of Wealth. We met ostensibly to discuss the book, which we did, but he shared something else with me that is tangential to its themes, which was not explicitly mentioned. Whether

Many people are surprised and shocked when they learn what happens when retirement account owners neglect simple details about the tax code and their accounts. A review of some recent court cases brings the points home. The newest case involved the 401(k) of the late Jeffrey Rolison, who had worked at Procter & Gamble for

Last month, I was talking with a friend about his Medicare Advantage plan for 2025. He will begin taking a Tier 5 medication in January and wanted to know about the coverage and costs. I found that the drug would be covered and his costs would be capped at $2,000. He would probably meet that