Retirement

Some families are products of second, and sometimes third marriages, and with aging parents in the mix, it can get contentious. Mark and Mara, siblings by their Dad’s first marriage, have always been close. They were never particularly connected to his wife, Zena over the years, nor her daughter Roberta. Now, both the aging parents

By Richard Eisenberg, Next Avenue Editor Some people think high health care costs aren’t a problem for Americans 65 and older because Medicare pays all their medical expenses. But a new eye-opening report from The Commonwealth Fund, a nonprofit health care think tank, shows just how wrong that presumption is. In reality, Americans 65 and older

By Debbie L. Miller, Next Avenue In May 2019, Joan and Steve Reid left their part-time day jobs – Joan at the public library and Steve at a florist — and relocated from the affluent New York City suburb of Pearl River to the oceanfront community of Vero Beach, Fla. The aim for the couple, both

Medicare open enrollment begins October 15 and runs through December 7 this year. Open enrollment can be an opportunity to revisit your health care plan preference: You can choose Traditional Medicare or a Medicare Advantage (MA) plan, although some restrictions can apply.  A recent survey by The Commonwealth Fund shows that both types of plans

For more than twenty years, I have advocated “Pay Taxes later, except for the Roth.” This applied in the accumulation stage when you are accumulating money for retirement, the distribution stage when you are deciding which assets to spend first, and even in the estate planning stage. I always said there were some exceptions to this bedrock

“I recently retired at 65 with $500,000 of financial assets – I was never very good at saving money and don’t own a home. My income from here on out will be social security plus whatever I can squeeze out of the $500,000 of assets before it is all gone. How do I do that

Crypto currencies are certainly in the spotlight. As of September 24, 2021, Bitcoin (BTC), the largest crypto currency, had a market cap of about $776 billion. The total market cap of all traded cryptos is about $2.1 trillion. As the cryptocurrencies become mainstream, planning issues abound in the tax area, particularly with loss harvesting and

You’ve had a successful career and you’re almost ready to retire. While still in your peak earning years, is there a tax efficient way to give back? During this time, when you’re in a high tax bracket, charitable giving can both benefit others and help you set yourself up for retirement. With some planning, everyone

Most state and local pension funds turned in stellar performances for the fiscal year ending in June, reflecting a roaring stock market. But as this episode of What’s Ahead makes clear, one great year doesn’t wash away decades of underfunding, poor plan performance and mismanagement. These pension funds still don’t have sufficient assets to meet

There is nothing like a crisis to illuminate the benefits of basic financial skills. A staggering number of households entered the pandemic unprepared to withstand any economic shock, let alone one of the magnitude of COVID-19. The consequences are reminiscent of the 2007–2008 US financial crisis when individuals were enticed to buy homes that exceeded

Last week, I spoke with three individuals who discovered recently that they do not have the Medicare coverage they need. Each person’s set of circumstances is unique and their prior decisions, while understandable at the time, have turned out to be less than ideal. Consider Mick, Larry and Samantha. Mick turned 65 in December 2016.

The month of October is known for a lot of things, shorter days, cooler temperatures, falling leaves and the arrival of pumpkin spice everything—from baked goods to coffee, yogurt, smoothies, beer—and yes, even pumpkin spice turkey. It also marks the start of Medicare’s annual open enrollment period, which begins on October 7 and ends on

If you’re within 5 years of retiring, you have a window of opportunity. Don’t miss it. A little intentionality now can set the stage for a successful retirement.  Years ago, I planned a backpacking trip through the Grand Tetons in Wyoming. I started by casting my vision for my adventure: the trails I’d hike, the

In recent articles, I have lamented poorly designed components of the Reconciliation Bill, from a poorly-designed “free childcare” program to a family leave plan that’s designed to be “free” rather than funded by the workers who benefit, to a Medicare drug benefit that’s planned to be implemented at the same time as Part A Medicare

Financial planning has struggled to emerge as a true profession. This is in part because some of the most powerful voices in financial services would still rather relegate the practice as a means to the end of product sales rather than advice as an end unto itself. Indeed, with the financial services industry cited as

In late September, Chicago Mayor Lori Lightfoot delivered her 2022 budget address to the City Council. It was filled with a long list of new spending programs, including $400 million for community safety/violence reduction plans, $52 million for increased mental health services, $240 million for subsidized housing programs, $20 million for artists, and the list

By Ronni Gordon, Next Avenue Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements? It’s quite likely they won’t unless you take a few essential steps now. “If you have a bank account in a single person’s name, it can take

By Gwen McKinney, Next Avenue One day I looked in the mirror unnerved by the image peering back at me. Who is this older woman and where’s the me I know? This existential question is shaped by coming of age in an era when women were seen and heard. Today, sadly, we are virtually erased by the larger

By Kerry Hannon, Next Avenue Every once in awhile, while covering the older workers and personal finance beats, I run across a research report that stops me cold. “Hidden Workers: Untapped Talent” fits that bill, revealing the cruel underbelly of hiring. I’d even call it explosive. The findings of the 74-page “Hidden Workers: Untapped Talent” come

As public pensions across the nation continue to spiral downward, pension trustees and participants, unions, and taxpayers in states including Alabama, California, Florida, Kentucky, Illinois, Ohio, North Carolina and Rhode Island are increasingly raising their voices to urge the SEC to stop rampant mismanagement of pension investments and looting by Wall Street. While the SEC