Suppose that automobiles were marketed like retirement plans. Then the chassis, engine and tires would be marketed by different firms, and the buyer would have to put them together. Yes, this would be absurdly inefficient, yet that is exactly the case with retirement plans. The three major components – financial asset management, annuities and HECM
Retirement
By Richard Harris, Next Avenue It’s been a little over two years since we lost Mary Martha Corinne Morrison Claiborne Boggs Roberts to breast cancer at age 75. The story goes that her older brother Tommy couldn’t pronounce Corinne, so he gave her the nickname “Cokie” and it stuck. But when she first came to NPR in
Would you be interested in earning 7.12% annual interest on an investment that’s guaranteed by the U.S. government? And not lock up your money for years? This is not a come-on nor is it a time machine to travel back to the good old days of higher interest rates. You can now buy Series I
The Build Back Better social spending bill the House passed this morning includes a long list of important changes aimed at improving the quality of life of older adults. There is much left to be done, and even this bill may be pared back in the Senate. But following the pandemic catastrophe for older adults,
You’d have to be living in a cave on some uncharted isle to not have heard of Bitcoin. It’s perhaps the most well-known of all the cryptocurrencies. “Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous,” says Adam Bergman, CEO and Founder of IRA Financial in
Today’s Social Security column addresses questions about filing options given the 2022 COLA, when survivor’s benefits can be available and determining the best options for taking spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here. Have
Private equity firms widely distribute their prospectuses and offering materials to prospective wealthy investors as they trawl globally to raise capital for their costly, high-risk funds. Yet when state and local government pension stakeholders request prospectuses of the funds in which their pensions invest, PE firms claim these very same broadly disseminated documents are “trade
It’s quite amazing to consider that in the United States, half of today’s 5-year-olds can expect to live to age 100. The extra years of life that we’ve gained over the past 100 years is one of humankind’s greatest achievements. However, these gains produce their own challenges—and opportunities. The trouble is, current norms, expectations, employer
What’s new in 2022? A lot. For one, as of Friday, Nov. 5, 2021, the IRS posted new tables on IRS.gov that delineate 2022 IRA limits — some changed from 2021; some remained the same. Let’s review contributions and deductions. Contributions To Traditional IRAs Unchanged Everyone who has earned income no matter the age (even
According to the Bureau of Labor Statistics, the most recent monthly year-over-year inflation number came in at a whopping 6.2%, marking the fifth consecutive month inflation has clocked in at 5% or more. The last time inflation was this bad (1990), we were just learning what happened when Kevin McCallister found himself home alone during
Millennials are banking on the Great Wealth Transfer. The Silent Generation and the Baby Boomers, upon their death, will transfer an estimated $30 to $68 trillion to adult children. The story goes that the transfer will transform young consumers into alpha buyers of real estate, other big-ticket items, and convert them into great next-gen clients
Washington State’s first-in-the-nation public long-term care insurance program is headed to court. A group of employers and workers has sued the state with the goal of getting the law overturned. The lawsuit, filed on behalf of three employers and six workers, argues that the insurance program violates a long list of federal and state laws
By now, you have probably heard that every day 10,000 or so baby boomers are turning 65. The Coronavirus may have pushed millions of Americans to retire earlier than expected. Some of you reading this have already entered retirement. I’ve been helping with people’s retirement planning long enough to know that many of you are likely
How much income does it take to live comfortably in retirement? The answer to this question has remained much the same over the past 10 years, but the recent spike in inflation may have you rethinking the answer. As I see it, 2021’s burst of inflation is the temporary byproduct of the post-pandemic recovery. I
My recent Forbes column on how retirement withdrawals will be affected due to new 2022 RMD tables brought some important RMD-related questions from a reader. Single With An IRA D.M., a single female, wants to know if there are gender differences in RMD distribution tables. The answer to D.M. is “no”; the IRS tables are
Interest in true self-directed IRAs is increasing, and that naturally is increasing the number of scams based on self-directed IRAs. A true self-directed IRA is one that essentially is allowed to invest in any asset allowed under the tax code. The tax code prohibits an IRA from owning only life insurance and collectibles. Most IRAs,
More people are working after age 65. If that’s you and you’ve been thinking of moving, I have some data to share about how to think through the choices you have ahead of you. There are, of course, many factors that are involved in the decision to move, from affordability (Is there a state
By Richard Eisenberg, Next Avenue Editor Odds are, you’ve seen those Medicare Advantage TV commercials featuring the likes of William Shatner, George Foreman, Jimmie Walker and Joe Namath touting the “free” health insurance plans offering enticing benefits not available from so-called “Original Medicare” (also called “traditional Medicare”). But are they for real? Now that it’s Medicare
There’s been a lot of talk in Congress about slashing the lifetime exemption for estate and gift taxes (currently $11.7 million per person), perhaps reducing it by half or even more. Even if Congress does nothing now, the exemption is scheduled to be cut in half after 2025, unless Congress agrees to keep that from
By Kerry Hannon, Next Avenue When you put together a cadre of experts on aging, ageism and the future of work for free-ranging conversations on those hot-button issues, the atmosphere begins to crackle and spark. Possibilities and hope emerge. That’s what happened at Age@Work: The New Revolution, two provocative events I was fortunate to be