Retirement

Ah, summer vacation – that blissful stretch of freedom we all crave. But what if that vacation never ended? Many people imagine that retirement might be their endless vacation. Picture this: You’re lounging on a beach, sipping a piña colada, thinking, “This must be what retirement feels like.” Hold that thought because we’re about to

If you serve as trustee for a friend or family member, you understand how much work can go into the role. There are meetings with lawyers, accountants, and financial advisors; communications with beneficiaries; and possibly even hard assets like real estate to oversee. That does not include the ongoing headache of the responsibility associated with

Sometimes aging loved ones start out in one state and then move to a different state to retire. They carefully do their estate planning where they live. That may leave trusts or other investments subject to different laws than they ever expected. This is an illustration of a real matter involving such a move and

When considering retirement, many pre-retirees and recent retirees focus on the vacation part, making plans to travel and pursue interests and hobbies. You might also be looking forward to the initial honeymoon phase of retirement, when you don’t have to wake to an alarm clock, quickly wolf down breakfast, and rush out the door to

The pain of loss has an impact on us that is at least twice as powerful as the joy of gain. This potent observation from Daniel Kahneman has implications in nearly every area of our lives, but especially in our finances, where losses and gains are so clearly illuminated numerically. We’ve discussed how financial planning

An increasingly popular way to avoid probate and other estate planning issues is the transfer on death or payable on death account. There can be more to these accounts, which I’ll refer to as TODs, than many people realize. Most financial institutions now have a specific form that is completed to designate an account as

Share to Facebook Share to Twitter Share to Linkedin N ext month, Matt Palmer, 60, and Lisa Barr, 63, a retired couple from Quincy, Mass., and Penni, their six-year-old retired racing greyhound, are moving to one-half of a two-family house they are renting with a contract to buy in Lucca, Italy, a lively Tuscany town

Fed up with high living expenses and toxic politics, more Americans are looking to move abroad. Here are the top 24 countries, and 96 recommended spots, based on costs, amenities, health care, climate risk, language, crime, and whether they welcome U.S. retirees. By William P. Barrett, Senior Contributor Colleen Kennedy is a child of Southern

Before converting a traditional IRA to a Roth IRA, residents of states with income taxes should review how their states will treat the transactions. Under federal tax law, the owner of a traditional IRA can roll over some or all of the account to a Roth IRA. The amount rolled over will be included in

Politicians love to say they “won’t touch” Social Security, as if leaving the program alone will protect older adults. In reality, a new study by two of my Urban Institute colleagues finds that failing to fix the program’s looming financial shortfall would throw 3.8 million seniors into poverty by 2045. Median promised benefits would decline

I’ve been the host of The Retirement Answer Man podcast for over ten years now. I try not to overshare my life on the show because the podcast isn’t about me. It’s about you and rocking retirement! Nonetheless, I have dropped snippets about our Colorado relocation journey over the past few years, as the process

The Social Security Administration recently issued two alerts about the program. Many people who access information about their Social Security benefits through a “my Social Security” account on the Social Security website (which I recommend doing) will have to access their accounts in a different way. The SSA says that anyone who created an account

The dentist is always telling you, and your aging loved ones to brush and floss. Get those regular dental checkups. Pay attention to your oral health. And as our loved ones age, this area of health seems to get neglected. After all, there are bigger things to worry about, right? Cardiac disease, diabetes, arthritis, and

It’s often the case that one spouse or partner handles most financial matters for the household. If that spouse or partner dies first, the survivor can be left with a hot mess. They’ll need to navigate their finances at a time when they’re vulnerable, grieving, and coping with living alone. To add to their stress,

How do you know it’s time to say “I retire”? Most people don’t get to choose, but for those who do, it may be one of the most consequential decisions we ever make. Being able to say goodbye means two rare things come together like in a Venn diagram. You need to have enough money

Fe deral Agency Regulations on Ambiguous Laws No Longer Get Deference A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce. As Ed Sullivan would say,

The IRS last week issued final regulations on the Setting Every Community Up for Retirement Enhancement Act, enacted in late 2019. The final regs generally follow the proposed regulations issued in 2022. Despite receiving many requests for change, the IRS kept the most controversial rule from the proposed regulations, its interpretation of the new 10-year

Families typically reach out to financial advisors when they experience a major financial milestone. This often coincides with significant life events, including changing jobs, selling a business, receiving an inheritance, and changing family dynamics. It may also be relevant upon reaching retirement. However, many people, especially those who spent most of their career handling their

What is the biggest mistake those getting ready to enroll in Medicare can make? I’m asked this question frequently. My first response is that there are too many candidates to identify just the biggest. However, I must acknowledge that a top contender for the honor would be COBRA. The Consolidated Omnibus Budget Reconciliation Act mandated

“While having enough money to be comfortable – a different standard for everyone – remains important, it’s not the only, or even most important, focus for many.” This was one conclusion in a research study, Discovering What Matters, by MetLife Mature Market Institute. According to Sandra Timmermann, director of the study, “The most content people