Retirement

We see recurring confusion about what it means to be appointed with authority over money in a Durable Power of Attorney (DPOA) for aging parents. The elders do estate planning and that is part of it. Good. A Durable Power of Attorney Document is signed by the aging parents. Good. But they can misunderstand what

“Emilio Enriquez has climbed from busser to line cook during his seven years working in restaurants, and he still dreams of becoming a chef. “But he hasn’t worked during the COVID-19 pandemic and won’t look for a job until fall, once unemployment benefits no longer pay more than he would likely earn working and, he

Many pre-retirees and retirees fear that their future tax rates could increase to help pay for the substantial U.S. federal debt that’s building up. As a result, they’re considering converting some of their traditional IRA and 401k accounts to a Roth account in 2021. The justification is that it might be better to pay income

As we cross the mid-point of 2021, older adults are starting to enjoy going out again, resuming work, and doing some light traveling, but many are still reluctant to re-join their gyms, attend crowded events, or engage in enclosed venues with people they don’t know. This is especially true for people with compromised immune systems

An extraordinary court case from Oklahoma shows the importance of having a will that is in writing and clearly written, preferably by an experienced estate planning professional. A man passed away, survived by his two adult children and a grandson. He left a one-sentence handwritten will (known as a holographic will) that left everything he

In his acceptance speech at the 1988 Republican convention, George H.W. Bush famously pledged, “read my lips: no new taxes,” only to concede tax hikes in 1990 budget negotiations, and be hammered with the broken pledge in his failed 1992 re-election bid. In his own election campaign, President Joe Biden promised repeatedly that he would

By Chris Farrell, Next Avenue Julie Steller, the 63-year-old founder of Steller Handcrafted Goods in Minneapolis, is getting used to making pivots. Steller first turned her passion for craft making into a small business in 2012. It was all about using upcycled wool sweaters, authentic Nordic braid and other quality materials to make mittens, shawls, hats,

Inflation is already at 5% and probably headed higher. Here’s a 39-year old survivalist portfolio poised for a return to its glory days. Is Michael J. Cuggino, vendor of a fund designed to withstand inflation and other disasters, hoping for bad times ahead? Perish the thought. Here’s his diplomatic take on the protestations from the

By Richard Eisenberg, Next Avenue Editor Until now, we’ve never published a Next Avenue article about cryptocurrency or Bitcoin or the blockchain and, as the editor of our Money channel, I’m the reason why. Frankly, I’ve felt that the Bitcoin digital currency and other cryptocurrencies were, at best, extremely volatile and risky investments (did I mention

Sometimes normal human instincts don’t lead to the best actions. That’s a basic finding of behavioral finance research, and it’s true of a lot of retirement planning. People often believe that taking more actions is better than doing less, but doing more often doesn’t improve retirement plans and often can make them worse. For example,

To most of the sane world, charging clients lots of money for doing nothing—providing no meaningful product or service—sounds like the very definition of fraud. But much of what happens every day on Wall Street is far from rational or fair. Money managers have devised perfectly legal ways of getting paid millions for doing nothing and

Forensic investigations reveal that public pensions in states such as Pennsylvania, California, Tennessee, Rhode Island, North Carolina, and, most recently, Ohio, have long abandoned transparency, choosing instead to collaborate with Wall Street firms to eviscerate state public records laws and avoid accountability to stakeholders. Predictably, billions that could have been used to pay government workers

One of the unanticipated effects of the pandemic is that it has induced millions of workers to retire early. John, for example, who is now 62, had previously expected to work until 65 or 68. He has $1 million of financial assets, which makes him better off than many of the involuntary retirees, and the

I’ve received a number of letters from readers of this forbes.com column asking for help with both tax refunds and stimulus payments. They want to know, what’s going on?  I have some answers, but, unfortunately, no advice to each reader, as each delay could be situational, that is, unique to the person experiencing the delay. Readers

Even with the best financial planning, unexpected emergencies still arise in our lives. If you find yourself in need of cash quickly, you may be hesitant to dip into your retirement savings. There’s a good reason to be hesitant. If you touch the money you have saved for retirement; it can have unwanted consequences. But

Most of us seem to have a general realization that elder abuse happens but few really understand it until it happens to your own loved one. It’s shocking. The most common abusers in our country are the elder’s own family members. Caregivers are next in frequency, followed by professionals, such as financial managers. Is there

President Joe Biden has recently proposed a 39.6% top marginal income tax rate, up from 37%. The top tax rate is scheduled to be increased to 39.6% after 2025 when the current Tax Cuts and Jobs Act is set to expire even if Congress doesn’t pass the President’s proposal. If Congress does pass the legislation to

“No one enjoys being wrong,” Daniel Kahneman told Adam Grant, who recounted their conversation during a recent interview, “but I do enjoy having been wrong, because it means I am now less wrong than I was before.” Grant describes Kahneman, the psychologist seen as the originator of and greatest contributor to the field of behavioral

By Kerry Hannon, Next Avenue There’s nothing small about the U.S. Small Business Administration (SBA). Isabella Casillas Guzman, who was sworn in March 17 as its 27th Administrator and the first Latina in that role, gets it. “I want all small businesses to feel like the giants that they are in our economy,” Guzman told me

By David Jarmul, Next Avenue Reed Kimbrough, 70, a former Army pilot and management executive, and his wife Charlcye, 65, who worked in broadcasting and sales, traveled widely before he retired in October 2018 and she in March 2020. They leapfrogged from Colorado to New York City and internationally from China to South Africa. A year