Retirement

The economic hardships caused by COVID-19 have been felt unevenly among Americans, with worse outcomes for women, people of color, lower-income workers, and those with less formal education. New government and private sector research highlights the financial challenges that existed before the pandemic and demonstrates the impact of the past year on the lives of

Earlier this month, the forensic investigation of the $90 billion-plus State Teachers Retirement System of Ohio commissioned by the Ohio Retired Teachers Association and performed by my firm, was completed. The damning preliminary findings have now been reported to Ohio legislators, regulators and law enforcement. ADVERTISEMENT The report concluded the state pension has long abandoned

This will not be an easy request, but can we, for a moment, put aside our furor and frustration with billionaires who used Roth IRAs as their personal tax-free piggybanks? It’s hard not to get riled up about a billionaire who managed to put a couple grand into a Roth IRA and have it now

Recent tales from the Crypto world remind casual investors of the risk of speculating All of a sudden, it’s raining cryptocurrency. In other words, they are coming down in price the way rain falls in the tropics. Bitcoin is the most well-known, sort of the Band-Aid brand of this new crew of digital monetary species.

If you’ve watched your parents or older relatives age into their final years, you might have witnessed a decline in their ability to manage their money. As they got older, they became more vulnerable to financial losses due to making mistakes, exploitation by unethical family or friends, or financial fraud. Substantial research confirms this risk.

Most estate planning lawyers are conscientious and do their jobs as expected. But some seem to forget that in the real world all family members don’t get along so well. A mistake we keep seeing at AgingParents.com, where we offer advice to families with elders is that lawyers put disconnected and even hostile adult children

Climate change is a huge challenge globally.  The Society of Actuaries (SOA) conducts research on a wide variety of risks and their impact on retirement planning for various stakeholders. Two recent SOA research projects that focused on households and on big societal issues include Financial Perspectives on Aging and Retirement Across the Generations and The 14th Annual Survey

We are a few weeks away from the arrival of advance Child Tax Credit (CTC) payments (July 15). If your family is potentially eligible for the payments, you might have already received a letter from IRS about the CTC. To guide you, here are the answers to five important questions to ask. 1. How Does

Earlier this week, the media reported that life expectancy in the U.S. had declined by nearly two years between 2018 and 2020, primarily due to the pandemic. The news was more disturbing for people of color: For African Americans, life expectancy declined by 3.3 years and by 3.9 years for Hispanic Americans. Does this mean

By Chaya Milchtein, Next Avenue Car insurance rates rose by a stunning 16.9% in May, overall, after going up 6.4% in April, according to the Consumer Price Index. So, this is an apt time to look for ways to save money on your auto insurance premiums. And if you’ve been driving less lately, due to working remotely

By Kerry Hannon, Next Avenue Two years ago, Edgar Maxion, 54, stepped away from his position as chief facilities officer at Stanford University. After more than two decades in facilities and construction management, he was burned out. “I was doing eight projects at once,” he said. “I wasn’t seeing straight. I couldn’t even sleep at night.”

By Tracey Y. Smith, Next Avenue Watching “In the Heights,” the hot summer movie launching in theaters and on HBO Max this week, you’ll see the effervescent 66-year-old dancer Lillian Colón. This is the first big film for Colón, a native New Yorker and Puerto Rican who became the first Latina Radio City Rockette in 1987. The

As the U.S. economy recovers from the Coronavirus pandemic, banks and credit unions across the country have been at the forefront of a swift economic recovery. There are just over 10,000 banks and credit unions nationwide, most of them small-sized local lenders that are vital to American life, offering low-cost financial products and personalized customer

If you have a senior in your family, are you worried about him or her being scammed? Could you recognize potential vulnerability?    Take This Quiz Test yourself: Which of the following scenarios might indicate signs of possible senior exploitation? 1. Jane, 75, almost never withdraws money from her account. Jane’s husband of 50 years passed

While walking through the dark tax forest, are you scared from the noises coming from Washington? Are any taxing animals out there who might be interested in eating things like, um, your income, your assets, your life insurance, and more? Yeah, there are probably taxing lions, and taxing tigers, and taxing bears out there. They

For many Americans, Social Security is their biggest retirement asset. The various mistakes people make when managing their Social Security benefits can cost them dearly. You worked hard for decades to accumulate your Social Security retirement benefits, take the time to optimize your benefits. For typical American households, the lifetime value of their Social Security

The Ohio Retirement Study Council was created by the Ohio Legislature to provide legislative oversight of Ohio’s $200 billion-plus statewide public pension systems. For decades, it has epically failed to perform its limited statutorily-mandated duties. The Ohio Retirement Study Council (ORSC) was created by the Ohio Legislature in 1968 to provide legislative oversight of Ohio’s

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