Retirement

When we try to define “old age,” most of us want to determine where it starts, as though anything beyond X number of years is old and everything that comes before that is something else – maybe childhood or teenage or middle age. Where we draw that line might change over time.  When you were school

Three topics to understand as you start your trust planning Like other sound financial management and stewardship tactics, trusts are about planning for the future and planning for the ones you love. While you may think of trusts primarily as a part of planning for what happens to your wealth when you die, you may

Today’s column addresses questions about the ability to take spousal benefits after first receiving retirement benefits, what benefits may be available after a divorce and whether Social Security requires beneficiaries to switch from survivor benefits to their own retirement benefit at 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

Create a monthly payout without making middlemen rich. You can spend a lot of time struggling to turn a pile of capital into monthly income. Or you can spend a lot of money. What if you don’t want to spend either of those things? Then you may find this guide very helpful. The model income

Some people are uncomfortable with the idea that their children will find out they are the beneficiary of a trust. After all, what parent wants their child turning into a trust fund baby. Stories abound of young people who waited for their trust money, spent it on a lifestyle they could not afford, and had

Preparing for natural disasters is one thing. We are urged by local government to plan for them. But what about the crises that are nearly inevitable with aging parents? They can turn into disasters too. No one wants to think about that possibility, but it’s real. Planning for emergencies is basic and essential. And few

Have you ever thought about retiring early…extremely early? We’ve been seeing an increasing amount of interest in the concept of FIRE, which stands for financial independence, retire early. The FIRE movement is largely one of younger people planning to achieve financial independence before 50 and sometimes before 40 or even by 30. If you’re interested

New Stimulus Payment The third round of Economic Impact Payments (EIP3), stimulus money for individuals — even retirees — was authorized as part of the American Rescue Plan Act of 2021 that was signed into law March 11, 2021. Payments are already arriving in bank accounts and mailboxes throughout the U.S. In order for EIP3

Many retirees and people who took Covid-related retirement plan distributions might need some extra time to work through their 2020 tax returns. Those who took distributions from traditional IRAs at any point during 2020 will receive a Form 1099-R reporting the distributions to them and the IRS. Putting these on your tax return to minimize

Senator Bernie Sanders released his proposed estate and gift tax reform legislation on Thursday, March 25, to the displeasure of a great many American families and their advisors. Senators Kirsten Gillibrand, Jack Reed and Chris Van Hollen reportedly co-sponsored this plan, and Representative Jimmy Gomez will reportedly introduce a version of the bill in the

By Chris Farrell, Next Avenue Age discrimination is deeply ingrained in the job market. Nearly anyone laid off after 50 can tell stories of dismissal, frustration and ageist moments in the hunt for work. Worse yet are the experiences of many older job seekers who are Black, women or have a high school education or

When you’re age 70½ or older, the best way to make charitable contributions usually is through qualified charitable distributions (QCD) from a traditional IRA. A QCD can satisfy your required minimum distribution (RMD) for the year and reduce your income taxes. The QCD was a temporary innovation in 2006 but was made a regular part

For months, families and operators of long-term care facilities have been telling me about the indirect toll the covid-19 pandemic has taken on residents. Not on those who have sickened or died from the virus, but on those whose quality of life has been severely harmed by the social isolation it caused. Now, we are

Having a way to save for retirement should not depend on where you live and whom you work for, yet 46% of private sector workers — 57.3 million people — lack access to this critical tool for accumulating savings and generating income when they retire. Recent research by the Georgetown University Center for Retirement Initiatives

Today’s column addresses questions about how stopping work years before claiming benefits can affect benefit rates, when exactly to submit an application to begin benefits the mont you turn 70 and potential effects of marriage on existing benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

The debate between active vs. passive investing is often framed within the context of which is better. But advocating one approach over the other isn’t necessarily helpful for new investors. Instead, what is often most helpful to these investors is a discussion that helps them understand the differences between each approach, as well as when

When the Covid relief bill was passed earlier this month, multiemployer pensions received their long-sought $86 billion bailout, to the relief of some and the consternation of others. But, it turns out, they weren’t the only type of pension plan that has been seeking federal help. Consider these cases: Church plans From the Albany Times

By Steven Schragis, Next Avenue How many times have you heard people say, “I can’t wait for things to go back to the way they were before the pandemic.”? I was one of those people, stuck in my ways and not wanting to face what would happen to my adult-education business, One Day University, if

Now that the latest COVID-19 relief package has been signed into law, the Biden administration is poised to tackle broader issues – from climate change to immigration reform. Already, there are strong disagreements on these and other policy areas as Congress and the nation remain deeply divided. But, there are a few issues that enjoy

Though it requires patience, as it takes time for the initial policy creation costs to be recovered and for cash value to accumulate, long-term investors may find that the long-term net returns on cash value accumulation within a whole life policy may be competitive with the fixed-income returns a household could otherwise obtain from traditional