Retirement

Economic Security Planning, Inc. Today’s column addresses questions about early filing and restricted applications, retroactive spousal benefits, choosing which ex’s record to file on and potential effects of foreign pensions on divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which

We share beneficiary mistakes to avoid to keep your family safe and out of probate. getty It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts. While you may think it isn’t a big deal, mistakes with beneficiaries can be quite costly. You may inadvertently disinherit a loved

getty Do you need 500 stocks when only 30 will do? I have written extensively on the S&P 500 and Dow Jones Industrial Average. They are perhaps the 2 most common answers to the question “what do you consider to be the stock market?” They help put a framework around investing in U.S. stocks. They

Most employees buy more health insurance than they need and save less for retirement than they should, according to a recent study from the TIAA Institute. This study provides a cautionary tale for millions of employees making benefits decisions during open enrollment. Researchers studied four years of data from a large university to identify mistakes employees made

getty We received the first official estimate of how badly the Covid-19 recession will hurt the Social Security trust funds, and the first government estimate is worse than some of the initial private estimates. The latest annual report from the trustees of Social Security, issued last April, estimated that the trust fund for retirement benefits

If you know in advance that you’ll be moving once you retire, talk to your financial advisor about … [+] how that move can affect your retirement projections. getty It is common knowledge that states and cities have the autonomy to impose their own taxes on their residents. With that autonomy, it is natural that

getty There are many people who feel that Social Security will not factor much in their retirement plans. They feel the benefit is too low to impact the quality of their retirement and that it may not be around much longer. In 2019, the average monthly benefit for Social Security was $1,427 for a single

Should you pay mortgage points in a low rate environment? getty Mortgage points are an upfront payment to the lender, expressed as a percent of the loan amount.  For example, one point on a $320,000 loan is $3,200.   Points are part of the price of a mortgage, along with the interest rate, and can be positive

The Maximum OUt-of-Pocket Limit For Medicare Advantage Plans Will Be $7,550 In 2021. getty The Open Enrollment Period began October 15. It’s the time to pay attention to your Medicare Advantage plan. So many things can change—premiums, networks, copayments, coinsurance, networks, extra benefits and more. But the big change this year, one that many may not

By Richard Eisenberg, Next Avenue Editor The Washington Post via Getty Images Unquestionably, there are plenty of urgent issues in the 2020 presidential election. But there’s one less urgent, yet equally critical one, that hasn’t received much attention: Social Security trust fund to pay retirement benefits is due to be depleted by 2035, perhaps even

Before the fact, the various crediting methods available should be approximately equal in terms of long-term performance. Performance after the fact will be different as the actual index return will be translated into different interest credited as based on the crediting method. But before market performance is realized, the different methods are all using the

CHICAGO, ILLINOIS – APRIL 16: Chicago mayor Lori Lightfoot arrives at Wrigley Field on April 16, … [+] 2020 in Chicago Illinois. Wrigley Field has been converted to a temporary satellite food packing and distribution center in cooperation with the Lakeville Food Pantry to support ongoing relief efforts underway in the city as a result

As a consultant to families with aging parents, I hear a lot about abuse of elders, particularly by family members. There are the “good son, bad son” stories and their counterparts of “good sister, bad sister” scenarios. In most cases, an adult child of an elder sees or hears about suspicious financial moves by someone

getty Women in their 40s and 50s will be faced with a big decision this open enrollment period for benefits and it is one on which they need to take the long view. As employees and their families review their medical plan options, many will have the option of a high-deductible-compatible health care plan.  This is a

A careful strategy can help you take calculated investing risks during retirement. getty Today’s uncertain investing environment presents a serious dilemma to many pre-retirees and retirees: How much money can you afford to risk by investing in the stock market? On the one hand, you might be afraid of stock market crashes, since you might

The Covid-19 recession has led to higher unemployment six months and longer for those 55 and older than mid-career workers 35 to 54 in nearly half of a century, according to a new report by The New School’s Retirement Equity Lab (ReLab). First hired and last fired is changing: first in first out is becoming

Which is better, a Roth or traditional 401(k)? The main difference between a Roth 401(k) and … [+] traditional 401(k) is the tax treatment of your contributions. getty Which is better, a Roth or traditional 401(k)? The central difference between a Roth 401(k) and traditional 401(k) is the tax treatment of your contributions. Investors make

getty This year marks the 100 year anniversary of the ratification of the 19th Amendment, guaranteeing  women the right to vote. Yet issues of gender discrimination both within and outside of the workplace continue to be problematic, putting women at higher risk when it comes to retirement security than their male counterparts. While the recent

By Ken Dychtwald, Next Avenue Contributor getty When our Constitution was crafted, the average life expectancy in the U.S. was barely 37 years and the median age was a mere 16. During the time of our Founding Fathers, there was no anticipation of an “age wave.” However, due to the combination of high life expectancies,

By Erin Flynn Jay, Next Avenue Contributor getty Millions of Americans are struggling to afford their medications during Covid-19, including some with health insurance, the nearly 27 million who lost coverage due to a job loss and those who never had it. But there are quite a few ways to lower your prescription drug costs