Retirement

Getty getty Required minimum distributions (RMDs) from IRAs and other qualified retirement plans are more complicated than they need to be. There are a number of little-known rules that can be helpful to taxpayers or trap them into paying higher taxes or penalties. Most people believe IRA stands for “individual retirement account.” But the tax

Roger, 90 and Mark, 85 have been off and on friends for 50 years. Mark has no family of his own. Roger’s adult kids call him “Uncle Mark”, as he’s shown up for family events for decades. He once had plenty of money, or so it seemed. There was the apartment in Paris, the home

Getty images getty For a lot of young people, especially those who are beginning to get a handle on their finances, tax filing can be a dreaded task, and strategic tax planning may seem like a major undertaking. Year-end is typically when many people start thinking about taxes. But waiting until the year is over

Loosing the city’s private equity rules may be good for Stringer’s immediate political ambitions but … [+] will cost the city’s underfunded pensions for decades to come, given that these deals have lock-ups as long as 50 years. getty What a remarkable coincidence that New York City Comptroller Scott Stringer is looking to loosen strict

Getty getty Inevitably retirement planning discussions with my clients include listening to stories about their parents and grandparents. Frequently, clients like to reminisce about how their family members from previous generations handled their money. For some investors, these personal experiences serve as the benchmark for how they will plan their own financial future. Unfortunately, the

My mother and aide flickr Editorial/Getty Images The massive pandemic relief bill that the House is likely to approve by the end of this week includes billions of dollars in new funding for government long-term services and supports (LTSS) for frail older adults and young people with disabilities. But the most far-reaching change may be

Getty getty Over the last few years there have been a lot of changes in required minimum distributions (RMDs) for IRAs and other retirement plans. It’s important to know the current rules, so you don’t pay more income taxes than you need to or incur the highest penalty in the tax code. The penalty for

By Richard Eisenberg, Next Avenue Editor getty In the 1980s, while in her late 30s, Wall Street Journal reporter Joann Lublin became one of two women running the paper’s London bureau and stepped into management. Her four-year-old daughter Abra, Lublin writes in her new book “Power Moms: How Executive Mothers Navigate Work and Life,” was

By Richard Eisenberg, Next Avenue Editor OAKLAND, CALIFORNIA – JANUARY 16: California Gov. Gavin Newsom speaks during a a news conference … [+] (Photo by Justin Sullivan/Getty Images) Getty Images When California’s Democratic Governor Gavin Newsom took office in January 2019, he announced the state would embark on creating a “Master Plan for Aging.” Now

Why COVID-19 Is Driving Up The Cost Of Healthcare In Retirement And What You Can Do Now To Prepare getty While the long-term effects of COVID-19 on U.S. healthcare costs has only begun to emerge, experts estimate that healthcare costs linked to the pandemic could climb well into the hundreds of billions in the coming

Getty AFP via Getty Images Changes will be made in Social Security. The questions are: What will they be? When will they be made? If nothing is changed, the Social Security retirement trust fund will run out of money. The 2020 report from the trustees of Social Security estimated that would occur in 2034. But

getty There’s a new sheriff in town when it comes to the 401(k) arena. It’s called a 401(k) Pooled Employer Plan (or “PEP” for short). The industry has been waiting for Congress to approve this next generation 401(k) for years. They finally did in 2019 and President Trump quickly signed it into law. So-called “open”

“Are you measuring yourself in the gap or the gain?” No, this isn’t a question pitting retail clothing against laundry detergent. It’s a question posed by Greg McKeown, the author of the essential book Essentialism, in his recent 1-Minute Wednesday newsletter. Your answer matters, both in the way you approach money and life—but especially money. “Gap thinking means

Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how spousal benefits are calculated, a potential way to reverse a benefit reduction due to a temporary circumstance and paying Social Security taxes when self-employed. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

By Craig Miller, Next Avenue David Pogue, author of “How to Prepare for Climate Change” courtesy of David Pogue You may know David Pogue as the affable gadget guru on “CBS Sunday Morning” who shows up around Christmas in a Santa suit, giving tips on digital gifts — in verse. But for the past two

By Lisa Iannucci, Next Avenue Frances McDormand, starring in “Nomadland” Photo courtesy of Searchlight Pictures For four decades, Jean Hardwick had a good, stable career, health and life insurance and a Sarasota, Fla. home she owned and loved. Then in 2015, catastrophe struck. After a near-fatal reaction to a prescription medication, Hardwick, now 60, found

getty Here’s the problem. According to a 2019 paper by the Employee Benefit Research Institute (EBRI), the median tenure of all wage and salary workers ages 25 or older is only about five years. Don’t blame the gig economy. EBRI says this tenure has remained relatively constant over the past 35 years. That’s well before

A teacher awaiting retirement getty A round-up of reports across the country. Florida: ending pensions for new employees? From Tampa Bay Times, “After years of discussions about the tricky issue of overhauling Florida’s retirement system for government employees, a Senate committee this week approved a proposal that would shut future workers out of a traditional

By Richard Eisenberg, Next Avenue Editor NEW YORK, USA – JANUARY 30: A GameStop store in Manhattan (Photo by Tayfun Coskun/Anadolu Agency via … [+] Getty Images) Anadolu Agency via Getty Images You’ve undoubtedly heard about the recent stock market frenzy over Gamestop GME and other so-called “meme stocks” that skyrocketed and then plummeted. That’s

This article is part of a series. Click here to read the previous articles. Another way to use life insurance as part of a lifetime plan is to view the death benefit as the psychological support needed to purchase a life-only income annuity as part of an integrated plan combining investments, whole life insurance, and