getty Taxpayers throughout the country are asking their accountants whether they will be able to deduct expenses that were paid with PPP loans. The IRS has taken the position that any expense paid that facilitates forgiveness of a PPP loan will not be deductible. Hopefully the bipartisan COVID-19 bill will pass because the language thereof
Retirement
It’s a good time for a Roth conversion. getty By now, many have heard about Roth IRAs and how Roths allow tax-free growth. Often, we fail to consider the huge opportunity to accumulate wealth by the combination of the lack of RMDs and the long-term compounding opportunities presented by a Roth. Roth IRAs can allow
The way to understand how premiums are calculated on a term life insurance policy is to recognize that term life insurance is a collection of renewable one-year term policies. Consider that I buy a one-year term policy as a forty-year-old male. Given the mortality data I am using, the insurance company projects that over the
Providence Mayor Jorge Elorza has stated that the city’s Actuarially Required Contribution to the … [+] pension system each year is “unsustainable” and that he fears the city may need to file for bankruptcy in the future if it doesn’t alter pensions or receive an infusion of cash to stabilize its pension system. Boston Globe
getty Tony Hsieh was known as an innovative and unconventional leader during his time as an early investor in and longtime leader of online shoe retailer Zappos. He was apparently worth hundreds of millions of dollars at his death. Hsieh might also become well-known for key mistakes he made in his retirement and estate planning.
People shop for Black Friday deals in Glendale, California on Nov. 27, 2020 Los Angeles Times via Getty Images We’ve all heard stories of people who made a killing in the stock market based on their savvy observations: the mail carrier who bought Netflix stock early because he noticed the proliferation of red envelopes in
If you’ve been following the stock market news lately, you’ve probably heard about TeslaTSLA being … [+] added to the S&P 500 Index a few times a day. But having a newsworthy change to an index may not mean it’s a good investment—it may just mean the opposite. Getty Images If you’ve been following the
getty You may not know this, but the average age for retiring in the United States is 65 for men and 63 for women. That 63 to 65 range seems reasonable, but today’s version of social security views “full retirement age” as 67 for anyone born after 1960. Although age may be a deciding factor
Volunteer reads a book to elementary students getty What does it take to live well in retirement? Good health, sound finances, supportive family and friends, and a fourth ingredient – a strong sense of purpose in life. Retirees with strong purpose are happier and healthier, more active and socially engaged, and they live longer. Marc
getty There’s more evidence that you can’t depend on the Social Security Administration (SSA) to give good advice or ensure you receive all the benefits the law allows. You need to know the rules and doublecheck SSA’s numbers. The latest evidence comes from SSA itself through two audit reports from its Office of Inspector General
Many Older Workers Struggle In The Pandemic. getty The recession of 2020 is a retirement crisis recession. Millions of older workers quickly lost their jobs, while the pandemic also sharply increased risks to their health. Older workers often confronted the unenviable choice of retiring without enough money or working longer and facing massive financial and
Thoughtful mature woman working at laptop thinking about the pandemic and whether she should retire … [+] now. getty The pandemic is wearing everyone out, and Baby Boomers are no exception. Individuals who were planning to retire two or three years from now are changing their minds. In the third quarter of 2020, Pew Research
An often-overlooked component of a comprehensive retirement plan is an estate plan. Most people are still employed when they begin their planning, and they see retirement as the next step in life’s journey. As I used to tell clients, however, “while I want to bet for you, not against you, it’s still important to consider
Asian women have suffered more in this recession than in prior ones. getty This recession has brought a lot of suffering for people looking for a new job. This is especially true for many Asian workers. And things could get much worse for these workers, mainly women, as the labor market is slowing amid the
Whether you have older parents, grandparents or other loved ones of modest means, you have one thing in common in the U.S.—running out of money can force your loved one into a nursing home. The frightening truth about infection in nursing homes emerged almost immediately when we saw the first cases in the facility in
BOSTON, MA – SEPTEMBER 2: A Care partner helps a resident at an assisted living facility. (Photo by … [+] Craig F. Walker/The Boston Globe via Getty Images) Boston Globe via Getty Images As the Covid-19 pandemic explodes around the country, cases and deaths among nursing home residents increasing rapidly as well. A new analysis
By Next Avenue getty (This article is the ninth in a weekly joint series on Covid-19 and the Future of Aging from the Milken Institute Center for the Future of Aging and Next Avenue. The articles are Q and As with thought leaders in fields ranging from health care to retirement planning to work to
getty Are you one of the many Americans who work for a small company? Don’t be surprised, but chances are if your company doesn’t employ thousands of workers, it may qualify as a small company. It all depends on your industry. The Small Business Administration defines at what size a business can be classified as
Despite new challenges brought on by COVID-19 in 2020, retirement planning remains a core part of financial security. All retirement planning is deeply personal. It is not just about saving money, reducing taxes, or having money that lasts a lifetime – it is about accomplishing goals and living with dignity throughout life. Because of this
One million older workers have left the labor force amid the pandemic. getty Job growth is slowing amid surging coronavirus infections. Many workers 55 years old and older are leaving the labor force in droves, while others keep working, even at high risks to their health and that of their families. More than a million