Retirement

The pain of loss has an impact on us that is at least twice as powerful as the joy of gain. This potent observation from Daniel Kahneman has implications in nearly every area of our lives, but especially in our finances, where losses and gains are so clearly illuminated numerically. We’ve discussed how financial planning

An increasingly popular way to avoid probate and other estate planning issues is the transfer on death or payable on death account. There can be more to these accounts, which I’ll refer to as TODs, than many people realize. Most financial institutions now have a specific form that is completed to designate an account as

Share to Facebook Share to Twitter Share to Linkedin N ext month, Matt Palmer, 60, and Lisa Barr, 63, a retired couple from Quincy, Mass., and Penni, their six-year-old retired racing greyhound, are moving to one-half of a two-family house they are renting with a contract to buy in Lucca, Italy, a lively Tuscany town

Fed up with high living expenses and toxic politics, more Americans are looking to move abroad. Here are the top 24 countries, and 96 recommended spots, based on costs, amenities, health care, climate risk, language, crime, and whether they welcome U.S. retirees. By William P. Barrett, Senior Contributor Colleen Kennedy is a child of Southern

Before converting a traditional IRA to a Roth IRA, residents of states with income taxes should review how their states will treat the transactions. Under federal tax law, the owner of a traditional IRA can roll over some or all of the account to a Roth IRA. The amount rolled over will be included in

Politicians love to say they “won’t touch” Social Security, as if leaving the program alone will protect older adults. In reality, a new study by two of my Urban Institute colleagues finds that failing to fix the program’s looming financial shortfall would throw 3.8 million seniors into poverty by 2045. Median promised benefits would decline

I’ve been the host of The Retirement Answer Man podcast for over ten years now. I try not to overshare my life on the show because the podcast isn’t about me. It’s about you and rocking retirement! Nonetheless, I have dropped snippets about our Colorado relocation journey over the past few years, as the process

The Social Security Administration recently issued two alerts about the program. Many people who access information about their Social Security benefits through a “my Social Security” account on the Social Security website (which I recommend doing) will have to access their accounts in a different way. The SSA says that anyone who created an account

The dentist is always telling you, and your aging loved ones to brush and floss. Get those regular dental checkups. Pay attention to your oral health. And as our loved ones age, this area of health seems to get neglected. After all, there are bigger things to worry about, right? Cardiac disease, diabetes, arthritis, and

It’s often the case that one spouse or partner handles most financial matters for the household. If that spouse or partner dies first, the survivor can be left with a hot mess. They’ll need to navigate their finances at a time when they’re vulnerable, grieving, and coping with living alone. To add to their stress,

How do you know it’s time to say “I retire”? Most people don’t get to choose, but for those who do, it may be one of the most consequential decisions we ever make. Being able to say goodbye means two rare things come together like in a Venn diagram. You need to have enough money

Fe deral Agency Regulations on Ambiguous Laws No Longer Get Deference A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce. As Ed Sullivan would say,

The IRS last week issued final regulations on the Setting Every Community Up for Retirement Enhancement Act, enacted in late 2019. The final regs generally follow the proposed regulations issued in 2022. Despite receiving many requests for change, the IRS kept the most controversial rule from the proposed regulations, its interpretation of the new 10-year

Families typically reach out to financial advisors when they experience a major financial milestone. This often coincides with significant life events, including changing jobs, selling a business, receiving an inheritance, and changing family dynamics. It may also be relevant upon reaching retirement. However, many people, especially those who spent most of their career handling their

What is the biggest mistake those getting ready to enroll in Medicare can make? I’m asked this question frequently. My first response is that there are too many candidates to identify just the biggest. However, I must acknowledge that a top contender for the honor would be COBRA. The Consolidated Omnibus Budget Reconciliation Act mandated

“While having enough money to be comfortable – a different standard for everyone – remains important, it’s not the only, or even most important, focus for many.” This was one conclusion in a research study, Discovering What Matters, by MetLife Mature Market Institute. According to Sandra Timmermann, director of the study, “The most content people

Falls are now the leading cause of injury and death among older adults (65+) in the U.S. They are the cause of just under 75 deaths per day. Emergency medical services (EMS), most often accessed through 911 calls or by calls to a local fire department, report that 17% of calls for help at home

Today, July 19, 2024, the IRS and Treasury Department released long-awaited final regulations on Required Minimum Distributions. RMDs are mandated yearly withdrawals from IRAs, 401(k)s and other tax deferred retirement plans. The final regulations clarify changes brought about by the SECURE Act, which took effect in 2020, and the SECURE 2.0 Act, which was signed

Share to Facebook Share to Twitter Share to Linkedin The IRS has issued more guidance on the required minimum distribution (RMD) rules—this time in the form of final regulations. The final regulations offer some clarity on the withdrawal and eligibility requirements for inherited IRAs. RMDs By law, you are required to withdraw funds from your

If you’ve ever inherited a retirement account, you’ve probably wondered how to use the funds best. Your new account can help jump-start your journey towards financial freedom. Converting some of your inherited IRA to a Roth account could be a great way to minimize your taxes on retirement income. Can You Convert An Inherited IRA