Retirement

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

It’s that time of year when a storm developing in the Caribbean has the potential to become a hurricane. That’s when an early warning system becomes so important. This integrated system of hazard monitoring, forecasting and prediction, disaster risk assessment, communication and preparedness activities systems helps people get ready to take appropriate action, including evacuation,

I woke up this morning to a financial “headline” that, while not uncommon, grated on me even more today. It’s a misleading question, asked not by a curious consumer but by a massive financial institution, that is surely designed to act as a lure for transactional sales more than a tool for educational edification. The

Married women face a special retirement planning challenge that’s best addressed when they and their spouse transition into retirement. Here’s the problem: When one spouse passes away, the survivor’s retirement income usually drops much more than their living expenses do. This often results in the phenomenon I’ve called the “retired widow’s money crunch.” Most of

Retirement decisions are always complex and rarely easy. As a veteran retirement researcher who has written books on the subject, I find myself sympathetic to President Biden’s reluctance to “step aside” and retire. While this is a unique situation, his response is in fact quite normal. It makes perfect sense that President Biden is “defiant,”

The Republican party platform, orchestrated by former President Trump, is filled with promises for those it calls “our Great Seniors.” But there is little or no real policy behind most of those campaign pledges. And the document is filled with many irreconcilable contradictions. The platform will be the GOP’s election-year policy framework coming out of

I’ve never met anyone who loves paying more taxes on their retirement income. Building a retirement income you won’t outlive is hard enough without overpaying your taxes. Any strategy that helps you increase the amount of your tax-free retirement income will help minimize these two challenges. As a tax planning-focused Certified Financial Plannerä, I love

Fertility rates are declining worldwide. Yes, there are nations where there are still far more children than the replacement rate of at least 2.1 children per woman. But industrialized economies are all well below replacement level. United States Census data indicates that the percentage of women between ages 30 and 44 who have never had

It probably isn’t surprising to you that taxes can be one of your biggest expenses while in retirement. Of course, this doesn’t make paying all those taxes less painful. The tax burden you bear on your retirement income can vary depending on where you live. Currently, there are just 12 states that take taxes out

Black and Latino workers, along with those of other or multiple races/ethnicities regularly have significantly less money in retirement savings than white workers do. This disparity results in a less secure retirement, even though they often work longer hours and careers. The retirement savings gap results, in large part, from many people of color having

According to reports, interest in moving abroad spiked after the recent presidential debate. So what are the best places to live in the world? Ask the expats—they offer a unique perspective on living in foreign countries, making their feedback invaluable. This year marks the 11th edition of the Expat Insider report by InterNations, which is

If “Failures are finger posts on the road to achievement,” as C.S. Lewis suggested, my opportunities for achievement are many. Indeed, the only reason that I have an opportunity to share this insight with you today is that I failed at one person’s version of financial advising. Although very real, that person was a mythic

Those online senior living referral services are getting a lot of attention these days. And not in a good way. The chairman of the US Senate Aging Committee has begun an investigation into assisted living referrals by A Place for Mom, one of the biggest commercial advice outfits. At the same time, more states are

Adult son of a real estate investor began to notice that his father, Wealthy Dad (WD), was slipping. WD was becoming forgetful. He had purchased a lot of real estate in his younger days, and owned eight single family houses in one of the most expensive markets in the U.S. He gradually lost the ability

It takes a lot of money to be financially secure in old age. Federal Reserve data suggests that to be financially secure in retirement, people will likely need more than $500,000 in savings. In assessing how retirees are faring, it is important to go beyond simply asking people how they are feeling about their situation