Retirement

The Social Security retirement program will be unable to pay full promised benefits in about 10 years. To address this, two highly-respected experts would slash tax subsidies for private retirement savings and use the money to shore up the public system. Andrew Biggs, a former deputy administrator of the Social Security Administration and Alicia Munnell,

The American College of Financial Services just released its fourth Retirement Income Literacy Study. Every three years in the past decade The College has conducted a comprehensive survey of retirement income literacy, and these surveys have helped measure Americans’ understanding of key retirement planning issues. I draw four conclusions from the current iteration of this

A new bill winding its way through Congress aims to increase retirees’ net income from Social Security by eliminating federal taxation of benefits. Unless the You’ve Earned It Act miraculously becomes law, it is important that you understand how your Social Security benefits are taxed at the federal level. You’ve contributed towards your Social Security

Marriage is hard, and money makes it harder. Merging two lives, two beings who are always changing, is a delicate balance of individual autonomy and collective submission that requires perpetual calibration. Into this fragile ecosystem, each partner brings their own financial history, and the balance sheet—what you own and what you owe—is just the beginning.

Most of today’s pre-retirees and retirees will fall short of the retirement income replacement goal that’s commonly advocated by retirement planners. According to planners, you need a gross retirement income from all sources that ranges from 70% to 85% of your preretirement pay; attaining that goal will replace all your after-tax, spendable income while you

There seems to be a lot of confusion about whether you can pay your Medicare premiums from your health savings account (HSA). Technically, you cannot pay your Medicare premiums from your HSA. But yes, you can use your HSA funds to pay your Medicare premiums. Keep reading as we explain. Can You Pay Medicare Premiums

According to a study by the Pew Research Center, about 27 percent of American seniors live solo. They can include your aging parent or other loved one. Many are widowed or divorced. What is it like for them and what does it take to have a satisfying life? Retired business manager (RM), age 65, is

The labor market added another 353,000 jobs in January. The Bureau of Labor Statistics revised the estimates for the prior two months up by 126,000 jobs. Amid these strong jobs gains, the unemployment rate stayed at 3.7%. It now has remained below 4% for 24 months, the longest such period since the early 1960s. As

In late January, I talked with Bill, a client whose job, along with his healthcare insurance, was eliminated and he needs Medicare by March 1. My first question was, “Are you enrolled in any part of Medicare?” He replied that Social Security enrolled him in Part A, hospital insurance, when he signed up for retirement

Many Americans depend on Social Security to make ends meet each month. Depending on your total household income, you may be surprised that you owe taxes at the federal level on your Social Security benefits. Your state of residence will determine the taxes you owe on your Social Security benefits at the state level during

Parents have many challenges when it comes to raising their children. One of the most important is also one of the most overlooked: financial literacy. What does it take for a parent to teach a child about smart money behavior? Perhaps the best way to do this is by actions, not by lectures. Show your

Start Early and Get to Know the Social Security Program I have been advising people for years now on the various ideas they have when it comes to claiming Social Security benefits. Social Security is a program that is loaded with rules. But as you get closer to retirement, it is important that you familiarize

Introduction and Background Let’s start with a quick refresher to set the stage for an important issue confronting many people who have created trusts. The Corporate Transparency Act (CTA) is a new law that became effective January 1, 2024, for newly formed entities and requires them to file informational reports with the Financial Crimes Enforcement

What Is a Will Contract? What is a “will contract,” and why might you care? A will contract is an agreement you might make with another person, often a spouse (and more likely in a second or later marriage) where you each contractually bind yourselves to a particular plan for how your assets will be

I’m not trying to convince you to give more—or to give at all, for that matter. I don’t have to, for at least two reasons: 1. We’re wired to give. Neurologically, psychologically, socially, culturally, spiritually, evolutionarily (is that a word?)—everywhere we look, the evidence suggests that generosity is one of the hallmarks of humanity. Even

Wealth is the difference between what people own and what they owe. It serves as a financial buffer in an emergency and as a means toward upward economic mobility. People can use their wealth to buy a new house, move if better job opportunities open up elsewhere and support their families’ education, among other things.

A special SECURE 2.0 Act bonus kicked in as of the new year. It’s something all parents need to be aware of. For the first time ever, they can now save for their children’s college education and their children’s retirement at the same time. But there’s an important twist. It starts with the 529 plan.

How much money should you expect to spend in retirement? That’s an important question to answer as you’re planning for retirement. If you prepare a budget for your current monthly spending and irregular spending, then you have a target amount of annual retirement income you need to generate. If you’re regularly spending more than what

Faster productivity growth in the U.S. economy provides many benefits such as faster wage growth without adding to inflationary pressures. It also hinges on a few key factors such as public infrastructure investments and private business investments in updated facilities and new technologies. The U.S. economy has seen an acceleration in productivity growth – how

One of the most common questions I get asked by people looking to retire is, “How do I ensure I won’t run out of money in retirement?” If you’ve asked this question, you have reasons to be concerned: healthcare is costly; most people are living longer; inflation has been eroding purchasing power; the list goes