Retirement

President Biden issued his budget proposal on March 11, 2024. The document’s full title is “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals.” Transformative Tax Changes Will Redistribute Wealth If even some of these proposals are enacted into law it could dramatically change taxation of the wealthiest Americans and substantially reduce the wealth

Medicare is a lifesaver for most retirees who need affordable health coverage after age 65. However, it’s very different from the health insurance plan you may have participated in as an employee benefit. For example, Medicare doesn’t provide coverage for some essential items that are often delivered through employer-sponsored health plans. If you’re nearing age

You might be able to save yourself tens of thousands of dollars by reshuffling positions between taxable and tax-sheltered accounts. By William Baldwin, Forbes Staff First decision for investors: allocation. What percentages of your net worth do you want in stocks, bonds, cash, exotic things? Second decision, following right behind: location. Where do you put

For most people, there is a belief that aging well is a matter of luck. In their minds, how they age depends on how long their parents or grandparents lived and that’s about it. However, research tells us, that simply isn’t all there is to know. Movement of our bodies In our history, parents and

Early in the new year, a severe winter storm warning for our area resulted in the closure of my grandsons’ schools, cancellation of business meetings, and a grocery store run on milk and essentials. What happened? Instead of blizzard-like conditions and a foot of snow, we got three inches of rain and mid-30s temperatures. I

While the inflation rate has been easing downward, retirees’ budgets are still being stretched pretty thin. Over the past few years, above-average inflation has meant significant Social Security cost-of-living adjustments. Will this trend continue? How big of a Social Security COLA will retirees get in 2025? What Was The Social Security COLA For 2024? The

Whether you’re trying to get rich quickly or slowly, there are a plethora of playbooks out there about saving, investing, real estate, business building, and side hustles for you to follow. While there is certainly plenty of advice that is garbage—especially on the get-rich-quick front—there are many, many paths to financial success. That is, if

You might have read that Social Security might raise its retirement age as a means to help fix the program’s financial challenges. If this happens, how could it affect you? The answer is…we don’t know for sure, and it will most likely depend on your age. However, we can gain insights by looking at how

A call to scrap tax breaks for retirement plans and use the savings to shore up Social Security has some people in the financial services industry up in arms. But the question is not whether the U.S. retirement savings system is costly, complex, and ineffective at boosting savings. It’s all of those things. The only

Most people, when asked, say they want to “age in place” at home for as long as possible. When an elder is in failing health, staying at home means getting help. For those with the means to do so, it takes a comprehensive effort to care for an aging loved one with the best quality

Sometimes, it’s necessary to correct the record. The other day, a click-baity, highly misleading headline blared: “Teresa Ghilarducci Confirms Proposal to Create Federal 401(k) Would Remove Employers from Retirement Saving System.” Sounds scary, but it’s totally untrue. Let’s get something clear: I don’t hate or want to abolish 401(k) plans — I am fortunate to

Even for the healthiest Americans, the cost of health care in retirement can be astronomical. Don’t even get me started on the untenable cost of treating diseases like cancer or Alzheimer’s. A proper retirement income plan will include how you expect to pay for healthcare costs once you retire. What Will A Couple Spend On

The clock is ticking on the expiration, or sunset, of the 2017 Tax Cuts and Jobs Act, which nearly doubled the lifetime estate and gift tax exemption from its previous levels. For 2024, the exemption stands at $13.61 million per person and $27.22 million for a married couple. However, this is scheduled to revert back

In 30 years. the number of people reaching age 100 in the U.S. is projected to quadruple, according to a recent report from the Pew Research Center. The center projects that by 2054, the U.S. will be the home of 422,000 centenarians, up from 101,000 in 2024. And the percentage of the total population that

The Medicare Advantage Open Enrollment Period began January 1 and will end March 31. Those who elected this coverage have the opportunity to change plans. Many are familiar with HMO (health maintenance organization) and PPO (preferred provider organization) plans, which account for over 95% of Medicare Advantage plans. But there are three plans that aren’t

If not, you may be leaving money on the table and always wondering if you made the correct decision. A married couple on average will collect approximately $1,500,000 in Social Security benefits over their lifetime assuming they live to life expectancy. That’s not a small amount. The dollar difference in strategies could vary as much

The Corporate Transparency Act (CTA) is a federal law that took effect on January 1, 2024. It was enacted to curb money laundering, corruption, tax evasion, fraud, and other financial crimes. It requires entities organized or registered to do business in the United States to disclose information about the entity and who owns it to

The Corporate Transparency Act (CTA), a burdensome new law that would require some 32 million closely held businesses to file invasive information with the Financial Crimes Enforcement Network (FinCEN), has just been declared unconstitutional in National Small Business United, d/b/a the National Small Business Association (NSBA) vs. Janet Yellen, in her official capacity as Secretary

The Millennials have taken so much generational bashing that it’s almost become passe. This apparently entitled bunch of the supposedly spoiled should have been the ruin of us all if they had lived down to their billing. How much more, then, should we fear the rise of Generations Y and Z? They will certainly lead

Eligible? One in five low to moderate earners eligible to receive a check from the U.S. Treasury aren’t aware that they need to take action now to claim a credit called the Earned Income Tax Credit (EITC). Why are people missing this opportunity to receive extra money? I don’t have the answer, but I’ll guess