Retirement

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

How long can retirees expect to live in retirement? It’s an important question that’s often misunderstood. Surprisingly, most people underestimate how long they might live, which can be a serious challenge if they want to make their money last for the rest of their life. Let’s look at how you can use life expectancy calculations

Investors are waiting with bated breath for the Federal Reserve to lower interest rates in 2024. The Fed signaled a probability of lowering rates this year, which historically has benefited the stock market. However, at this point, rates are still high and may not be lowered for many months. While this reality may be frustrating,

“Crypto” or “digital assets” are now very much a part of the mainstream discussion, as interest in crypto has grown even for individual (retail) investors. The question is, are investors prepared, and further, can they rely on what they hear from their financial advisers? First, let’s review what regulators found in examinations of brokerage firms

This piece is written in collaboration with a colleague of mine, Amir Noor, CFP®, director of financial planning at United Financial Planning Group, who first developed the idea of the phantom month. Not only do Americans struggle with budgeting, it simply doesn’t seem to work for them. The issue – and solution – to this

A relatively new way cyberthieves steal wealth is by taking over the identities of people after they die, an act known as ghosting or ghost hacking. Anecdotes and some news reports indicate incidents of ghost hacking are increasing rapidly. There are many variations of the crime, but the main approach used by the crooks is

Daughter is in her late 50s, with a difficult mother who is in her mid 80s. Daughter’s mother, V, has always been “kind of nutty” as Daughter describes her. They were semi-estranged for years but not entirely out of contact, with Daughter living in a different state. One day, Daughter got a call from V’s

The world is in the midst of a profound demographic transformation as countries in Europe, North America, and parts of Asia grapple with the potent combination of an aging population and declining birth rates. Meanwhile, countries in other parts of the world, such as Africa, are seeing their populations surge. The New York Times documented

I’m reading the short book, The Gap and the Gain, co-authored by Dan Sullivan, the famed founder of Strategic Coach, and Dr. Benjamin Hardy, and while it applies to many areas of life, its implications in how we approach our finances and goal-setting are profound. This infographic perfectly illustrates the concept: Here’s how it works:

Don’t wait until late in the year to plan your charitable gifts. Maximize the benefits to both the charity and you by considering contribution strategies throughout the year and implementing them well before December 31. When most people think of the benefits of charitable gifts, they think of tax deductions. But many giving strategies provide

The wildly popular Golden Bachelor’s (age 72) televised marriage to a movie-star looking 70-year-old bride put a welcome spotlight on older adult sex. Not making it look icky at all – a departure from the portrayal of older adults in humor which typically falls back on negative ageist stereotypes. Just in case I have to

The labor market recovered quickly from the massive pandemic induced downturn in early 2020. The labor market regained its pre-pandemic strength within a few short years. Moreover, it stayed strong with low unemployment and rising wages. This stability helped to eventually overcome the onslaught of supply side driven inflation, so that wages outpaced inflation in

Many of us are accustomed to focusing on financial goals and there’s nothing wrong with this approach, as goal-based planning has become commonplace in the financial planning world. However, goal-based planning can sometimes become myopic, making us nearsighted and ignoring everything else around us for the sake of a singular objective. While this focus can

Can you think of anything that makes a person more desperate for relief than being in constant pain? People can fall for anything that promises to end chronic, debilitating pain. My late mother in law, Alice, then in her 90’s, was feeling like that. She had chronic knee pain that kept getting worse. She had

The Social Security Administration still is doing a disservice by coaxing applicants into taking the optional lump sum cash payment when they sign up. The beneficiaries more than pay for it over the long term. The lump sum option isn’t new. But many applicants don’t know about it until the SSA offers it to them

If you’re approaching retirement or have just recently retired, a mission-critical task is using your 401(k), 403(b), 457, IRAs and other retirement savings to support your life in retirement. If you’re like most people, you’re concerned about stock market crashes and outliving your money. Let’s look at how you can withdraw from your retirement savings

Too many people wait until near the end of the year to consider key IRA actions and strategies. Your after-tax wealth is likely to increase when you plan them early in the year. Here are some key steps many people should consider. Donate Via A QCD A qualified charitable distribution is the best way to