Retirement

Minnesota and Washington are the states that provide the best services and supports for frail older adults, younger people with disabilities, and their families, according to a new study by AARP. The worst performers: Alabama and West Virginia. AARP defines superior supports and services as those that are affordable and accessible, give families a choice

“I’ve been rich and I’ve been poor, and I prefer rich,” my friend Jim Stovall told me. It’s just one of many things I learned from Jim. We co-authored a book many years ago—my first, his…who knows how many! But like millions of other readers, I was drawn to Jim’s work because of his best-selling

Can the Consumer Financial Protection Bureau (CFPB), a Federal Government agency, protect unsophisticated consumers transacting in complex markets? It can but it doesn’t. I will illustrate with one of the most complicated financial instruments a consumer is likely to encounter: a HECM reverse mortgage. That HECM borrowers must be 62 or older, which is past

If you want a tough challenge to address in your spare time, try pinpointing your retirement needs. Why? You’re not only trying to determine what you will need based on spending today for the future, but you also must consider what your lifestyle will be like in 10, 20 or 30 years. This makes for

Heritage is a source of pride for many Americans, but did you know that it can also open the door to residency or citizenship in another country? More than a dozen European countries allow you to claim residency or citizenship through ancestry. If you have a parent, grandparent, or great-grandparent who was European, there’s a

Where we live shapes most every aspect of our lives. Many of us simply grew up where we were planted. Home was where your parents made it, and likely their parents before them. But as travel options expanded and opportunity-rich destinations beckoned, many young people flocked to cities in search of their own fortunes. High-paying

Dying is cheap, living is expensive! The most asked question I receive is, “Should I claim benefits early or wait?” My answer to that question is that every situation is different and there are no rules of thumb to answer that question. The question I would then ask is do you expect to live to

Where we live shapes most every aspect of our lives. Many of us simply grew where we were planted. That is to say, home was where your parents made it, and likely their parents before them. But as travel options expanded and opportunity-rich destinations beckoned, many young people flocked to cities in search of their

Unfortunately, it happens all the time—a person’s longtime spouse dies, a new suitor swoops in, and the person quickly marries against the advice of family, friends, and advisors. What happens next can be a nightmare for the family, resulting in costly legal battles. Even worse, many people in this situation spend their final days without

Retirees who rely significantly on their IRAs and 401k accounts to pay for their living expenses face a serious challenge: How do they carefully invest and draw down their retirement savings to spend on living expenses, with the goal that they don’t outlive their money and recognizing that they might live a long time? Here’s

Where we live shapes most every aspect of our lives. Many of us simply grew where we were planted. That is to say, home was where your parents made it, and likely their parents before them. But as travel options expanded and opportunity-rich destinations beckoned, many young people flocked to cities in search of their

If you have been following my posts on required minimum distributions from retirement accounts over the last few years, I have an important update to share with you. RMDs are mandated IRA distributions that start at a certain age (currently age 73) – or any age for those who inherited IRAs or other tax-deferred retirement

Simplifying and streamlining our portfolios and the rest of our finances should be an estate planning priority as we age. I learned this firsthand when I took over management of my parents’ finances. I was fortunate that my parents were still around and alert when I took over, so they could explain some things, sign

The first big issue for a Medicare beneficiary is whether to enroll in original Medicare or a Medicare Advantage plan. The decision can be reviewed each year during the open enrollment period, which runs from October 15 through December 7. A major difference between original Medicare and Medicare Advantage is most Advantage plans require prior

Living, buying property, doing business, and investing overseas come with challenges, including some you might not expect. Chief among the roadblocks you might not be prepared for is corruption. Transparency International produces an annual index. On it, Canada, the United States, Australia, New Zealand, the U.K., Japan, most of Europe, and Uruguay rank as among

There is a persistent myth that healthcare is magically free after you’ve retired, partly thanks to Medicare. Ask any retiree with a health condition, and I assure you they will tell you medical care is not free. The estimated healthcare expenses in retirement may cause you to worry about running out of money. Hopefully, those

The first big issue for a Medicare beneficiary is whether to enroll in original Medicare or a Medicare Advantage plan. The decision can be reviewed each year during the open enrollment period, which runs from October 15 through December 7. A major difference between original Medicare and Advantage plans is that most Advantage plan require

One of the defining challenges of our time is the growing problem of economic inequality in the United States. In 2021, the top ten percent of Americans held nearly 70 percent of U.S. wealth, up from about 61 percent in 1989. The share held by the next 40 percent dropped correspondingly over that period, while

“I know what the numbers say,” more than one client has told me after looking at a positive statistical analysis suggesting they’ll not likely run out of money, “but I just don’t know how to be comfortable spending in retirement.” And who could blame them? Half of the financial world focuses on how woefully underprepared

A new open enrollment period for Medicare is about to begin, and Americans 65 and older will be making or reconsidering one of their most important decisions. Open enrollment runs from October 15 through December 7. It’s important to ignore all the Medicare ads delivered through television and the mail during the period. Establish a