Retirement

America’s retirement system is failing, reveals the new Fed Survey of Consumer Finances. True, retirement account balances are up from 2018, but despite the increase, Americans are far behind where they need to be for a secure retirement. Americans aged 55-64 have a median before tax income of $82k and just $185k in their retirement

By Barbra Williams Cosentino, Next Avenue The only time I was ever aware of shopping compulsively was at the beginning of the pandemic, when everyone I knew was frantically stocking up on toilet paper, hand sanitizer and Clorox CLX cleanser. Masked and morose, I’d head to the nearest drugstore, join the line of anxious shoppers,

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 3.2% starting in January 2024, far less than the previous two years’ 5.9% and 8.7%, for 2022 and 2023 respectively, but not surprising considering the reduction in inflation over the past two years. Recall that the headline Consumer Price Index

America’s retirement crisis could cost federal and state governments an estimated $1.3 trillion by 2040, according to recently released analysis by Pew Charitable Trusts. The World Economic Forum has noted, “For the first time in human history, people aged 65 and over outnumber children aged 5 or younger.” Much of the retirement funding shortfall is

Not long ago, investors had to pay the U.S. government for the privilege of owning Treasury Inflation-Protected Securities. The real yields, that is the yields after factoring in inflation, were negative. Last year, like a phoenix rising, real yields broke above 0%. Today, the real yield on 10-year TIPS is about 2.50%. This offers some

Open Enrollment began October 15, and I tackled one of our first reviews for a long-time client. Alicia has had the same drug plan since 2018 when she started on Levemir insulin. It was quite a surprise when she learned that her plan would drop this drug from its formulary in 2024. Alicia was frustrated

Offering a wealth of lifestyle opportunities in an array of sun-drenched havens where the cost of living can be less than half of the average in the U.S., it’s clear why millions of North Americans have chosen to call Latin America home. Of course, Latin America is a big place… So where are some of

The risks to our personal finances—and our very identity—posed by cybersecurity threats were scary enough before the machines started to think for themselves. Now with the emergence of AI into our daily lives, it seems there is no better time to take another look at this issue and ask the question, “How can we best

Not long ago investors had to pay the U.S. government for the privilege of owning TIPS. The real yields, that is the yield after factoring in inflation, were negative. Last year, like a phoenix rising, real yields broke above 0%. Today the real yield on 10-year TIPS is about 2.50%. This offers some intriguing options

It’s a widespread problem, not often in the spotlight: an elder who is dependent on drinking or drugs. The sad downward spiral of those aging parents who already face age-related health problems is hastened by the use of habit forming substances. What Dependency Is Most Common In Older Adults? Data from the National Survey on

Europe has a reputation for high taxes… but this isn’t always fair. In fact, there are many low-tax and even-no tax schemes in place in various countries, which investors, businesses, retirees, and even remote workers can take advantage of. These schemes are always subject to change or even cancelation… so I always advise people to

Fidelity Investments recently released its annual estimate of healthcare costs in retirement. The scary numbers indicate the average person older than 65 years old may spend $157,500 in out-of-pocket expenses for healthcare in retirement. A couple may pay an average of $315,000. Middle-aged Millennials should take note, this is not just a Baby Boomer problem.

The federal government recently released two important changes that are relevant to seniors. Social Security announced more than 71 million Americans will see a 3.2% increase in their Social Security benefits. On average, that’s about $50 a month, starting in January. (Read all about that here.) The Centers for Medicare & Medicaid Services released the

Do an internet search on the Inflation Reduction Act. You’ll find several sites that mention deficit and carbon emissions reduction, investment in domestic energy production, and Medicare prescription drug negotiation. Buried somewhere in the text of the act is one change that will have an immediate impact in 2024: the elimination of the 5% coinsurance

Some words get overused to the point that their true meaning is obscured. I’m pretty sure if we could scan all the company mission and values statements, most of which have gathered dust since their initial articulation, the word “integrity” would be among the Top 10 invoked—maybe the Top 5. Of course, with the benefit

On October 12, 2023, there were two important press releases relevant to seniors. Social Security announced that more than 71 million Americans will see a 3.2% increase in their Social Security benefits. On average, that’s about $50 a month, starting in January. (Read all about that here.) The Centers for Medicare and Medicaid Services released

Few thing symbolize our independence like driving a car when and where we want to. For aging parents, there is nearly always an end to that independence at some point. But when do they reach that point? Often, aging parents’ gradual decline in ability can be hard to spot when adult children don’t live with

Even if you’re not a Swiftie, it’s nearly impossible to escape the hype surrounding Taylor Swift’s new album, tour, and movie. In fact, some would argue that she is the economic story of 2023. On the opening night of The Eras Tour at State Farm Stadium, the concert brought in more revenue for local businesses

Share to Facebook Share to Twitter Share to Linkedin Social Security benefits will increase 3.2% in 2024 for the nation’s 71 million recipients, raising the average monthly check for a single retired worker to $1,907, up $59 from $1,827 this year, and for a retired couple both receiving benefits to $3,033, up $94 from $2,939

Medicare has a notorious history of not treating vaccinations equally. Here’s an example from Ed, one of my clients. My physician’s office contacted me because I was due for my DTaP (diphtheria, tetanus, and pertussis) booster. I made an appointment. Then, I got the vaccine and a bill for $148 ($101 vaccine and $47 administration).