Retirement

The verdict is in: Women are better investors than men. Actually, the conclusion has been addressed, researched, and reported several times now, going all the way back to Barber and Odean’s “Boys Will Be Boys” study completed in 2001, referencing the differences in investment performance by gender. But the lessons to be learned are evergreen

By Craig Miller, Next Avenue After more than 40 years as a broadcaster and journalist, I’ve found a new career. It doesn’t pay very well (OK, nothing) but it’s one of the most gratifying things I’ve done with my life. I’m a volunteer firefighter. I ply my new trade in a tiny, very historic hamlet

Managing your finances when you’re self-employed, operator of a small business or running a private practice can look chaotic at times. From the outside looking in, it can sometimes even mimic watching a circus performer juggle several bowling pins while standing on a tightrope well above the ground. It’s a perilous process, one that can

So many aging parents are not facing their own health issues realistically. When asked, “how is your health these days?”, they say “Great”. And when you look into their health truthfully, you find that they have several chronic health conditions for which they are taking medication every day. And there are more health problems looming

Some Background If you live in a community property state with your spouse, or if you had lived in a community property state with your spouse for any prior period of time, the assets accumulated while there have special rules that may have important impact on your planning. Example: Husband and wife were married in

The craziness of tax season is now behind us, and we are rapidly approaching the slow and sleepy summer season. Before investors checkout for a few months, a bit of financial spring cleaning is in order. Periodically reviewing your finances can help ensure that you are on track to achieve your goals and minimize the

By Nancy Collamer, Next Avenue Since late 2022, a steady stream of companies have announced layoffs, most notably in the tech sector. In recent months, the downsizing has extended to other industries, including financial services, retail and manufacturing. While the stigma of getting laid off is not what it once was, it’s still almost always

By Kerri Fivecoat-Campbell, Next Avenue Deb Morgan, 74, made the decision in 2021 to sell her home in Aiken, South Carolina, and move closer to her son in Cincinnati. While the booming real estate market helped her get more for her Aiken home than she imagined, the market also worked against her when finding a

By Chris Farrell, Next Avenue Many people are in their 50s and early 60s when they realize that they’re financially unprepared for retirement. Of course, they knew long before that they hadn’t saved much for their retirement and that they hadn’t done any retirement planning. What makes this moment different? Retirement is no longer an

Roth IRA owners don’t have mandated withdrawal requirements during their lifetimes. But that’s not the case for those who inherit a Roth IRA. Since Roth IRA withdrawals are not subject to income taxation, you would think that there would be no penalties for failing to take a withdrawal when beneficiaries are required to do so.

The recent annual report from the Trustees of Social Security and Medicare estimated that the trust fund backing Social Security retirement benefits will run out of money in 2033. But that might not be the end of the story. There’s a second trust fund that supports Social Security disability benefits. Not long ago that trust

A measure to close North Dakota’s public pension plan is headed to Governor Doug Burgum’s desk for signature. Before enacting the measure, the state’s chief executive would be wise to look at the experience of other states that have made such a drastic move. State leaders have learned the hard way that ending pension benefits

Step Transaction Doctrine May Ruin Your Estate Plan The What Doctrine? While the step-transaction doctrine might sound arcane it is one of many tax constructs that might well undermine steps you might take to plan your estate to reduce future estate taxes or to protect your hard-earned assets from a malpractice claim. In the simplest

Tax planning is a great way to help increase your take-home pay as a small business owner. Setting up a Cash Balance Plan could save a business owner $100,000 or more in yearly taxes. These tax savings can be even higher for business owners in high-tax states like California or New York. Who Benefits The

Some of you may contribute to your 401(k) to stay on track for financial freedom. Others are motivated by the huge tax savings that come with maxing out their 401(k) plans each year. There is probably a group of 401(k) contributors who have yet to learn why they are doing it beyond someone telling them

The SECURE Act 2.0, passed in the very last week of 2022, has provided a few opportunities regarding tax-sheltered savings vehicles and how we use them. Most people have already heard about the Required Beginning Date (RBD) for Required Minimum Distributions (RMD) being pushed out to age 73, for those born before 1960 who have

When it comes to 401(k) savings, women are doing better than men in every way — except their account balances. That’s according to a recent study examining the different ways male and female savers treat their workplace retirement plans. Not only did women demonstrate better savings habits than men, but they also enrolled in their

Since the Great Resignation in 2021 when employees across industries quit their jobs in large numbers, private sector employers have begun revisiting their benefit offerings to align with current employee preferences. As cited in a recent JP Morgan Asset Management report, “Pension Defrost: Is it Time to reopen DB pension plans- or at least stop

Retirement planning is probably the most common topic that I get questions about, whether on our financial coaching line or our group workshops and webcasts. I find there are quite a few recurring myths that could be hurting people’s ability to plan properly for their retirement. Here are 10 of the ones I hear most

Few taxpayers were interested in or needed to know the “wash sale” rules, until recently. When stock prices rose steadily, the wash sale rules didn’t come into play. The rules matter only when investors sell stocks at losses. That’s why the wash sale rules have been more important since 2021. The wash sale rules were