Retirement

Rhonda and Doug had seen a few warning signs that their very difficult aging mother, Anika, was in trouble. Even as she got increasingly frail, she hadn’t seen a doctor in years. She refused to go. They didn’t spend much time with her, as she never had anything good to say, but they did care

The United States Social Security website, quite frankly, is a very informative website. The website contains many useful tools and has a wealth of information available to you. Plus, it is quite easy to navigate. As you approach retirement, you should become familiar with the website. When you reach the website, there are several areas

There’s a small industry of professionals who offer to help people of a certain age restructure their affairs so they’ll qualify for Medicaid. The goal is to have Medicaid pay for any nursing home care they might need. The strategy isn’t a good one for many people. First, let’s make a distinction clear. Medicare is

Tax planning doesn’t necessarily get easier as you age. There are times when taxes get more complicated as you get older. When taxes are complex, there are more opportunities to benefit from proactive tax planning. This could be good news in the form of tax deductions and tax credits. Tax often feels more complicated as

The sponsors of the House Republican debt limit bill, the Limit, Save, Grow Act, say its goal is to encourage low-income people to work. But it may have exactly the opposite effect, especially for people with disabilities. And, at the same time, it may throw family caregivers into an impossible situation—having to choose between caring

Throughout my career, I’ve seen that an overabundance of personal finance instruction is available from a litany of sources. Some of the sources are credible, but they are often conflicted. The result is that many if not most, financial recommendations clamoring for your attention are likely solving the wrong problem. “The problem with solving the

It happens to everyone. It will happen to you, too. There’s no escaping it. Sooner or later, you’ll be toiling away at your nine-to-five, and it will hit you. “I’m not going to spend the rest of my life doing this.” You might not say it out loud, but your brain certainly hears it. That’s

With all the talk lately about a looming recession, I’ve been thinking about strategies that retirees and pre-retirees can adopt to protect themselves from severe financial disruptions if the predicted recession lands on our doorstep. It reminded me of how my parents retired and recession-proofed their retirement. In the fall of 2008, I asked my

The issue of teacher shortages is a problem plaguing schools and communities across the nation, and one that is reaching crisis levels. Historically, a majority of people would like to see their child become a public school teacher. That has been changing. In 2022, 62 percent said they would not like to see that happen.

Perhaps you are familiar with sibling rivalry. It’s common, but when it surfaces in the face of managing an aging parent, sibling relationships can explode. Here’s a real life example: Jason and Jerry are brothers, just two years apart. Both have accomplished much in their professional lives. Jerry likes to be in control of things,

Estate taxes aren’t a widespread concern today but will be if Congress changes the rules or lets the 2017 tax law expire at the end of 2025, as is currently scheduled to happen. A good way to reduce or eliminate estate taxes is to reduce the value of your estate by making tax-free gifts. Smart

Recently, Hank, a veteran, wrote me to say he doesn’t understand why veterans have to pay a penalty just because they don’t enroll in Medicare Part B, medical insurance. He wanted answers to some questions about the Part B late enrollment penalty. Q: Why is there a penalty if someone doesn’t enroll in Part B?

January 2004. I’d been in the financial business for five years. Having spent the first four on the institutional side, I was a newly minted financial advisor, building a business from scratch without a salary or stipend. And then came our first child and the decision to eliminate our only predictable income stream. I remember

As the Covid-19 public health emergency ends, many older adults who need a post-hospital stay in a skilled nursing facility (SNF) will be in for an unpleasant surprise: Traditional Medicare may not pay. The change, one among dozens that affect older adults, restores rules from before the pandemic. But they are complicated and will shock

House Republicans have now passed legislation that would drastically cut people off from a wide range of programs vital to their financial security in exchange for a promise to let the federal government honor its past commitments and pay its bills. These cuts if indeed enacted would sharply reduce spending on a number of programs

Your spouse recently died leaving all her assets to you. Your attorney has assured you that no estate tax is due, but you still need to file an estate tax return. Do not overlook the importance of filing the return. It may save your family millions in estate taxes after your death. The estate tax

People fear the unknown. Are you one of them? Think of how you felt when you started a new job. Were you a bit anxious the first time you walked into the office? Or how about your first child? Did you wonder if you had what it takes to be a good parent? While they

A lot has been written as to why you should wait until 70 to start collecting your Social Security benefits. In the right situation, that is a true statement, but everyone’s situation is different. I have always said that there are as many good reasons as bad reasons to wait to collect your Social Security

Are you worried about getting Social Security as promised? If you’re not, don’t read the following paragraph. The Social Security Administration recently issued a message to the public summarizing The Trustees of the Social Security and Medicare trust funds report. It stated, “The Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay

One of the things that limits textbook financial planning from offering the biggest benefits to wealth management clients and do-it-yourselfers is that the not-so-almighty dollar is just one of several scarce resources at our disposal. When viewed only through a singular lens, and irrespective of the remaining resources, money simply does less good. But when