Retirement

The latest estimates say the Social Security trust fund will run out of money earlier than previous estimates. In 2022, the Trustees of Social Security and Medicare projected that the Social Security retirement trust fund would run out of money in 2034. I said at the time that estimates and assumptions used in the projection

So far there is no reliable narrative about what the banking crisis in the United States will mean for the world economy. Even after the implosion of Silicon Valley Bank (SVB VB ) and Signature Bank, we likely have not heard the last of troubles in regional banking. The latest institution to face a life-or-death

Just over three years after the world heard about Covid, and despite getting vaxed and boosted, I finally got hit with the virus. Although it’s possible I had it in January 2020 when I was in southeast Asia since I had all the same symptoms , I never got tested since there were no tests

You’d have to be living in a cave for the past decade to be unaware that Social Security will be facing significant funding challenges in about 10 years. If Congress doesn’t act to close the funding gap, retirees could face benefit reductions of roughly 20% to 25%. Predictably, our political leaders can’t agree on the

The goal of estate planning is to ensure your assets transition to your loved ones after your death in an efficient manner while maximizing tax savings. There is no one plan for everyone – it depends on you, your family, your assets and your wishes. Unfortunately, not everyone pays as much attention to their estate

Many people prefer to age in place at home when help is needed, rather than go to a care facility. The expenses of assisted living, memory care and home care are all quite high. The best of care at home is attainable, but at a price some don’t consider. Here are two case studies of

In February, an Australian tourist was detained at Ngurah Rai International Airport in Bali, Indonesia, and held for questioning by immigration officers. The reason? A thumbnail-sized tear in his passport. After reading a statement that acknowledged that his passport was “of poor quality and/or a fake,” the tourist was eventually allowed into Bali. But the

In the U.S., some Republican lawmakers are proposing to raise the age of eligibility for full Social Security benefits, provoking withering criticism from President Biden and many Democrats. But the debate over when government should begin paying retirement benefits isn’t just a controversy here. It is happening all over the world. French President Emmanuel Macron

Depositors and investors aren’t the only people taking a financial beating from the recent collapse of two regional banks. Many bank employees are suffering big losses in their 401(k) accounts. The Federal Deposit Insurance Corporation took over Silicon Valley Bank and Signature Bank, rendering stock in the banks worthless. The contagion that frequently accompanies bank

June 26th of this year will mark the eighth anniversary of the landmark Supreme Court Obergefell v. Hodges decision to legalize same-sex marriage. Financial planning for the LGBTQ community has become less complicated with marriage equality. However, there are still areas that need special attention and are often overlooked. Taking a proactive approach will help

Everyone desires the sure thing, the safest path, and the most unquestionable of choices. But life is full of uncertainty, and there is no time like the present to see this. With uncertainty comes risk. Only gamblers find risk compelling. And that’s because they know how to manage it (or at least they think they

We lawyers love fancy names and acronyms. It keeps the estate planning process mythical and a bit veiled. Reality is, many of the fancy names given to trusts and other planning techniques obfuscate what is really going on. While that makes for great talk on the golf course (“Hey we just got back-end SLATs”) it

In the age of blogging, vlogging, podcasts, and TikTok, bite-sized personal finance instruction is abundant. And if you have the time and discernment to sift through the rafts of schtick, platitudes, and outright deception, there is some helpful insight worthy of your consideration. But. (You felt a “but” coming there, didn’t you?) But, where even

The labor market is still going strong overall, but communities of color still struggle with higher and, in some instances, worsening unemployment. Further economic pain can quickly spread, especially among communities of color, amid political risks from Republicans holding the government’s ability to pay its bills hostage and the Fed aggressively raising interest rates. The

Layoffs begin. The unemployment report on Friday is a mixed bag for workers. Unemployment went up which is bad and wage growth, at 8 cents per hour, was only so – so. The numbers of jobs created was not as high as last month, but still healthy at 311,0000. But I always look at what

High profile people are talking openly about their mental health issues. Perhaps that will make discussion about the issue less stigmatized. By publicizing the struggle of this by famous and high profile people, our society may see that you don’t have to think of someone as “crazy” for needing mental health help. For aging people,the

Introduction to the Proposal The Biden Administration has just issued the “General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals.” While some pundits might assure you that nothing can be enacted with a Republican House, don’t say never when it comes to Washington negotiations. One never can predict what might happen. Also, consider that

In his budget due to be released tomorrow, President Biden will propose major changes in the way Medicare’s Part A hospital insurance program is funded. To ensure the program’s solvency, he’d shift hundreds of billions of dollars in tax revenues and allocate $200 billion in cost savings from other parts of Medicare to the hospital

French Workers Outrage Over Pension Cuts Yesterday, French workers amped up their protest over President Macron’s proposal to cut pensions by raising the retirement age from 62 to 64. Two-thirds of French school teachers went out on strike. Striking transit workers required 75% of trains and 25% of planes trips to be cancelled and striking

After increasing the retirement age based on birth year a dozen times for those born between the years of 1937 and 1960, the retirement age has remained the same for anyone born since 1960. This has prompted Congress to consider raising the retirement age again. While some may recoil at the notion, there are pluses