Retirement

Share to Facebook Share to Twitter Share to Linkedin Economists increasingly fear the Fed is now pushing the U.S.—and world–into a deeper than needed recession, risking millions of jobs and market stability. During Volcker’s reign, unemployment stayed above 10% for nine straight months and the mortgage rate hit nearly 17%. Some months after Jerome Powell

Last month, the United Kingdom saw the near-collapse of 90% of its pensions holding £1.5 trillion in assets. Now comes news that the German pension system will collapse without reform. Suddenly, the world is awakening to the fact that pensions globally are struggling. The myriad reasons pensions fail are poorly understood—in part because failures are

Taxes can take a big bite out of your retirement income. The more retirement income you have, the more you will be taxed. This results in more of you hard earned money being used to pay taxes. Keep reading as I share how various types of retirement income are taxed. The good news is that

It is Medicare open-enrollment season. And retirees are confronting the usual confusion about what to do. Perhaps the biggest question: Should I enroll in a Medicare Advantage managed care plan or in traditional, fee-for-service Medicare? Like almost everything in the world of insurance, the answer is: It depends. In 2022, almost half of all Medicare

November is National Entrepreneur Month. With studies showing 30% of new businesses are started by people above the age of 50, you might be wondering how they do it. One of the biggest challenges entrepreneurs face, after coming up with their idea, involves financing that new business. If you’ve been working for some time, you’ve

Key Takeaways A recession is a period of a sustained downturn in economic activity. The old rule of thumb used to be two consecutive quarters of negative economic growth, but it’s now down to the National Bureau of Economic Research to call the start of a recession. Recessions can happen for a wide range of

Surprise: Failed RMDs Can Affect Beneficiaries of Any Age One of the stiffest tax penalties for an individual taxpayer is a whopping 50% — an excise tax that attaches to failed or insufficient required minimum distributions (RMDs) from retirement accounts such as tax-deferred IRAs (individual retirement accounts). Normally, RMDs are a problem for “the elderly”

Remember the westerns you watched on TV growing up – Gunsmoke, Bonanza, The Rifleman? There was always a Wanted poster on a bulletin board in the lawman’s office. It’s only fitting that there should be a Most Wanted list for Medicare Open Enrollment Mistakes. From October 15 through December 7, Medicare beneficiaries have an opportunity

Lack of transparency at our nation’s public pensions makes scamming easier than cryptocurrency fraud. Public pension funds or cryptocurrency, what’s the bigger scam? The surprising answer is pension funds, according to Anessa Santos, a Florida attorney and Special Magistrate who specializes in blockchain and fintech, and the reason why has everything to do with transparency,

Saving for retirement is a young person’s game. The younger you start saving, the less sacrifice it is. Wait to save for retirement until age 50 and you need to save half of your salary to maintain pre-retirement income at retirement. Start at age 25 and you need only save a tenth of your current

Planning for family members with mental health issues can be difficult. Knowing what the person can handle on their own and what they need assistance with can be hard to figure out. It can also be a moving target, changing year to year or even week to week in some cases. Often, the person has

In 2006, Congress passed the Pension Protection Act that changed the world of 401(k) plans and the retirement savers they serve. Among the many things this new law encouraged, perhaps automatic enrollment has had the most beneficial impact. It has increased the percentage of people saving for retirement. But a recent Federal Reserve Bank of

When State Auditor Keith Faber announced to stakeholders in the State Teachers Retirement System of Ohio, including active government workers, retirees and taxpayers, his office was initiating a Special Audit of the pension based upon complaints evolving from a forensic investigation commissioned by the Ohio Retired Teachers Association, there was hope that the lack of

Between now and December 7, it’s Medicare open enrollment season. If you’re already enrolled in Medicare, you can choose to keep your current coverages or select a new policy that can better meet your needs during 2023. There are a handful of elections and coverages that you might want to review during open enrollment, but

The Open Enrollment Period is the time that Medicare beneficiaries can make changes in their drug coverage. Sometimes the change may not be the right thing to do. My company, 65 Incorporated, received this email from David. “It’s crazy that I pay for a Part D drug plan because I don’t take any prescription medications.

Suddenly, Social Security reform is back in the news. For all the wrong reasons, perhaps. But at least politicians are talking about it. And that’s a good thing. After all, in only about a dozen years, the Social Security program’s old-age trust fund — the account covering retirees and survivors — will be insolvent and

By Rashelle Brown, Next Avenue With inflation running especially high in recent months, we’ve all felt the pinch a little more than usual. But glance back in time and you will see that life’s staples have become more expensive throughout history. It’s a trend not likely to end in our era, and a phenomenon more

By Gary M. Stern, Next Avenue Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. But when their mother passed away and left the bulk of her estate to Robert, Lon was devastated. Feeling betrayed by his mom and livid

Worker Benefit – this is your own personal benefit. You are always paid your own benefit first regardless of what benefit you are entitled to. The earliest you can apply is 62. If you apply before your full retirement age the benefit will be reduced. It is the only benefit that accrues delayed retirement credits.

Open Enrollment is on now through December 7. This is your chance to review your drug coverage. If you see Part D drug plans that charge a coinsurance, instead of a copayment, proceed with caution. Cost sharing basics To understand the coinsurance issue, let’s begin with the costs Medicare beneficiaries pay for medications. A premium